The Financial Foreman

The Financial Foreman The Accountant for Tradies, specialising in the construction and trade industries. Offering Accounti

29/05/2026

One small bookkeeping mistake cost this business an extra $18,000. 🛠️

Josh recently reviewed a client’s BAS after they felt something wasn’t adding up — and the issue was picked up almost immediately.

The problem?
Sales were being recorded twice in Xero.

Here’s what happened:
The payment coming through the bank feed was manually coded as a sale… AND a separate payment was also recorded against the invoice.

That duplicated the income in Xero, which meant the business was reporting more sales than they actually made — and potentially paying more tax to the ATO because of it.

What’s even more concerning?
The BAS had already been prepared and missed before it was reviewed again.

The takeaway:
✔ Always match bank feed payments to invoices in Xero
✔ Don’t manually hard-code sales if the invoice already exists
✔ Reconcile your accounts monthly or quarterly to catch errors early

Because small bookkeeping mistakes can turn into expensive tax problems fast.

We built free tools specifically for Adelaide tradies — because your numbers should be easy to understand, not something...
28/05/2026

We built free tools specifically for Adelaide tradies — because your numbers should be easy to understand, not something you dread looking at. 🔨

Three tools, built for the way tradies actually work.

The Material Markup to Gross Profit Calculator shows you if you're actually making money on your jobs.

The Business Improvement Calculator finds where your business is leaking cash.

And the Scenario Planner lets you see what happens to your bottom line before you make a big decision.

They're completely free and live right now at thefinancialforeman.com.au. If you've ever finished a big job and wondered where all the money went, start there.

And if you want someone to walk through the numbers with you, we're here for that too.

Comment "READY" below and we'll help you make sense of it all. 👇

27/05/2026

When everything runs through the same account, legitimate deductions get missed, your BAS becomes a guessing game, and your bookkeeper charges you more to clean it up.

It's not a big deal until you realise how much it's adding up to — and by then, that money's already gone.

The fix is simple.

Open a separate account just for your business. Every job payment in, every business expense out.

Clean records, easier BAS, and deductions you can actually claim.

Ten minutes to set up, saves you money every single year.
Comment "READY" below and we'll help you get it sorted. 👇

26/05/2026

Trying to save money when setting up your business could end up costing you a whole lot more later. 🛠️

One of the biggest mistakes Josh sees when taking on new clients?

Business owners choosing the wrong setup from day one without understanding the long-term tax consequences.

At the start, it might seem cheaper and easier.

But years later, when there’s serious money sitting in the business, getting that money out can trigger a massive tax bill.

Josh breaks down a real example:
A business owner wanting to pull $300K out of their company could end up paying around $80K to the ATO — simply because the structure wasn’t set up properly from the beginning.

The lesson?

Your business structure isn’t just admin paperwork. It impacts your tax, your flexibility, your cash flow, and how much money actually stays in your pocket.

Sometimes spending a little more upfront on proper advice can save you tens of thousands later on.

If you're a sole trader, the Capital Gains Tax changes are worth paying attention to — especially if you've been buildin...
25/05/2026

If you're a sole trader, the Capital Gains Tax changes are worth paying attention to — especially if you've been building your business for years. 🔨
Here's the thing most tradies don't realise.

When you eventually sell your business — the client list, the phone number, the reputation you've spent a decade building — that's a capital gain. The ATO calls it goodwill. And goodwill gets taxed.

Right now, if you've held your business for more than 12 months, you get a 50% CGT discount on that gain.

So if you built something worth $200,000 and your cost base is zero — because you didn't buy goodwill, you built it with your own hands — you're paying tax on $100,000.

The bloke who bought a business for $150k has something to offset against. You don't. You started from scratch, so the full value of what you've built is exposed. The proposed discount reduction means more of that gain is taxable — with nothing to cushion it.

The good news is there are small business CGT concessions that could reduce or wipe out that tax bill entirely — but only if your structure is set up right and you plan ahead.

Leave it until after the sale and those concessions are gone.
If you've been running your own show for a few years, your business is worth more than you think — and so is sorting the tax side of it now, not later.

Comment "READY" below and we'll show you where you stand before it costs you. 👇

23/05/2026

Most people think property development is easy money… until the numbers start adding up.

In this episode of Ask an Expert, Glenn Pagano from McGrath Real Estate breaks down the biggest mistakes people make when renovating or developing their first property — from underestimating costs to overlooking time and cash flow.

Because in property investing, getting the numbers wrong can cost you more than just profit. 🛠️

Click the link in our bio to watch the full video.

This is why we do what we do. 🙏 Words like this from Gilberto genuinely stop us in our tracks. When someone comes to us ...
22/05/2026

This is why we do what we do.

🙏 Words like this from Gilberto genuinely stop us in our tracks.

When someone comes to us stressed, unsure where their money is going, and finally leaves feeling in control of their business that's the whole point.

That's the job.

We're not just here to do the books. We're here to be the person in your corner who actually understands the construction industry, tells you the truth, and helps you build something worth working for.

That's what The Financial Foreman is about clarity, strategy, and real results for Adelaide tradies.

If you're working hard but still feel like the finances are running you — it doesn't have to stay that way.

💬 Drop "READY" in the comments and let's change that.

21/05/2026

Being the hardest worker on the tools doesn't mean you're building a successful business. 🔨

Most tradies wear the long hours like a badge of honour — but if you're flat out and still not getting ahead, the hours aren't the problem.

Your structure is. No systems, no pricing strategy, no clear profit margin — just more hours plugged into a leaking bucket.

Work less. Charge right. Set up your business so it runs without you carrying it on your back every single day.

If you're done running hard just to stay still — comment "READY" and find out how The Financial Foreman helps tradies build businesses that actually work for them.

20/05/2026

Not every career starts with a plan.

Sometimes it starts with solving a problem.

In this episode of Ask an Expert, Glenn Pagano from McGrath Real Estate shares how renovating and selling properties unexpectedly led him into real estate — and why he ended up loving the industry.

Real stories.

Real experience.

Real insights from people in the trenches. 🛠️

Payday super is changing the game for every tradie with employees on the books. 🔨Right now, you pay super quarterly. Mos...
19/05/2026

Payday super is changing the game for every tradie with employees on the books. 🔨

Right now, you pay super quarterly. Most blokes set it and forget it — end of quarter, done. But from 1 July 2026, that's gone.

Super now has to hit your employee's fund within 7 days of every single pay run. Doesn't matter if you're paying weekly, fortnightly, or monthly — the clock starts the second payroll runs.

Every. Single. Time.

That means if you're paying your crew every Friday, super needs to be cleared and sitting in their fund by the following Thursday. No grace period. No "I'll catch it up next month."

The ATO isn't messing around with this one either. Miss the window and you're looking at the Superannuation Guarantee Charge — that's penalties, admin fees, and interest on top of what you already owe. And it's not tax deductible like normal super contributions are.

If your payroll system still runs on spreadsheets or you're doing it manually — this is your wake-up call. You've got a runway to fix it before it costs you.
Don't wait until June to figure this out. Comment "READY" below and we'll make sure your payroll is locked in before the deadline hits. 👇

Address

The Financial Foreman, 671 Marion Road, Ascot Park
Adelaide, SA
5043

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
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