I f**ked up | A costly mistake I made on a job 

Yeah for sure. Think it's best to try and cover yourself as much as possible. Most clients understand

@Viking Designs | Carpentry & Landscaping look at the positive you only lost 4-5k. I know that's hard for a small business but jesus it gets worse. One of my previous companies, lost 500k on one job. It was high end apartments, like 7 of them and we lost that much. He said that over a Christmas lunch. BTW I'm a sparky

Yeah that's it mate. I know I got off easy. I know guys that are owed 100's of thousands too.

@@viking.designs would love to see a time-lapse video of a build or something. Love the channel

Thanks James! Yeah man, I've got a few that might work for a time-lapse. I'll keep that in mind. Cheers legend 🤙

Haha yeah man, I know I got off easy! I know guys owed 100k+ too. 100mm trick for paperwork is gold 😆

Yeah 100% I do mate. Generally 30 days

Haha 100% mate. Xero defaults to 30 days, I generally leave it at that. There's just so much to running a trade biz, things like this often get forgotten.

@@viking.designs And I bet you didn't go into construction to do paperwork, so having some of that automated is pretty neat. I use a similar program to Xero and I think it has the same feature, it is just up to me to remember using it instead of making quotes in Excel lol.

Hey Stephanie! I'm super happy these vids have been some help. :) In that video, I was really talking to people that come from a trade background, with no business experience at all. If you're finding yourself running into roadblocks, it might be worth consulting with an accountant to make sure you're heading in the right direction. You seem well ahead of where most biz owners would be given your education. If it seems to be working for you, I'd run with it.

Hi, just to jump in on this to give you my unsolicited 2 cents worth... The classic scenario is a tradie working with a partner who does the books - that's fine and has worked for many, many people. You say that it's still a small business, so in my opinion it all depends on whether you plan for it to stay small. If you plan (expect, hope) for it to be a bigger concern then you should at an early stage definitely get a great accountant who will do more than just filling out the BAS form - they will help you with franking credits, with minimising tax, allow you to present yourself professionally to get finance both for the business and for your personal lives. If you're going down this route, by all means continue doing reconciliations and calculating BAS yourself as this will save you accounting fees, but get the accountant to lodge the BAS as you'll get three months to pay it rather than one as they'll be registered with the ATO as a tax agent. I'd also suggest you regularly look really closely at the figures your accountant is posting to make sure they're managing things as you want: there's no point working hard if the money you make goes in tax because you haven't structured things properly. Please note, I am not an accountant, just someone who's owned multiple businesses in the past thirty years and I have saved literally hundreds of thousands of dollars by employing one! Good luck!

Great input Paul! Love it mate. Yeah great point. If scaling up is a goal, I do think a top accountant will be an integral part of the team.

Thank you so much for both pieces of advice. I'll chat with the partner about our options and make some more calls around to some local accountants for advice :) maybe even ask the Tafe tutors if I am heading in the right direction. We want to do this right. Look forward to more videos and following your journey!

Thanks Stephanie! Good luck with it all.