Are You Searching For Accounting For Architects? It’s Time To Level Up!

accounting for architects

Accounting for architects, we know how tricky it can be to find the right one. If you’re an architectural firm that’s different from the rest, then you’re ready for Level Up. How can your business reach new heights and smash expectations out of the park? That’s easy – leverage every area of your business from wages to expenditure to maximise profit and minimize wastage.

Level Up isn’t your regular accounting for architects firm. Your average accountancy firm is a dime a dozen, so we’ve set out to be something different. We’re here to smoke out the old dinosaurs and create a service that covers every base. Our team is passionate about business advisory and we’re ready to help you!

Why Level Up?

Accounting for architects – does the very word make you want to nod off? Well, wake up because Level Up is here to change the rules of the game. We are the experts, and by experts, we mean financial advisors and accountants for architects who are willing to go that extra mile (or two) for your business. Our team is not like the rest. We’re innovators, creators and visionaries who have the grand plan to take your business to the next level – it’s time to Level Up!

We safeguard our clients against the common mistakes and know a thing or two about the tricks of the trade. Our team is about action. Yes, we can talk the talk, but we’re ready to show you how we walk the walk. Every business is different, so we offer tailored strategies to make sure you stay ahead of the game. We want to make sure you rule the game – no matter your business.

Policy Changes – Level Up Always Has Your Back

There are no excuses when tax time rolls around. At Level Up, we keep our eye to the ground, so we’ve got your back when policy changes come calling. Here’s what’s new in Queensland’s building and construction industry.

Minimum Financial Requirements

The new Minimum Financial Requirements (MFR) Regulation for QBCC licensees came into effect on 1 January 2019. The new law means all QBCC licensees holding a contractor-grade licence will need to meet annual financial reporting obligations. All licensees will need to provide financial information to the QBCC each year on or before their annual reporting day. The QBCC is required to give all existing Licensees a written notice stating the annual reporting day for the Licensee. The information can be lodged online on the myQBCC portal.

What Do I Need To Keep In Mind?

  • Existing categories SC1 and SC2 will continue to self-certify and the threshold will be raised from $600,000 to $800,000;
  • Self-certifying licensees will need to report their revenue and Current Ratio to the QBCC by 31 December 2019;
  • Existing Licensees within financial category self-certifying 1 (SC1) to category 3, whose maximum revenue is less than or equal to $30 million will need to submit the required financial information to the QBCC by 31 December 2019;
  • Licensees in categories SC1 to category 3 will also be required to report subsequent decreases of 30 per cent or more in Net Tangible Assets to the QBCC;
  • Licensees in category 4 to 7 will also be required to report subsequent decreases of more than 20 per cent in Net Tangible Assets;
  • If a licensed company is required to provide an auditor’s report or review report to ASIC or ASX, the licensee must provide the QBCC with a copy of these reports within 30 calendar days of the reports being signed and/or submitted to ASIC or ASX.

Calculating Assets

The change in the policy also dictates that personal recreational vehicles, like dirt bikes and golf carts, can no longer be used to make up the minimum asset threshold.

Money that is currently held in a project bank account can be included as an asset of a licensee as follows:

  • Head contractors and subcontractors will be able to include any amount in the general trust account in which they have a beneficial interest;
  • Subcontractors will be able to include retention amounts and disputed funds that relate to them.

Implementation of Changes

The changes discussed above will be implemented in phases. Phase 1 commenced on the 1 of January 2019 with the following:

  • Re-introduction of mandatory annual reporting;
  • The requirement for larger, higher risk licensees to report decreases in Net Tangible Assets of 20 per cent or more;
  • A new method of calculating a licensee’s assets with the exclusion of recreational vehicles and when to include Project Bank Account funds.

What If I Don’t Meet The Requirements?

Included in the regulation are penalties that will be enforced for failure to comply with the Minimum Financial Requirements. Under the Act, the QBCC can place conditions on a licence, or take steps to suspend or cancel a licence.

We Offer What You Need

Whether it’s cost accounting and financial management for construction project managers or professional tax for architects – you want Level Up in your corner. Our team are here to make sense of the accounting jargon and cut it into bite-size pieces.

How Can Level Up Help Your Architect Firm?

Business Advisory

When it comes to business advisory we’ve got all your bases covered. Your business is different and you need a plan that is tailored to your architectural needs. We’ll make the most of your strengths and overcome your weaknesses. Our team will work alongside you all the way. When you partner with Level Up, you won’t just hear from us at tax time, our team is with you through the good, the bad and the ugly!

As far as we’re concerned, business advisory means we have your back – all the time. We’ll develop professional, world-class solutions for your business whilst structuring your cash flow, protecting your assets and hacking your tax. A Level Up, our team won’t just assume, we’ll get to know your business and find out what’s actually going to work.

How will we tackle your business’s needs? Here’s how:

  • Asset protection structuring advice
  • Review for business purchases
  • Business sale preparation
  • Business start-up advice
  • Finance applications
  • Cost-benefit analysis

Accounting For Architects

At Level Up, we do accounting for architects a little differently. We look at more than just your accounts, we look at the big picture. When it comes to managing your business accounts, our approach is fresh. We’ll create a plan, not just for today, but for tomorrow and we won’t just hang around at tax time. Our team are with you all year round to make sure there are no nasty surprises when June 30 rolls around.

Planning is key and our team of creative accountants are here to put in the hard yards. Our team is ready to take all areas of your business to the next level. We’ll work with you to create effective strategies when it comes to:

  • Financial reporting
  • Trust account reconciliation
  • Outsourcing of accounts payable function
  • Remuneration calculation and advice
  • Outsourcing of finance team function
  • Monthly management reporting
  • Budgeting and cash flow reports
  • Corporate register maintenance
  • Financial and non-financial reporting for banking covenants

Taxation

There’s nothing that strikes fear into the hearts of thousands than the words tax time. Why should it have to be this way? When Level Up has your back – tax time is sorted. Our team knows a thing or two about tax and we’re ready to pass on our secrets. We want to safeguard your business – and not just for tax time. We’ll leverage every sector of your business and make sure it’s working at 100%.

When it comes to income tax for architects and project management accounting, we know our stuff. You’ve got enough on your plate. Let us worry about tax and how we can make it work for you, while you worry about creating architectural masterpieces. Level Up won’t just take charge of your accounts, we’ll look to the future of your business. Our team of innovators will make sure your business has the tools to run ahead of the pack. We’ll take you a level above the rest.

Here’s what our team will work alongside you to achieve:

  • Income tax return preparation and lodgement (companies, trusts, individuals, deceased estates);
  • Fringe benefit tax return preparation and lodgement;
  • Establishment, planning and execution of tax minimisation strategies and structures;
  • Indirect tax return preparation and lodgement (GST, PAYGW);
  • ATO disputes and penalty reduction & negation;
  • ATO audit attendance;
  • Capital gains tax planning, reduction, and calculation;
  • Business income tax and capital gains tax concessions;
  • Application for private rulings;
  • Business and investment purchase structuring for income tax minimisation;
  • Statutory minutes and reporting.

We’ll Make A Plan

When it comes to project management accounting you need to have a plan – that’s where our team comes in. We know your business is unlike any other. That means you’ve got to have a plan that is unlike any other. At Level Up, we’ll work alongside you every step of the way to provide the very best accounting in project management.

Your Friend in Project Management

Project management can be confusing if you don’t know the rules of the game – that’s where we come in. The Level Up team is here to set you up for success. Our team are the experts when it comes to effective project management. We make it simple so you don’t have to worry.

We’ll build your map for success so all you’ll need to do is follow. The Level Up team understands that you have a lot on your plate, so we’re here to take the stress out of cost accounting and financial management for construction project managers.

Our team isn’t about the short game – we’re here to stay. We know the lingo so you don’t have to. Our team will review the success of your project continuously whether that’s through agile retrospectives or communicating continuously throughout the process – we are continuously considering ways to make things better!

Suggested Products For Project Management

At Level Up, we work with the best in the business when it comes to project management:

  • QuickBooks project management
  • Xero project management

Business Accounting Services

ServiceOffered
Financial Reporting
Remuneration calculation and advice
Trust account reconciliation
Budgeting and cash flow reports
Financial and non-financial
reporting for banking covenants
Monthly management reporting
Corporate register maintenance (ASIC)

Ready To Level Up?

Whether you’re looking for a BAS agent that knows their stuff or an accounting firm for electricians – Level Up has your back. If you’re a small to mid-sized business who is ready to level up, then let’s have a chat! Our team is world-class – we’re the experts in business advisory, taxation, accounting for architects and project management. Our team will set up the processes, structure your business and manage your projects in order to ensure your business is running at full strength. Level Up gears your business for growth and active development, so your business is never stagnant. We want you to stay ahead of the game and we’re here to give you the tools to make it happen.

If you’re ready to leverage your business for success then it’s time to Level Up. We are the experts when it comes to accounting for architects and electricians.

Put your current accountant to the test and see if you need Level Up with this quiz.