King's Construction is a family-run construction business that’s been supplying building services in and around Berkshire and the surrounding counties for over 20 years.
We noticed an opportunity to increase the efficiency of their finances by moving them from traditional paper-based accounting over to Xero online accounting software. This modernised their systems and allowed us to take on their accounting burden as an outsourced finance team.
Before: the original issue faced by the client
Originally, the business ran its own books and accounting records. This paper-based approach to their accounting got the job done and kept the business compliant, but the system was starting to look inefficient, out of date and extremely process-heavy.
The key issues were:
- Working from paper ledgers
Manually filling out ledgers, doing the bookkeeping each week and keeping on top of the workload was eating into the team’s business time.
- Keeping paper records
With all invoices, receipts and remittances kept as paper copies, there was a huge amount of administration and filing to be done.
- Getting their VAT returns done
With the paper-based system, finding the documentation and time to get VAT returns completed was problematic.
- A limited view of their financial position
With manual ledgers being days, weeks or even months out of date, it was tricky to see how well the business was doing financially.
After: how FLB provided a workable solution
With King’s Construction so busy, we needed to make the finance processes easier and save the team time. Switching to automated accounting and becoming their outsourced finance team made sense – giving time back and improving their financial management at a stroke.
The key solutions were:
- An online accounting system
Xero allows all the bookkeeping, accounting and financial management to be carried out online, both by the client and our own team.
- Online records in the cloud
expense receipts, customer invoices and incoming bills are now stored digitally using Receipt Bank and Xero, and backed up in the cloud.
- Digital tax and VAT submissions
our outsourced team manages all the client’s tax and VAT returns, and uses the accounting data in Xero to submit their returns digitally.
- A detailed view of their finances
Xero’s in-depth reporting allows us to supply detailed management reports, helping the client to see their financial position clearly.
- The support of our outsourced team
we’re now embedded as King’s Construction’s finance team, bringing personal service, support and financial insight to their business.
Talk to us about moving your business to Xero
If you’re still drowning in paperwork and would like to move your business finances into the 21st century, please do get in touch – call or email us here to find out more.