It’s important to work with an accountant who specializes in the construction industry, for a number of reasons:
1. They’ll be up to date with the latest changes to legislation that affect your business.
This means they can help you stay compliant and avoid any costly fines which may come as a result of not following the rules. The construction industry is constantly changing, so it’s important to have someone who is always up-to-date on the latest updates. Even things such as determinations between contractor vs employee can have a big impact on your business finances and compliance.
2. They’ll have specialist knowledge of the tax incentives which can help reduce your tax bill.
This can save you a significant amount of money, so it’s worth discussing with your accountant which incentives may be available to you. Hiring MSI Taylor Accountants in Brisbane can help ensure you’re making the most of these incentives. By missing out on these tax breaks, you could be leaving money on the table which could otherwise be in your pocket. There are a number of incentives available in the construction industry, so it’s important to work with an accountant who knows about them all.
3. They can help you manage your cash flow and keep on top of your finances.
Good cash flow management is essential for any business, but it’s especially important in the construction industry where payments can be unpredictable. An accountant who specializes in the construction industry will be able to help you forecast your income and expenses, so you can better manage your cash flow.
4. They can help you prepare for GST/BAS returns and provide advice on how to minimise your tax liability.
GST/BAS returns can be complicated, so it’s helpful to have an accountant who can help you prepare them accurately and on time. They can also provide advice on ways to minimize your tax liability, which can save you money in the long run. When it comes to BAS and GST – simply by knowing a little more and doing things smarter, the savings could be significant so it’s important to get good advice and MSI Taylor is happy to provide this as experts in Accounting for Construction.
5. They’ll understand the unique challenges of running a construction business and be able to offer tailored advice to help you grow and succeed.
The construction industry is unique, and so are the challenges faced by businesses operating within it. An accountant who specializes in the construction industry will understand these challenges and be able to offer tailored advice to help you grow and succeed. For example, they may be able to recommend strategies for minimizing risk, improving cash flow, or reducing tax bills.
If you’re looking for an accountant who specializes in the construction industry, MSI Taylor is here to help. We have years of experience working with businesses in the construction industry, and we can help you make the most of the tax incentives available to you. Contact us today for a free consultation.