From Obstacles to Opportunities: Optimising Construction Accounting for Property Development
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Having Trouble Evaluating Your Finances?
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Introduction
E2E Accounting firm was approached by a property development client facing significant challenges managing and updating their financial records using Xero. The client needed a streamlined approach to handle their bookkeeping effectively and provide accurate financial reporting to potential investors.
Identifying the Challenges
The client encountered several issues:
- Difficulty in updating and maintaining accurate books of accounts in Xero.
- The lack of standard operating procedures (SOPs) and notes complicates the implementation of consistent processes.
The best accountants are the architects of financial legacies.
Solutions
To address these challenges, E2E Accounting Solutions implemented the following strategies:
- Comprehensive Analysis: We conducted a detailed analysis to determine the skills and resources required to meet the client’s needs.
- Dedicated Resource: Assigned a specialised resource directly introduced to the client to ensure a personalised approach.
- Process Development: Developed a process for chasing up information and resolving queries effectively, including setting up quarterly catch-ups with the end customers to address priorities and minimise queries.
- Customised Reporting: Prepared monthly management reports tailored to the client’s requirements.
Overcoming the Challenges
To overcome the absence of SOPs and documentation, E2E Accounting tackled challenges by:
- Client Workshops: Conducted workshops with the end client to understand their operating procedures and gain insight into their business processes. Process
- Communication: Clearly explained our processes and outlined the future workflow to ensure alignment and smooth implementation.
Benefits Achieved To The End Clients
The implementation of these solutions resulted in:
- Efficient Reporting: Monthly reports were delivered and presented to investors, facilitating the acquisition of capital for the business.
- Accelerated Development: The influx of capital allowed for faster progress in property development projects.
- Streamlined Processes: Establishing SOPs and notes streamlines processes, reducing the client’s time resolving queries
- Improved Financial Tracking: Enabled real-time cash flow and forecasting tracking, enhancing the client's financial management
- Accurate Completion Statements: Ensured precise booking of completion statements for properties sold by the client.
Behind every good business is a great accountant.
Conclusion
E2E Accounting firm based in Oxford successfully addressed the client’s financial management challenges by implementing effective processes and providing tailored reporting solutions. This approach improved the client’s bookkeeping efficiency and supported their business growth and investor relations. The streamlined processes and enhanced financial oversight have positioned the client for continued success and operational excellence.
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