There are few professional industries that are subject to the financial anomalies that engineers and engineering firms experience as part of their routine operations. In general, engineers are engaged in projects over a much longer term and this can lend itself to a number of financial challenges that are dis-similar from other related professions and trades involved with the same project in different capacities. Particular sensitivities for this field are budgeting and invoicing, substantiation of work based on a percentage of the whole. Additionally, engineers are often dealing with multiple parties each responsible for internal accountabilities with a different mandate.
It Starts with the Contract
Does the contract read in a manner that protects your interests and liabilities as the engineer on the project? Complex contracts often dictate every element of the contractor-client relationship including fees, retainers, billing schedules and holdbacks. If not carefully assessed, any small condition of the contract can impact the profitability of any given endeavor, resulting in financial hardship for the engineer or firm. This is one area where Rutwind Brar can best assist.
Setting You Up Financially To Succeed
Ensuring financing is critical for engineers because overhead expenses and project costs are incurred from the first day of any project, long before even the first round of invoicing can be issued. At Rutwind Brar, we can help to negotiate the relationship with lenders and position you for success to achieve your financing needs and ensure that credit is granted under terms which can be readily addressed over the course of the project. We work with you to ensure that the reporting requirements of your lender are managed and that you maintain a constructive relationship with your financial institution.
Channeling your profits to ensure business cash flow and flexibility to pursue other business opportunities and long-term investments is critical. We can work with you to set systems in place that will alleviate your tax burden and help keep the business assets revenues working toward the continued growth of your business.
Preparing for International Growth
Many Canadian engineers are sought out for projects occurring on international soil. Working beyond the border can create a number of tax implications including permanent establishment on foreign soil, cross-border transactions and more. At Rutwind Brar, we have helped Canadian businesses successfully expand their business into the international market and can help you to ensure that you are compliant with regulations both at home and abroad to allow you to focus on your core enterprise. We can also advise on the best strategies to repatriate your profits back to Canada.
The Right Tools for the Job
There have been some great advances in the technology available to engineers, which save time and expand capability into areas that a generation ago were not possible. However, much of this equipment comes at a hefty price tag as well. Computer systems and electronic storage sufficient to manage and archive all of your work are required tools of the trade. Rutwind Brar can assist in the identification of required equipment and work with you to strategize expense management to get you in the game.
Rutwind Brar has provided and matched our needs with expanded services. This has included advice on how to incorporate and manage growth in other markets. Service with Rutwind Brar has been responsive and personal and has helped us avoid numerous pitfalls.