Let’s be honest, as a tradie in business getting clients to actually pay on time can be a nightmare. It’s even worse when you have to waste valuable time chasing those payments.
So how do you cut down on the stress and management of late paying customers?
Check out our tips.
For some tradies in business, sometimes cash doesn’t quite make it to the bank business account or financial accounts…
It seems from an initial perspective that this cash is beneficial in a number of ways. Yes it is great to have cash in your pocket with immediate purchasing power. Whilst this cash can be used for a bite to eat, buy whatever you need, clothes, or for a short break somewhere. Sometimes there is the view that the taking of the cash means a reduction in turnover which in turn reduces profit and taxes.
But there is a downside and it tends to comes much much later in a number of ways. Usually the first thing is you need to go to the bank for a loan or to roll over your existing facilities with the bank. The result here is you fail to get approval from the bank or the interest rate you are offered by the bank seems too high. In some cases we are seeing people pay between 3% to 5% more than they should for their business funds because their financial accounts from their accountant do not show a strong ability to service the loan facilities you require.
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Your potential clients need to understand what is expected of them when they choose you as their professional tradesman. How do you help them to understand the concept of payment for your services and use of your business website? You hire professionals to help you create your trading terms and conditions documentation. Without clear documentation and information, clients and potential clients can take advantage of you, which will hurt your income as well as your business credibility. Read more
These days many tradies are going paperless and cashless. Why?
Aside from saving lots of money, and paper, it can also improve your business operations and cashflow.
Find out how right here.
Bookkeeping and accounting tasks can be time-consuming and tedious for any tradie in business.
However, thanks to the new App from Effective Services, a Sydney based accounting business, tradies can now manage their business financials more efficiently than ever before.
Tax time can be challenging, no matter what industry you’re in.
Good thing it’s becoming faster and easier nowadays, especially for tradies.
In fact, tradies can qualify for substantial tax deductions – you just need to be aware of them and of course make sure you keep good record of receipts and documents.
If you’re a tradie, here are some tax tips to keep in mind.
Seeking short or long term funding for your tradie business may feel like a challenge but knowing where to start and who to turn to for help, can get you moving forward with confidence very quickly.
Remember in 2014 when the Federal government proposed a $7 GP fee to end free doctors visits? Whilst it ended up being dropped, one of the reasons for proposing it was to end deemed “unnecessary” visits and people showing up to a doctor simply for being sick of work (you know what we mean!).
Now, this got us thinking. Would tradies charging homeowners a nominal fee for “on-site visits and quotes” help put an end to deemed “non- serious” customers, which presently is costing the average tradie hundreds of dollars per week?
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Do you have employees? Then you may have already heard the new buzz word floating around at the moment, SuperStream!
Whether you are a trade business, or any business for that matter with 1 or more employees, you will need to get informed and understand the impact of SuperStream to your business.
GeoOp has to be one of the most powerful workflow tools out on the market for tradies in business. It not only allows more efficient management of business processes but from the tradies we spoke to, it is also leading to better customer service experiences and more new clients.
Whether you are a plumber, electrician or in general property maintenance, it looks like more and more tradies are getting onto the GeoOp solution to helping them run and grow their businesses.
We spoke to a few tradies to understand the benefits of using GeoOp in their business.
