There are companies including Gorilla Accounting who specialise in offering services to people working in and operating in certain areas of the construction industry such as engineering firms.
It is important when working in a specialist industry sector such as engineering that you will need to deal with an accountancy practice who understands your needs as a contract worker or limited company.
There are some specific requirements you will need to fulfil when searching for accountancy services for engineering firms to ensure that you maximise your income and save yourself valuable time whilst avoiding potential financial pitfalls.
There are a number of major engineering sectors, which would require specialist services for accountancy, such as:
– Aerospace engineering
– Architectural engineering
– Contracting engineering
– Design engineering
– Engineering Consultant
There are wide ranges of different types of engineering firms which require experienced accountancy practices who understand how your business works and offers services specifically designed towards engineering firms. There are currently more than 1.7 million individuals employed in the engineering industry in the UK, which clearly shows the size of this sector.
How is accounting for engineering firms different?
With the needs of the client in mind, it is important that an accountancy practice for an engineering firm understands the unique financial requirements of this type of organisation. The typical engineering firm will have one or a number of contract workers within the structure as well as potential for operating multiple sites. Accounting for engineering firms must include specific knowledge of:
– Tax
– IR35
– Expenses
– Year-end accounts
You need to ensure that your chosen partner for specialising in engineering firms will help you to streamline your business finances using the latest guidance and having access to state of the art accounting software.
If you are seeking the services of an accountancy firm specialising in engineering, speak to one of our team of advisers who can help you to work out how to maximise your time and your income. Get in touch by using our Get in Touch form or call 0330 024 0406.
