Case study

Building and Trades

Proactivity in practice: when a business needs more than ‘just’ an accountant for builders.

Background

This client operates a mid-sized building company in Perth and has a reputation for delivering excellent work for their customers. While business was good, they were frustrated with the level of service they were receiving from their accountant of many years; there was little advice or proactive input, and their only contact was limited to tax return season.

In recent years, what people expect from their accountant has shifted from standard compliance services to broader advisory solutions, particularly if they are a business owner. Today’s accountant must be a dynamic problem solver and trusted advisor – not just someone who lodges tax returns.

The building industry has many nuances, so it was critical that when seeking a new accountant for builders this client would be supported by an expert with significant experience in this sector.


Solution

Nav Accountants has a deep understanding of the Perth building industry, backed by Director Nitin Vashisht’s previous experience as CFO and AGM for one of Australia largest project home builders.

When we were first engaged by this client, we spent time with them to understand what they were expecting from an accountant. It was established that in addition to overlooking their compliance requirements, they would also benefit from regular professional advice in the areas of margin and erosion control, pipeline and WIP analysis and tax planning.


Outcome

Key highlights since this client came on board with Nav Accountants include:

  • Discovering $250,000 of variations that were not billed to their customers.
  • Erosion has reduced by 1%.
  • $65,000 savings in annual income tax.
  • Cashflow has significantly improved.

Nav Accountants proudly supports builders and tradespeople of all types. Whatever your accounting needs, we can help!

Simply get in touch with our expert accountants for builders today to arrange a consultation. 

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