HBXL construction industry accounts software

Managing the books and tax compliance efficiently can have a significant impact on any business.

Despite the current economic downturn building businesses face the increasing pressure of ever more rules and regulations, with business tax complexities often consuming a large amount of time and effort.

And while cash flow, business profitability and even just survival are on the minds of many builders up and down the country, the pending tax year end on 5 April 2009 provides an ideal opportunity to ensure that liability for the 2008/09 tax year is no greater than necessary.

According to Anthony Botibol, marketing manager at HBXL, there really is no time like the present to take a step back and look at how builders are managing their business as well as personal finances and consider how they might reduce their taxes and/or improve their financial and business strategies.

And acting now could pay dividends in the future.

Anthony said: "There are certain things builders can do which will help manage their finances effectively such as keeping on top of credit control, reviewing building materials or stock procurement, reviewing credit terms with suppliers and looking at different ways to fund the purchase of new assets".

"And managing the books and tax compliance efficiently can have a significant impact on any business.

Unfortunately whether you outsource your business tax processes or simply need advice to help streamline the paperwork and deal with specific issues, the time it takes to sort out these important issues is time many builders often find they don't have.

"As any business owner knows, cash is king and managing the cash flow is probably one of the most important aspects for any business and needs constant monitoring".

However, as most builders would readily confess, making sure the books balance is probably not their strongest subject.

Fortunately, those builders who neglect to ensure their invoices are paid on time and that the VAT is up-to-date can use software that ensures no deadline is missed.

It not only helps with the book keeping but helps keep any building business on an even financial keel.

Anthony is also keen to stress that following the reform of the Construction Industry Scheme (CIS) will result in HMRC claiming an extra GBP130 million in taxes from the industry in 2008 / 09.

So having the books in order will help avoid any unwanted investigation by the tax man.

Because of this, HBXL has available a software package called Construction Industry Accounts (CIA).

Compliant with the current CIS Scheme it handles subjects such as Invoices and Job Costing, Retentions, Applications (Stage Payments) and Certifications.

Anthony added: "Construction Industry Accounts is an absolute godsend for those who are looking to keep a close grip on their accounts".

"It helps users become more profitable giving them a better idea on how much they are likely to make on each and every job".

"It also sends monthly returns to the Inland Revenue electronically using its EDI gateway".

"This helps avoid any penalties for late returns which can be upwards of GBP100".

"And when it is used to balance the books and make sure everything is up-to-date means that when the 5 April deadline arrives, users of Construction Industry Accounts will be in a very good position".

"Using a qualified accountant will help look at issues such as entrepreneur's relief, capital gains tax, tax relief on capital expenditure and the best way to extract profit from the business and minimising personal tax liability.

"In addition, if you can get your accounts completed quickly after the year end will mean you can calculate the projected tax payments for the business.

This means payments on account for unincorporated businesses can be reduced and reclaimed if you are confident of the final taxable profit".

"Put this together with an ability to forecast and plan ahead by using the software will help any business survive throughout the year".

CIA also links with HBXL's award winning EstimatorXpress estimating software allowing builders to export their estimates into CIA.

This enables them to compare the budgeted costs against the actual costs, giving them complete project control from start to finish.

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