Xero Migration Support Leading to Clearer Financial Picture
Many small to medium business struggle to do their own accounts and to put financial controls and reporting infrastructure in place.
Unfortunately, the result of this is not only difficulty in getting accounts filed on time, the lack of clarity can mean you don’t know where you are in terms of tax.
For this client in the construction business, this was exactly the case. An unsatisfactory accounting infrastructure with loose financial controls led to inconsistent and unexpected VAT liabilities.
Specialist accountancy services for construction companies
When this company asked us to help sort out their accounts, especially after the unexpected VAT liabilities, our response was to do two things:
Firstly, we needed to make sure that, moving forward, they had a good accounting infrastructure in place. So we migrated them to our favourite accounting platform, Xero, and gave them the training and support they needed to make the most of it.
With that sorted, our other job was making sense of their accounts prior to this point. This involves investigative work into their accounts and tax paid. A deep forensic review identified overpaid taxes and we are still working with the tax authorities to obtaining remedies.
Financial clarity is the first step in making sure you’re not paying too much. If you are not using an accounting platform like Xero already, take at look here at why we think it’s the best move you could ever make.
Background
- Company type: Construction/Surfacing
- Annual turnover: £3,600,000
- Number of employees and contractors: 20
Challenges
- Unsatisfactory accounting infrastructure and financial controls leading to inconsistent and unexpected VAT liabilities.
Our input and the outcome
- Full Migration to Xero with ongoing training and support.
- Ongoing investigative work in prior period accounts and tax. Potentially leading to expected Corporation Tax and VAT Rebates. Status ongoing.
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