It’s time for guys and gals on the tools to get with the program and take their tradie business digital, writes Michael Savanis, Chief Revenue Officer at NextMinute.
Is your tradie business still operating in analogue mode – hand-written quotes and invoices, shoebox accounting and a stash of bills and receipts stuffed in the glovebox of the work ute?
That’s the modus operandi for many folks in the construction industry, but it’s out of step with the times and will become even more so in the upcoming months and years.
Here in Australia and around the globe, there’s been an inexorable move away from paper-based record-keeping systems and a corresponding embrace of digital programs and processes.
The Australian Tax Office, for example, compels businesses of all stripes and sizes to report employees’ payroll information, including salaries and wages, PAYG withholding tax and superannuation, every pay run, via its Single Touch Payroll portal.
The system reduces employers’ reporting burdens and ensures the government has up-to-date information, thereby shrinking its reconciliation workload at the end of each financial year.
Over in Blighty, they’re taking things further via an initiative called Making Tax Digital (MTR). To make it easier for self-employed individuals and businesses to keep on top of their affairs, MTR will compel these parties to keep records digitally and send updates to the country’s Customs & Revenue department, rather than filing annual Self Assessment returns.
Meanwhile, closer to home, the New Zealand government is championing an eInvoicing initiative that encourages buyers and sellers to exchange invoice information digitally, irrespective of whether the financial software they use is compatible.
Joining the digital push
There’s a common theme emerging here, and it’s this: the whole world is going digital and businesses and individuals that want to stay in business will have no choice but to jump aboard the high-tech bandwagon.
One of the most innovative ways you can do so is by digitising your operations: saying goodbye to inefficient, paper-based record-keeping and introducing streamlined digital alternatives.
Construction job management software allows you to do just that – and to get on top of your business affairs in the process.
It can be configured to automate your quotes, timesheets, job scheduling, invoicing and back costing, and linked seamlessly to the most popular small business accounting packages, namely Xero, MYOB and QuickBooks.
It takes the hard work and hassles out of running your business by making it easy to price for profit, control your costs, and keep on top of compliance and financial management.
Construction job management software can also be the key to averting the sort of cash flow crunches and cost blow-outs that bring dozens of tradie business owners unstuck each year.
And, perhaps most importantly, it’s user-friendly and priced to please – for most tradie businesses, a no lock-in, monthly subscription costs less than Friday’s knock-off carton.
Taking back precious time
Going digital will help you save money and achieve greater visibility over your operations. It’s also a great way to free up time, with the hours you save on administration tasks able to be spent instead on work that adds value to your business.
That could mean catching up on jobs that are behind schedule or quoting on potential new projects for your ongoing pipeline of work.
Alternatively, you may use those extra hours to take a well-deserved break from the daily grind of running a tradie business – to catch up with friends, spend time with your family or engage in whatever hobbies and leisure pursuits float your boat.
Setting yourself up for success in tomorrow’s digital world
The whole world is going digital, and tradie business owners who don’t harness the power of technology to do things smarter, faster and better are already finding themselves at a disadvantage to their faster-moving competitors.
If productivity and profitability matter to you, you’ll prioritise digitising your operations in 2023.
CMA Accounting and Taxation Services are here to help you. Call us today!