Day: July 27, 2022

4 ways your accountant and bookkeeper can help you run your construction business more efficiently

Posted on | by admin

Are you struggling with your bookkeeping? You’re not alone.

Bookkeeping in the construction industry is incredibly complex! So we wanted to share some of the ways an accountant can save you a shed load of stress whilst also improving the efficiency of your business!

Here are 4 ways your accountant can help you run your construction business more efficiently:

1) Make your business paperless

There are many benefits to running a paperless business. It’s better for the environment, it saves you so much time, and you can rest assured knowing all your documents are stored safely on the cloud.

However, if digitising your documents fills you with dread, you can always ask your accountant to do it for you! They will set you up with all the relevant software such as Dext, so you can control any admin task from your phone or computer.

Not to mention, going digital will also ensure your business remains up to date with the latest MTD legislation.

2) Outsource your bookkeeping

Bookkeeping is a long and arduous task for any business – but that challenge is only amplified for those in the construction industry. Monitoring job costings, biddings and progress billing on top of the usual accounts payable and receivable is a daunting task indeed.

So why not let the experts handle it? Their knowledge and expertise will ensure your books are always accurate and compliant with the latest tax rules. So, you can stop stressing over spreadsheets and start focusing on what you do best!

3) Organise digital payments

Another way your accountant can improve the efficiency of your business is by organising digital payments! They can provide you with a card machine to accept on-site payments, supply software like Xero to create online quotes and invoices, or even facilitate P2P programmes like Paypal.

But what are the benefits?

Firstly, digital payments are more convenient, so (in some cases) this can help you win more work. They can also significantly improve your cash flow whilst allowing you to receive real-time updates on your finances.

As a result, you’re able to gain a greater understanding of your finances, make more informed business decisions, and still save time!

4) Offer financial advice

Who better to offer you financial advice than your very own accountant? After all, they will understand your books better than anybody – so take advantage of their expertise!

Your accountant can provide invaluable insight into your finances, create accurate reports and forecasts, and use this information to advise you on future investments and business strategies.

So what are you waiting for? Ask your accountant for financial advice and start boosting your business!

Let the experts look after your books!

There are so many benefits to hiring an accountant and bookkeeper. But perhaps the most significant benefit is how much time they can save you!

Instead of stressing over spreadsheets or second-guessing your calculations, you can use this time to focus on what you do best. So save yourself the hassle and start playing to your strengths – we promise the ROI will be second to none.

Hiring an accountant could save your business!

Posted on | by admin

A lot of new businesses fail. A lot of old businesses fail. A lot of previously successful businesses fail. Why? Usually, it comes down to issues around finances.

If you’re starting a new business, or if you’ve been in business for years and are trying to grow your team and scale your company, hiring an accountant can help. Here’s how.

1) They help you become more tax-efficient

Tax isn’t easy. Legislation changes all the time and any delays or mistakes could be costly. With an accountant filing your taxes for you, you can have the peace of mind that it is all being done correctly and on time. Not only that, but it saves you a lot of time and resources AND it saves you money. Accountants can reduce your tax burden by identifying opportunities for deductions, and they can help you avoid any government fines.

2) They mitigate the risk of financial mistakes

Accountants know how to identify financial risks and avoid them before they become major problems. What this means for you is that you’ll never spend money you don’t have, you will save money in all the areas you can, and you’ll be more aware and better equipped to stick to a proper budget. Fewer to no financial mistakes means minimal losses and more profit!

3) They actively help you to grow your business

If you get an accountant on board in the early stages of your business, they will help you to develop a plan for growing your business in the right way. Not only that, but they will also ensure that your finances are handled correctly from the beginning so that it doesn’t take over everything else in the future. As your business grows, they will start to provide advice in other areas such as budgeting and financing; payroll and recruitment, cashflow forecasting and investments, and business strategy. They will work with you to ensure you have the financial capabilities and processes needed to work towards your business goals.

Survive and thrive!

Most new businesses fail because of financial issues, so don’t make the same mistake. Hire an accountant as early as possible and get the guidance and expertise needed to take your business to the next level. They will not only help you save money, but they can help you make money as your business grows too.