Accounting for engineering and design firms
As an engineer, you immerse yourself in technical details all day every day. We understand that accuracy is essential for every task you undertake. The combination of maths and science means that you are always extremely focused on solving problems.
But when it comes to your business finances, you might find yourself feeling overwhelmed when you try to manage the accounts. You might bill some of your projects by the hour whereas others are under contract for a fixed fee. These types of variations can cause a headache for even the most experienced engineer.
Here at North Advisory, we specialise in accounting for engineering and design firms, and we can help relieve the pressure associated with complex financial management.
We have extensive experience in tax and regulatory compliance and can provide you the professional support you need to reach your business goals.
Integrated accounting system
Poor record keeping can be the downfall of a business, so it’s important to maintain accurate accounts.
To start with, it’s essential that you have an integrated accounting system. Being able to manage accounts payable and receivable, forecast and track cash flow and extract insightful financial reports is invaluable.
We know which accounting systems work best for engineering and design professionals, and we can seamlessly install the necessary software for your firm.
- We tailor your system to meet your business needs, managing complex areas such as payroll, including varying awards rates for different staff members, and dealing with subcontractors.
- We set up the company’s back end for you, to ensure everything flows, including connectivity and links to your bank accounts, the ATO and other relevant governing bodies.
- We ensure you have the correct add-ons, including any specialist software for engineering professionals.
Cash flow is critical
The propensity for irregular work cycles within the engineering sector means that cash flow often fluctuates. This is where professional financial planning and cash flow forecasting are critical for your firm.
We can support you by building a detailed cash flow forecast.
When we have established a significant amount of cash flow history, we can utilise this data to create an accurate forecast based on past performance. This should help identify financial shortages well in advance.
This information will also enable you to make strategic decisions… whether they are related to business growth, purchasing assets or embarking on new research projects.
Grants and other opportunities
Once you implement your accounting systems and are confident that you have well-maintained finances, we can also support you as you apply for grants and other funding opportunities.
We can provide you with the necessary analysis and produce custom reports to meet grant application deadlines.