Engineering can be a pressure cooker environment dealing with deadlines, safety standards, people, processes and machinery.
Of course, satisfying governments, developers and construction companies is never easy! Over the years, engineers have become a niche area within our firm and as you'll read below, we deal with a broad range of engineers including civil, chemical and computer engineers.
It's therefore no surprise to find that many engineers struggle with their business administration and bookkeeping.
However, we can also assist you to manage your cash flow, prepare budgets, obtain finance and do some financial modelling. If required, we can also help you manage your payroll and sub-contractors. In addition, we love working with cloud based solutions and can help you with software selection and where required, train you to use the software. Our client brief includes helping you slash the time and cost associated with bookkeeping.
As forward thinking accountants we do more than just keep the score for our clients and our mission is to help you grow your revenue, your profits and the value of your business.
Over the past quarter of a century, the engineering profession has become one of our niche industries and we provide accounting, tax and financial services to a range of engineering disciplines including:. Engineers are one of our specialist client groups and having mentored hundreds of business owners through the start-up phase of their business we have built a reputation as business start-up specialists.
If you are looking to start an engineering business or buy into an existing operation, there are numerous issues to consider. You need to establish your business structure, complete tax and GST registrations, consider insurances, select an accounting software program and possibly explore your finance options.
It can be a maze and haze of issues but as accountants and business advisors we can assist you in all of these areas plus provide advice on the preparation of a business plan, marketing plan and a cash flow budget. If you are contemplating employing staff we can also assist you with human resource matters including payroll, WorkCover and superannuation guarantee obligations.
Over the years our team of accountants have helped dozens of consulting engineers and freelance engineers get their business off to a flying start. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of your industry. Starting a business is a bit like building a bridge, that requires solid foundations.
In a business sense, these foundations include the right tax structure and accounting software, adequate and appropriate insurances together with a marketing plan and a lead generation website. Your choice of business structure is absolutely critical and there are a number of different options including sole trader, partnership, company and trust.
As a consequence, we often find the business structure for engineering clients is a compromise based on the relative importance of each of these issues. Another brick in your business foundations is your choice of accounting software.
Poor record keeping is one of the biggest causes of business failure in this country and up to date, accurate financial records let you to make informed business decisions. This conflicts with our mission of helping you cut the time and cost associated with bookkeeping. When selecting the most appropriate accounting software for your business we always recommend you match your business needs with your level of accounting skill. This means you can get bookkeeping support and valuable advice in real-time.
You can also log-in any time, anywhere on your Mac, PC, tablet or smart phone to get a real-time view of your cash flow. Your data is automatically backed up and users have access to the latest version of your financial data plus you never need to worry about installing software or program updates.
For an engineering project, you also need the right tools and when 'building' your business we have developed a number of tools including a start-up expense checklist broken down into various categories including: - tools and equipment - professional advice and software - information technology costs — software and hardware - marketing and signage - vehicle costs This checklist will help you identify all your potential establishment costs and these figures then feed through to our cash flow budget template and allow us to produce a projected profit and loss statement for your first year of trading.
These reports can also tuck neatly into a business plan template we have designed that will help you secure funding from external sources like a bank.
Another useful tool is our business start-up checklist that walks you through key business registrations you might require, insurance options, legal issues, branding and domain name registrations for your website. For most types of engineers, the biggest challenge to starting and running your own business is the specialist equipment, tools, machines, computers and software that are necessary to plan and complete your projects.
Buying and maintaining these tools can be costly and we have a network of Vehicle and Equipment Finance specialists who can assist you with your finance needs chattel mortgage or lease.
Regardless of the specifics of a manufacturing process, units go in and outputs are created at a manufacturing company. When there is a physical between those inputs and outputs, analyzing that relationship can help managers to examine and control costs. This may include something like a time-and-motion studies that express how much direct machinery time is needed to produce a certain amount of output.
While engaging in the industrial engineering method is helpful in examining the physical relationship between inputs and outputs, particularly if the company is interested in performing activity-based costing , it is also very costly and time consuming.
For smaller organizations, the industrial engineering method of cost estimation may simply be out of scope. Cara is the CFO of a large business that manufactures curtains.
The inputs for these curtains include wood, dye, thread, machine hours, and labor. The output, of course, is the finished curtain.
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