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Build Your Plumbing Business Right To Make Sure Profit Doesn’t Drain Away

At Affinitas Accounting, we're good at plumbing.

At Affinitas, we’re good at plumbing.

We can’t fix a blocked drain or install a water reticulation system – but we are very experienced when it comes to the understanding the accounting and business planning needs of the plumbing industry.

At Affinitas Accounting, we're good at plumbing.

It is this experience and knowledge that has allowed us to build some of our most successful client relationships with plumbers. In coming weeks, we are going to further discuss some of these knowledge areas and profile some of the different plumbing businesses that are part of the Affinitas family of clients.

These knowledge areas will include:

Digging Into The Detail

Plumbing businesses are NOT all the same.

Some focus on home repairs, some on home building and others on large commercial projects. The size and scale of plumbing businesses can vary greatly depending on these areas of specialisation – from a one person outfit with one or two apprentices, to a large scale operation with admin staff and a team of sub-contractors. Some are generational family businesses and others involve a partnership/co-ownership arrangement. Taking the time to understand the current set up and the plans for the future can make sure the best decisions are made around your business structure and resources.

Building Solid Foundations

Whether you are starting a business or buying a business, business planning and understanding the needs of your market is an important starting point. The tax structure of the business (sole trader, company, trust or partnership) must suit the type of business being run, the number of owners, plus the potential cashflow and profitability. Then accounting and bookkeeping systems need to be installed that suit the size and scale of the operation. If you are a good plumber, you should not be trying to turn yourself into a bookkeeper.

Instead, you should be outsourcing and focusing on the skills that make you money.

Drawing In Business

Plumbers, like any other business, must advertise and sell their services to those who may need them. But, like many tradespeople,  plumbers are often much more comfortable fixing a blocked S-bend than putting together a marketing plan. But understanding your potential customers, where they source information and how they make decisions is vital. Getting your marketing mix right can be a key to success. Getting it wrong can see a lot of money head down the drain.

Pushing the Button On Technology

Even for a very small set-up, employing smart technology can drive efficiencies that will save you time and money. Portable EFTPOS payment options on your phone or tablet can allow clients to pay immediately, for example. There are also all sorts of apps that help you track expenses, monitor mileage and even efficiently schedule your jobs. Modern bookkeeping systems can be attached to your business bank accounts too.

These can provide a daily snapshot of your business financials and facilitate an efficient and effective working relationship with your admin staff and external accountants.

Not Letting Money Leak Away

Pay attention to cashflow planning, air-tight quoting, efficient invoicing and prompt debt recovery. Plan for capital equipment upgrades and payment of staff wages, superannuation and tax obligations. Knowing what to do in these areas will make sure you are properly pricing your jobs to produce the right gross margin and net profit.

No point in winning work that isn’t profitable.

Nailing The Big Picture

When you go into business, you need to start at the end. Why are you in business and what do you wish to achieve for yourself and for your family? Write this down and always revisit your business progress in light of these goals. This is what business planning is all about. If you are not making progress towards your goals, then you need to question whether the business is healthy. Or whether your goals remain relevant?

In coming weeks, we’ll dig into further detail on these subjects. Plus, we’ll talk to some our plumbing clients working at the coalface. Stay tuned.

If you have questions about tax, accounting, or business planning for your plumbing business, ask the Affinitas team today.

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  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Blair Wright

    I’ve been dealing with Affinitas Accounting for about 3 years now and I have found them to be nothing but friendly and helpful. I’m a Bookkeeper and on occasions have been stuck with various accounting problems. Affinitas have not hesitated to spend time with me until the problem was solved. Any queries or questions have always been answered in a timely manner.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Joshua Drake

    I highly recommend coming here for all your tax needs! They explain everything you need to know about tax thoroughly and go about there jobs professionally, always leave here with a cheery smile and satisfaction.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Ben Campbell

    Affinitas Accounting has been so helpful with the restructure of my business. They made it an easy process and explained it in a language that was easy to understand. My ongoing tax and gst is all prepared by them, they’ve really taken the stress out of it all to let me focus on growing my business.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Rebecca & Russel Johns

    Since moving to Affinitas Accounting we have a clear understanding of companies and trusts. We have no hesitation in saying the team here will meet and then exceed your expectations! I never feel like i am annoying them. Thank you Team Affinitas

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Paul Maclaine

    Affinitas has looked after all our financial needs for our business and personal tax returns. We have been with our accountant for 10+ years. I have no hesitation in recommending Affinitas to anyone looking for an accountant or any financial advise. We have always found and received friendly professional and practical advise.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Carlie White

    For the past 6 years, Tammy has been lodging our tax. The team always spend the time to explain how things will affect us and always manage to maximise our returns. We highly recommend the team to anyone we speak to and have had friends move to do their future tax with the team at affinities accounting. Couldn’t recommend them highly enough.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Kirsty Whittaker

    I’ve been using Deb from Affinitas Accounting now for many years and have found her to be excellent in looking after my taxation needs. I’m in Tasmania, Affinitas Accounting is in Queensland and distance is no barrier. She understands my business needs, everything is done in a friendly and efficient manner and I happily recommend to anyone looking for ‘down to earth’ taxation advice.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    David Williams

    We’ve been with Affinitas Accounting for over 5yrs when they were known as Online Accounting & Taxation Solutions. From our initial phone call with Brad looking for an accounting team that would meet our expectations as well as provide efficient service, we’ve been really impressed with the team’s professionalism, knowledge & expertise.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Allyson O'Connell

    Debbie is our accountant and has been for seven years. She is thorough and always does what she can to honestly get us the best return but always adheres to the ATO guidelines. We recommend her to our friends and wouldn’t take our business to anyone else. Thanks Debbie.

  • We have only been with Affinitas Accounting for the past 12 months but in this time they have by far exceeded our expectations of an accountant and far surpassed previously used accountants.
    Affinitas are not just about annual returns, BAS statements etc, they take the time to get to know you enabling them to provide advise to help you work toward personal & business goals.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Mark D’Andrea

    Can’t fault Affinitas.

    Have been coming here for years (when it was then called online tax). Deb has been happy to always go the extra mile and doesn’t mind dispensing helpful advice throughout the year.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Deagon Fixing

    I have been a client of Affinitas Accounting (previously Online) for the past 8 years. It is like a one stop shopping experience, all my needs were addressed in the one office.

    Thanks Affinitas you for all your assistance and I would strongly recommend them to anyone to use

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