A Start-up design and build specialist company | Expert Accounting Services

Situation

A start-up, design and build specialist company servicing the London and Kent areas.

The company is owned by a young and very enthusiastic, visionary man with a flair for business development. He has a team of highly skilled builders, and he developed internal capacity to cope with quick growth.

Tasks

Set up an action plan for outsourcing the bookkeeping and accounts to us.

Set up a bookkeeping and accounting system from scratch.

Set up a project-wide reporting structure.

Aid the subcontractor payments procedure, CIS deduction and payroll processing.

Make monthly payments to subcontractors, suppliers, and employees.

Set up a monthly management pack designed to help management make business decisions.

Complete annual accounts and tax return filing.

Actions

Firstly, we sent some questionnaires, and then we had a detailed meeting with the client to understand their needs and requirements.

We set up the bookkeeping system in Xero and integrated Dext (previously Receipt Bank) to manage and sync the purchase invoices.

We set up the procedure for the monthly payments to subcontractors, suppliers, employees, and HMRC.

New item list

We integrated the company’s bank accounts with Xero to fetch bank transactions directly from the bank into Xero.

We conduct regular monthly meetings to discuss the management pack with the client, give them an overview of their financial performance and suggest measures to achieve their financial objectives.

New item list

Results

The client gets accurate and timely management reporting each month, which helps them to achieve their financial objectives.

CIS, payroll, VAT returns, statutory accounts, annual returns, and Corporation Tax returns are filed on time.

By using cloud-based software like Xero, Dext, Dropbox, etc., the client saves precious time and costs, meaning there can be more focus on day-to-day operations and growing the business.