The construction industry is a volatile one and everyone knows cash is king… Or do they?
Unfortunately it is all too often that I hear business owners (across all industries) obsessed with their turnover and I find myself constantly repeating the old adage ‘turnover is vanity, profit is sanity, cash is king!’
This phrase is probably the most important message any business owner should digest, whether you are starting out, in a growth period or have been in business for many years. This rule applies to everyone and it always will.
The construction industry comes with added complications, from employing staff, dealing with sub-contractors, CIS, retentions, valuations to dealing with sales, enquiries, job management and of course cashflow.
At UHY we have a large concentration of construction clients, so we understand all of these issues, whether you are a sub-contractor working on the tools waiting for your end of year refund or provide professional services to the construction industry – we have seen it all. Over the last couple of years and with the imminent introduction of Making Tax Digital which is legislation that will require businesses above the VAT threshold to set up a digital tax account and file quarterly returns online from April 2019, we have noticed more and more construction businesses turning to cloud technology to assist them in managing their finances. If you’re wondering if this is the next step for you, imagine a system that:
- Shows you your profitability at a click of a button.
- Submits your VAT and CIS returns online without having to re-key the information to HMRC.
- Forecasts what your cashflow position looks like and what impact slow payments from customers and employing new staff would have on your business.
- Raises invoices on the go and takes photos of receipts eliminating the dreaded last minute processing of piles of paper work.
Have I piqued your interest?
Whether you operate from Excel spreadsheets or an accounting package, UHY can help review and recommend improvements to your systems and processes. We can recommend the technology that would be most suitable for you and most importantly support you now and in the future to help you achieve your business goals.
If you are concerned about the impact of MTD, or simply want to be more efficient and in control of your finances, please contact our cloud accounting expert Adam Fernandes on 01462 687333 or email firstname.lastname@example.org for a free systems and processes review.
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