Accounting for plumbers in Geelong

Plumbing is one of the world’s oldest professions dating back to 2700BC in the Indus Valley. The word plumbing is derived from the Latin word for lead, plumbum, as the first effective pipes used in the Roman era were lead pipes.

Plumbing has become a vital industry that we will all come across and use throughout our lives.

Whether it be a domestic, commercial or industrial plumber, the business isn’t all heating pipes, drains and spanners! The bookkeeping and tax planning is as important as unblocking a toilet!

The Geelong plumbing industry is booming with new housing estates including Armstrong Creek, Warralily, Fyansford and more. Increasing workloads for plumbers has our Geelong accountants, Next Level Accountants, curious as to whether plumbers are taking good care of their financials. Trades are renowned for trying to do their bookwork or asking a family member to keep the accounts up to date. As the business builds, the paperwork tends to become overwhelming which can ultimately be the difference between surviving or thriving in this competitive industry.

Don't leak your profits! blog (1).png

A plumbing business’ elements can be broken down into sections:

Client base:

  • Domestic
  • Commercial
  • Industrial

Business structure:

  • Sole trader
  • Company
  • Partnership
  • Trust
  • Franchise

Expenses:

  • Parts
  • Labor 
  • Overheads

Accounting:

  • Tax
  • PAYG
  • BAS
  • Superannuation
  • Insurances
  • Software

These elements all tie in together, generating the business’s success or failure.

Next Level Accountants, Geelong has experience with plumbers located on the Surf Coast, Bellarine Peninsula and within Geelong, working with the businesses to achieve a successful plan and budget, taking into account all ATO compliance obligations, expenses, profits and claiming throughout the year – rain, hail or shine!

There are so many fine lines when it comes to tax in a business sense – what can you claim, what can’t you claim, especially when it comes to vehicles and overheads.

We understand how trades work and the flow of jobs can often be seasonal. We discuss and accomplish an achievable budget and business plan ahead to ensure there are no droughts or dark days.

We ensure your finances are always up to date™ by starting with our bookkeeping service, our accounting process and CFO advice that are all located under the one roof. We call this our One Firm One Solution approach.

If your Geelong Plumbing business’s financials are overwhelming and need more profit, Next Level Accountants are here to achieve results.