Just like most industries, the COVID pandemic hit Construction and Trade hard – now, Making Tax Digital (MTD), the new UK Government tax legislation, will require firms to adapt to something new yet again.
With these changes, it’s imperative for construction and trade business owners to choose accounting software that offers complete support to MTD. Having the right software for MTD should not only make managing tax obligations easier but it’ll also make it simpler to manage business finances too.
If you work in construction and are looking at improving your accounting process, we heartly recommend taking a look at Xero. Here, we’re going to give you the lowdown on Xero, its vast library of apps and how it is perfect for construction firms of any size to manage their accounting.
Why should my construction businesses use Xero?
Xero is ideal for construction and trade accounting. Comprising a huge library of apps and features, Xero has been specifically designed to simplify accounting and allow firms to correctly record and store their data securely, as well as make the whole activity quicker too.
With Xero, construction businesses can:
- Know the exact standing of the
business with Xero’s real-time dashboard – instantly updating, it can help you
to stay on top of your cashflow.
- Keep up to date on the go –
with the nature of the construction industry requiring you to be away from the
office, the mobile Xero app allows you to keep on top of your accounts no
matter where you may be. Check bank balances, see what money is due to come in
and out and create invoices – you can even
email invoices to your client while still on the site!
- Allow subcontractors to e-mail
their invoices directly – Xero saves a digital copy with your accounts for easy
processing. When paying subcontractors, Xero can create batch payment files for
you to upload directly to your bank, saving you from having to do it manually.
- Take and track credit/debit
card payments with point-of-sale integrations that integrate directly with
- Save details of everything that is purchased and sold, as well as track the quantities and values of items in stock – all thanks to its simple inventory functionality.
Xero’s construction-focused apps
What stands Xero out from other accounting software is its vast library of apps – specifically designed to meet the needs of whatever industry its users are in. This allows users to quickly manage their operations – organising all their accounting tasks according to how they want to work. This creates a more streamlined process, cutting down on time and cost.
The construction-specific accounting apps that can be found on Xero, include:
- Tradify. From quotes and invoices to time management, Tradify offers a
complete management app for self-employed construction professionals. The app
is designed to cut out hours of admin, allowing for the easy management of
enquiries, quoting, job tracking, staff management, timesheets, invoicing and
- ServiceM8. Every aspect of your service, from the initial enquiry from a
client through to job completion, invoicing and payment can all be managed by
ServiceM8. Designed to streamline the whole process, freeing up time you can
spend on attending to other tasks.
- WorkflowMax. An all-in-one project management software for larger projects, WorkflowMax allows for streamlined job costings, quotes, time management, invoices and much more. It can also be used to tap into rich financial data reporting and insights, allowing you to maximise your business profitability, team productivity and performance.
If you’re interested in using Xero to make your tax digital – or simply want to improve the management of your accounting, why not consider getting in touch with our cloud accounting experts today?
Here at Bettridge. we provide customised cloud accounting solutions for a range of business types and sizes. We believe that Xero software offers one of the best ways for any business to customise the management of their accounts – saving time, money and effort that would be better off spent elsewhere in the business.
Need to learn more about Xero accounting software? Get in touch with our digital accounting experts!
If you would like any advice on anything mentioned in this blog, we would be pleased to assist you. We have a range of different information on our website regarding digital accounting – do check out our extensive guide to Xero cloud accounting software to learn more about how it can help your business.
if you have any questions about MTD, Xero or anything else regarding accounting, we would be pleased to answer them. Call us on 0118 979 9744 or send an e-mail to email@example.com and we’ll get in touch as soon as possible.