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The best apps to help you manage your construction business

Business has moved on from the world of paper invoices, carrier bags of receipts and managing accounts on spreadsheets. Luckily, there’s a better and easier way to keep on top of your day to day tasks. The world of financial technology has created some amazing apps that can be used to streamline your construction business and save you valuable time. Here we’ve rounded up some of the best pieces of software to help you transform your business, and why you’ll wish you had them sooner!  ...

Tips for setting up your first construction business

What makes a truly successful construction business? What can you do to ensure that everything runs smoothly?  In this mini blog series, we’re outlining everything you need to know about the world of construction, beginning with setting up your first business. Whether you’re a tradesman making the leap into self-employment, a new subcontractor, or you’re moving from a senior employed position to start your own business, this guide will help you get the right things in place from ...

R&D Tax Credits. The most under claimed tax relief of them all?

Do you want to know what one of the most valuable, yet most overlooked, tax allowances for companies is? Not the best opener to any conversation is it, but as you’re here the answer is…. R&D Tax Credits So, are you making your claim? Do you know if you’re even entitled to make a claim? Because in all honest, thousands of business don’t realise. And HMRC will potentially PAY YOU when you put a claim in. What’s not to like?! R&D tax credits were introduced by HMRC in 2000 to assist ...

Challenger Banks - Banking 2.0?

First things first. Let’s just clear up what a challenger bank actually is. "A Challenger Bank is a relatively small retail bank set up with the intention of competing for business with large, long-established national banks." That’s what Google tells us anyway. To us, challenger banks are those that are completely confronting the stale approach that most of the high street banks have towards servicing businesses. Business is no longer a 9-5, Monday to Friday world. It’s no longer normal ...

What's the point of management accounts?!?!

You already get a set of accounts completed once a year, so why does my accountant keep telling me to prepare management accounts too? “What’s the bloody point of management accounts?” It’s interesting, as that’s a question that comes up quite often. Not always put as bluntly as the above, but it’s usually what people are thinking. Well, in our opinion, management accounts are far more important than one set of annual accounts. Regular management accounts provide far more insight as...

Cashflow tips for construction businesses

Whether you’re working directly with end users, providing contracting services, subcontracting, or providing a mixture of all of the above, cashflow can (on occasion) be a nightmare to manage for construction businesses. But by using tools available, as well as some careful planning, you will be able to get through the peaks and troughs of cashflow and end up with a profitable business that also has cash in the bank. Plan for extended payment terms Now, hopefully you won’t end up in the po...

So, how much do accounting services ACTUALLY cost?

It’s the one thing that all prospective clients want to know, but is something that appears to be steeped in mystery by the vast majority of accounting businesses. How much do we need to pay you to get the job done? In all honesty, there is a reason why a lot of accounting businesses don’t publicly set a “one size fits all” policy in terms of their pricing. Because every business is different. And the needs of every business is different. Put it into perspective. I could spend £175k bu...