Exchequer guides Michael Parker Homes through the Applications & Valuations Process

 

The construction company will implement the latest version of Exchequer, which incorporates a new Applications and Valuations module that helps reduce the admin burden for companies in the construction industry, whilst improving cash-flow and budget control.

 

Exchequer will replace a DOS-based job costing system, automating many of the core components of Michael Parker Homes Ltd's business operations to significantly streamline organisational processes. The level of automation and integration within the system is expected to reduce the company's workload significantly and should enable more efficient production of monthly management accounts.

 

In addition to providing project, job and time costing functionality, the Applications and Valuation module within Exchequer will automate many of the complex postings and calculations that Michael Parker Homes Ltd requires to track sub-contractor applications for payment and accurately manage tax deductions.

 

Beverly Elliot, Accounts Manager at Michael Parker Homes Ltd, says, "Exchequer is a fully-integrated, easy-to-use system that will enable us to track very accurately the budgeted, actual or committed costs on a job or project from its commencement all the way through to completion. As a result, we will be able to look into the detail of individual costs associated with a job, while also being able to analyse overall profitability. This level of cost and spend analysis means that it will assist us in managing our cash flow situation far more effectively."

 

Beverly Elliot continues, "We currently rely on manual procedures to undertake the applications and valuations process which is open to inaccuracies. Now with Exchequer, it will be significantly easier for us to transact payments to sub-contractors ensuring that they are not over paid when interim applications have been made through the course of a job and that all of the relevant taxes are deducted throughout the payments process."

 

Exchequer has modules capable of addressing many of the complex industry-specific issues that the company faces such as CIS payments, MCD (main contractor discounts), CITB levy, and interim or practical retentions.

 

To enhance efficiency further, Michael Parker Homes Ltd has also invested in Exchequer's Paperless and Sentimail® modules. The Paperless module will enable the accounts department to send out documents and reports, such as invoices and statements, in a secure format, by fax or email, saving a considerable amount of time and money on stationery, postage and administration. Using this facility Michael Parker Homes Ltd will also be able to undertake electronic filing of its tax returns to the Inland Revenue if it wishes – offering a further reduction in paperwork.

 

By integrating intelligent messaging via email or SMS text with the financial data that is held within Exchequer, Sentimail® will push out proactive business alerts to communicate up-to-date financial information and highlight potential issues as they arise. This will be a particularly useful facility for members of the contract department who are out working on site.

 

 

Beverly Elliot concludes, "We believe, Exchequer is going to overhaul the way that we conduct our business completely. With significant growth planned for the next few years, we believe that it will provide us with the efficient functionality we require and that it has the capacity to grow with us."