Engineering Accounting Services
Is there anything that an Engineering Services Business specifically should ask when considering an Accounting and Business Services provider?
We believe that you should ask what services a business services firm like Ascendia currently delivers that can meet your needs over time - as your requirements evolve at different stages of your business and your life.
We think this is the most important question - because we believe a demonstrated capacity to meet the requirements of business people over the life-cycle of their business is the main indicator of whether they are going to have the support they need to get the most out of their business.
If your Sunshine Coast or Brisbane accountant and business services professionals don't have a capacity now to meet your changing requirements now, you can't be sure they ever will. Are they likely to build their service capabilities just to meet the needs of one client...?
We don't think you want to have to find new business services professionals who can keep up with you every time your business service needs change - every time your business evolves. You won't have the time to do this anyway - to educate new business services professionals about your business every time there's a significant development in your business.
However some of these business developments you deal with require qualified, experienced support - so you can protect and maximise your business benefits.
Consider some of the developments we commonly see in our Engineering Services clients' businesses...
- Taking on a new partner or equity interest
- Winning a substantial new client or job
- Investing in substantial new equipment
- Reviewing your subcontractor model and legal arrangements
- Making personal investments in a safe way
- Exiting a partner
- Reviewing internal financial management controls and reporting
- Reviewing your service agreements with clients (where possible)
As a result we are concerned that many Engineering Services businesses in particular give up on having the right business services partner - and just move forward with the business services professionals they already have in tow - because they are so busy and need to deliver on the current situation straight away.
But our belief is that it doesn't have to be like that.
As a result we have built in Ascendia a business service provider that has a strong capacity to meet your service needs now and in the future.
So ask us what services we are delivering now - that you might need in the future....
What makes Ascendia a good fit for my Engineering Services Business?
We have found that Engineering Services businesses need:
- Quick service,
- Capability on our part to provide a variety of services for a variety of needs as outlined above, and
- Best quality approaches - advice on how to do things properly / service that does things properly.
The reason Ascendia's Mooloolaba and Noosa Accountants Sunshine Coast & Mitchelton North Brisbane are a good fit is that we deliver what you need - capability - now.
How? We have the different professionals based in Brisbane and on the Sunshine Coast in Noosa and Mooloolaba, to provide the right advice; we have a multi-profession team not a jack of all trades. We have different professionals advising and servicing you from the relevant professional knowledge base. We have strong management systems that monitor and incentivise delivery of services... to you now.
Another reason is that we have experience of assisting Engineering Services Providers in a wide range of areas including:
- Taking on a new partner or Equity Owner - Agreements and models, protection on exit [Ascendia Lawyers & Accountants Noosa, Mooloolaba & North Brisbane and can assist])
- Winning a substantial new client or job - Reviewing the impact on working capital and cash flow modelling - don't let the new job send you broke!
- Investing in substantial new equipment - How to hold the assets for tax effectiveness, legal issues re protecting the asset from claimants (Ascendia Accountants and Lawyers Mooloolaba, Noosa and Mitchelton can assist).
- Reviewing your subcontractor model and legal arrangements - Accounting impact and legal issues to protect you and manage payroll, superannuation and PAYG requirements and taxes.
- Reviewing and updating your Client / Customer Service Agreements and / or Supply Contracts - Where possible... we recognise many firms subcontracting have limited scope for negotiating any variations.
Are there any common problems you have seen with Engineering Services Businesses that you can assist with?
We have seen some difficulties in tracking and invoicing Professional Time or Work in Progress. Our experience is that this can derive from a number of sources and can be difficult to resolve in some firms. We have assisted companies to address this issue.
In some smaller firms we have also seen debtor management capability problems. We have assisted firms to establish more effective debtor management processes.
Contact our Brisbane or Sunshine Coast accountants to enquire further about how we can help you.