How Do I Make Sure My Accountant Gets Everything They Need Each Month?
To keep your construction accountant effective, you need a clear, repeatable monthly system. Share up-to-date bank statements, invoices, receipts, payroll data, and project costs on time. Regularly review reports together to catch margin issues early. A structured checklist (like those used by Thomas Emlyn Ltd’s Virtual Finance Office) keeps everything on track.
Why Consistent Information Flow Is Critical for Construction Companies
Construction is fast-paced — jobs start and finish constantly, teams move between sites, and cash can swing wildly from one month to the next.
Your accountant can only give accurate advice if they have complete and timely data. Missing information leads to:
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Delayed VAT returns
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Inaccurate profit reporting per site or project
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Missed CIS reclaims
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Weak cashflow forecasting
At Thomas Emlyn Ltd, we often see construction firms losing 2–5% of profit simply because costs are allocated late or incompletely.
What Should You Send to Your Accountant Each Month?
Think of it as a “financial site pack” — just like your job packs on-site. Here’s what a good monthly handover looks like:
| Category | What to Send | Why It Matters |
|---|---|---|
| Bank transactions | Bank statements or Xero bank feed | Tracks real cashflow accurately |
| Sales invoices | Copies or system exports | Helps with debtors and VAT tracking |
| Supplier invoices | Scanned or emailed | Ensures all costs are captured in job margins |
| Payroll data | Timesheets, PAYE summaries | Links labour costs to projects |
| Subcontractor data (CIS) | CIS statements and UTRs | Required for compliance and accurate job costings |
| Receipts | Fuel, materials, tools | Avoids understated expenses |
| Job cost sheets or WIP summaries | Per project | Enables margin tracking and forecasting |
A best practice tip: use cloud storage or project folders (Google Drive, Dropbox, or your accounting platform’s document hub) so your accountant has real-time access.
How to Automate the Process (and Save Hours Each Month)
1. Use a Construction-Specific Bookkeeping System
Systems like Xero Projects, Simpro, or Tradify connect site costs directly to accounting data.
At Thomas Emlyn Ltd, our Virtual Finance Office (VFO) integrates these tools to automatically sync transactions and job costs — reducing manual input by up to 60%.
2. Digital Receipt Capture
Apps like Dext or Hubdoc let your team snap receipts on-site. They feed straight into your accounts, saving you from chasing paperwork.
3. Regular Monthly Cut-Off Date
Choose a consistent date (e.g. 5th of each month) for sending everything. This creates rhythm and accountability, so your accountant can close reports quickly.
4. Shared Dashboard
Your accountant should return clear visuals — margin reports, cashflow forecasts, aged debtors, and WIP summaries.
A VFO-style system from Thomas Emlyn Ltd means these reports update automatically each month.
How Often Should You Meet with Your Accountant?
At least once a month.
Treat it like a site progress meeting — only it’s about your financial build, not your physical one.
In our Virtual Finance Director (VFD) service, we hold structured monthly reviews covering:
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Profit per project
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Cashflow runway
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Overhead trends
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KPI comparisons (e.g. gross margin %, labour cost ratio)
These meetings are where problems get solved before they hit your bank balance.
What Happens When You Don’t Provide Everything on Time?
We see this all the time — and it always costs more in the long run.
Common consequences include:
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Incorrect VAT or CIS submissions → HMRC penalties
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Delayed management accounts → decisions based on old data
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Cashflow “surprises” → last-minute financing or overdrafts
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Poor margins hidden in job costs
One client recently discovered a £28,000 annual loss hidden in delayed materials invoices. Once the process was tightened, their true project margin rose from 14% to 21% within three months.
How Thomas Emlyn Ltd Simplifies It for You
We know that builders, not bookkeepers, run construction firms.
That’s why our Virtual Finance Office does more than handle your numbers — it organises the flow of financial information between your team, your systems, and your accountant.
Here’s how it works:
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We create your Monthly Finance Checklist and automate reminders.
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We connect all tools — Xero, Dext, payroll, CIS — for seamless data flow.
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We provide monthly reports with clear insight, not jargon.
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You focus on site progress, knowing your finances are under control.
How to Get Started
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Audit your current process – list what’s being missed or delayed.
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Create a standard checklist – cover invoices, payroll, CIS, and bank data.
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Automate and delegate – use tech or outsource to a Virtual Finance Office.
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Book a monthly review – financial clarity should be part of your routine, not an afterthought.
If you’d like help setting this up, Thomas Emlyn Ltd offers tailored solutions for construction firms across the UK.
FAQs
1. What happens if I don’t send everything every month?
Your accountant can only report what they see. Missing invoices or receipts lead to understated costs, overstated profits, and incorrect tax liabilities. Over time, it distorts your margins and cashflow forecasts.
2. How can I track project profitability more accurately?
Use job costing tools within Xero Projects or Simpro. Link payroll, materials, and subcontractor costs directly to jobs. We help clients integrate this setup as part of our Virtual Finance Office.
3. Do I need accounting software for my construction firm?
Yes — especially for VAT, CIS, and payroll compliance. Cloud platforms like Xero save hours and provide live insight. We recommend setting up automatic feeds from your bank and suppliers for accuracy.
4. What’s the difference between a bookkeeper and a Virtual Finance Office?
A bookkeeper records data. A Virtual Finance Office (like ours at Thomas Emlyn Ltd) manages your entire financial system — ensuring data is captured, analysed, and reported in a way that drives business decisions.
5. How do I know if my accountant is adding value?
If they only tell you what happened last year, you’re missing out. A proactive accountant will help forecast cashflow, set margin targets, and guide strategic decisions monthly.
Final Thought
Consistent, structured information is the foundation of financial clarity.
If you want to grow your construction business without getting buried in admin, build your finance system like you build your projects — with a plan, a process, and the right team.
If you would like to work with a construction specialist accountant, book a discovery call here.
Thomas Emlyn Ltd
Stronger Margins – Healthier Cashflow – Sustainable Growth
