Solid Financial Functions for High Growth Construction

Background (current issues faced)

‍The company is a fast growth construction firm and the issues they faced was not having a solid finance function and any visibility over how they were performing financially. Compliance needs were taken care of but they wanted more from their accountants. They were using a desktop accounting solution and the lack of access to live data was causing issues.

How we helped

‍The Cadre team Spent time with the company to identify exactly what they needed from their finance function, with further input from the Cadre team, taken from their experience with the sector on what information would be useful to enable key business decisions based on actual data.

The team then worked on the company’s internal finance systems to automate a lot of work that in the past had been done manually. The data from the desktop accounting system was migrated to Xero, with various app add-ons to ease the flow of data.

Cadre took over the bookkeeping, compliance, management reporting and strategic planning for the Company.

Conclusion

‍The company now has full visibility over its finance function, from monthly profitability and cash flow reports, sales ledger analysis, retentions, upcoming liabilities and many other key performance indicators. All of the above based on live data meaning reports are up to date.

An added bonus was the recovery of VAT previously missed, meaning the company also had a cash boost.

Benefit to client

‍The company can now make informed financial decisions, rather than making decisions based on instinct. Alongside the financial directors responsibilities taken on by the Cadre team, the Company now has all its finance operations taken care of in one place.