Xero accounting for Builders
Builders will often tell you ‘it’s what you can’t see that will bring your plans undone.’
The same principles apply to accounting for small building businesses. If you don’t have full visibility of your financial position, then you don’t have control over your business.
The value of easy to understand financial information at your fingertips
If you have a greater understanding of what you’re owed, what you owe and what your taxation and other financial obligations are, you have greater control over your destiny. This is particularly important when the unpredictable happens. If you have timely financial advice, you will be better positioned to ‘respond’, rather than just ‘react.’
Xero and Bizally
After exhaustive research, Bizally believes that Xero is the best accounting software solution for Australian small builders. They have found that builders love the simple workflows, dashboards and other reporting functions of Xero. Bizally has also found that the transition to Xero is easy for most builders.
The benefits of Xero’s Cloud-based accounting software solution
Cloud-based accounting reduces the IT burden on small builders. Xero allows them to set up a secure accounting system in the cloud, which then allows approved access from any device with web browsers.
Xero provides remote access to job costing and job management tools
Builders love the fact they can access their Xero accounting system from anywhere. Even if they are on-site Xero allows them to access job costing and job management tools. Xero even makes it practical to produce quotes on the go. All of these tools are designed to improve your cash flow and business efficiency.
Xero makes collaboration easy
With Xero, your bookkeeper doesn’t have to be in the same offices. They can work remotely with you, using your Xero accounting solution.
The same is true when working with the Bizally team. You provide Bizally with secure access and they can help your manage your business and finances more effectively, and reduce your tax burden. Remote access to your Xero accounting solution also helps Bizally build a deeper understanding of your businesses structure and financial status, ensuring they provide you with more accurate and timely advice.
How Bizally helps you set up your Xero accounting system
Bizally can help you set up a Xero system to provide you with a clearer understanding of your businesses financial situation. Bizally can also work with you to predict when and where problems may occur with your business.
Minimise tax burdens on development projects
Are you paying more tax than you are required on your development projects?
Tax is a nuanced issue. Rules change, and there are often areas in which you can reduce your tax burden if you have the most up to date advice. Bizally has extensive experience in land subdivision and minimising tax on development projects. Working with your Xero accounting system, Bizally can help plan and manage taxation minimisation strategies, allowing you to maximise your returns.
Manage bad debt
Bad debts are one of the main reasons many small Australian small builders fail.
Bizally can help you set up your Xero accounting system to have greater visibility and control over your cash flow. Managing your cash flow carefully is key to business survival and growth.
Your life after business
Bizally can even help you plan your financial future, beyond your working life. They can advise you on setting up and running a Self Managed Super Fund and other investments. They can also assist you in selling your business and reducing your tax burden from the sale.