Streamlining Finances for Building Project Management
About the business
How we helped
We contacted HMRC and set up the new VAT and CIS schemes along with the new bank accounts.
Both the Sole Trader and the Limited Company accounts were set up using Excel (at the client’s request), with the emphasis on tracking the materials and labour costs to each individual project.
We arranged accounts with the main suppliers for both companies and requested that invoices were only submitted to us that had a property reference on them. The credit we had negotiated meant that most suppliers could be paid monthly and that invoices were sent to us via email where possible.
All invoices received were coded, entered to Excel and filed with a reference making them easy to retrieve if we needed to. Once collated we were able to report back to the client in our regular weekly meetings and provide detailed monthly statements of costs, by project.
We also raised invoices to the client’s client detailing the expenditure and made the supplier payments directly from their bank account ensuring everything balanced at the end of each month.
The payments for labour were also made by us, we filed the CIS returns, sent out the required statements and reconciled everything with HMRC.
VAT was calculated and reported to HMRC every quarter.
What we did
- Contacted HMRC and set up new VAT and CIS schemes alongside new bank accounts.
- Established both Sole Trader and Limited Company accounts using Excel (per client request) with a focus on tracking material and labour costs per project.
- Arranged supplier accounts for both businesses, ensuring invoices included property references.
- Negotiated supplier credit terms, allowing monthly payments and streamlined invoicing via email.
- Coded, entered, and systematically filed invoices for easy retrieval.
- Conducted weekly review meetings with the client, providing detailed monthly cost statements by project.
- Raised invoices for the client’s clients, detailing expenditure and processing supplier payments directly from their bank account.
- Managed labour payments, filed CIS returns, issued required statements, and reconciled accounts with HMRC.
- Calculated and reported VAT to HMRC quarterly.
Where we are now
We have worked closely with this company for over 10 years and have updated our approach to fit with the way their business has changed over the years.
Trading has decreased recently, however, we still have regular face to face and telephone meetings, and have more of a PA role, for both personal and business tasks. We still make all the business-related payments and some personal ones too, which can sometimes require us working out of hours.
The company is looking to ramp up the business again soon and is keen to make the move to Xero accounting package when this happens.
In the client’s words
“The Paperwork Team has been invaluable in managing our financial processes, allowing us to focus on running our projects. Their expertise and ongoing support have kept everything organised, from supplier payments to VAT filings. As our business evolves, we trust them to help us transition smoothly to new systems and continue providing exceptional service.”