Click Here to Download PDF
Accounting for Cabling & Telecommunications
The role of cablers in the telecommunications industry is broad and you could be busy installing, connecting or maintaining wires, cables, optical fibre, tube or conduit to a telecommunications network. It’s hard work and here at R J Tyrrell & Co. we have an intricate understanding of the industry.
It’s a huge industry and includes heavy regulations regarding training requirements to complete cabling work such as telephone, data, fire and security alarm systems. Telecommunications is constantly changing with a new generation of products being introduced into the marketplace all the time. At the same time, profit margins are being squeezed while operators often don’t give financial management the attention it deserves.
THINKING OF STARTING A TELECOMMUNICATIONS OR CABLING BUSINESS?
As a business start-up specialist our team of accountants have helped a number of telecommunication and data cabling business owners 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 house. You need solid foundations including the right taxation structure, accounting software, insurances, a marketing plan, website and a social media presence.
Your choice of business structure is critical and there are a number of different options such as company, sole trader, partnership and trust. When selecting a business structure asset protection is a key consideration as well as your family situation, forecast level of profit and your future plans regarding the admission of new business partners.
Accounting software is another brick in your foundation wall and the wrong choice can be catastrophic. Poor financial records are one of the biggest causes of business failure in this country and up to date, accurate financial records let you make informed business decisions. Your software program needs to match your business needs with your level of accounting skill because too many business owners use sophisticated double entry accounting programs and produce 'computerised shoebox' records. One of our priorities is to help you minimise the cost of compliance which in some cases includes training you to use the software. We support a range of software programs but do have a preference for cloud based solutions like Xero.
To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a start-up expense checklist that dissects your start-up costs into categories like equipment, IT costs, professional fees, marketing costs and a website. These figures then slot into a cash flow budget template and form the basis of your first year profit and loss projections. For a telecommunications cabling business your car, ute and trucks are arguably one of your most important business tools and you can download our Motor Vehicle Tax Guide from the resources section of our website. It explores the alternative methods of claiming your vehicle expenses and the distinction between a business and private trip for tax purposes. In addition, through our affiliate partners we can also assist with vehicle finance (chattel mortgage, CHP or lease) and get you fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars.
That’s just the beginning because as accountants we can do some financial modelling and prepare some ‘what if’ scenarios. This gives you an understanding of your business’ best and worst case profit scenarios and using some industry benchmarks we can then compare the performance of your business against your peers. You can then understand what is working in the business and what needs working on.
MARKETING YOUR BUSINESS
A lot of telecommunication and cabling businesses are family owned enterprises and they rely on reputation and referrals to grow and succeed. These ingredients remain important, however, in the digital age your online presence is vital. In fact, your website is often the first touch point with a potential new customer or client.
Increasingly local searches like ‘data cabling Melbourne’ are driving traffic to your website and in effect, your website is your silent salesperson but many industry participants have websites that are simply ‘electronic billboards’. They list the ‘who, what and where’ of the business but provide little else and the content doesn’t attract the attention of the search engines.
One of our biggest points of difference compared to traditional accounting firms is our marketing knowledge. We strive to help you gain a serious competitive advantage in your industry and can help you develop your website starting with the identification of key features and functionality you require. Next, we can offer advice and assistance with content including video production and digital publishing. From there we can help you attract more traffic using search engine optimisation and other techniques including Google and Facebook advertising campaigns.
If you need help with your branding and corporate brochure, newsletter or want to harness the power of social media to win more referrals we can provide advice and direction. If you're looking for some breakthrough marketing strategies and business automation tools to help you transform your business into a smarter, faster and more streamlined operation, talk to us today.
We recognise the fact that business owners want more sales, more customers and more profit so we also give you access to one of the world’s most successful marketing programs, the ‘Business Growth System’. It contains details of more than 80 breakthrough marketing strategies supported by videos, templates and checklists. Access to this ‘vault’ of resources would normally cost you $500 per month ($6,000 per annum), however, as a client of the firm you get unlimited FREE access. In addition, you also get FREE access to the ‘Grow Your Business in 5 Days’ video training course that could have a massive impact on your future business growth.
Our mission is to help you fast track your business success and we offer you a range of accounting, taxation and business coaching services including:
- Start-Up Advice for a Telecommunications and Cabling Business Owner
- Advice regarding the Purchase or Sale of your Business
- Tools including the Start-Up Expense Checklist and Templates for a Business Plan and Cash Flow Budget.
- Advice and Assistance with the Establishment of Your Business Structure
- Tax and other Registrations including ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing & Payroll
- Software Advice for Telecommunications /Cabling Business
- Preparation and Analysis of Financial Statements
- Preparation of Finance Applications
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Assistance with your Marketing including your branding, corporate brochure etc.
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and Management of Key Performance Indicators
- Vehicle & Equipment Finance (Chattel Mortgage & Lease)
- Advice & Assistance with Pricing
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances (Income Protection, Life Insurance etc.)
- Profit Maximisation
- Business Succession Planning
- Valuations of Funeral Homes
For over 20 years we have been helping business owners with their accounting and taxation needs and providing ongoing financial and business advice. We work hard to understand your business and the telecommunications and cabling industry has become a niche industry within our accounting practice.
If you're a committed and ambitious business owner looking to accelerate your success we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect personal service and practical, cost effective advice that could have a profound effect on the future profitability of your business. To book a time, call us today on (03) 5941 4868 or complete your details in the box at the top of this page.
R J Tyrrell & Co - Your Business is Our Passion