Tax Planning, Reporting & Systems in Construction

The challenge.

Nathan had done a fantastic job of growing Make Windows & Doors; they had a trusted and reliable product and gained much of their work through “word of mouth”. However, as the business grew Nathan was under a huge amount of financial stress with tax debts mounting. He felt that he was starting to lose control of the financials without the right systems in place, and this in turn, led to sleepless nights worrying about the outlook of the business.

Their cash flow position was unpredictable due to the nature of the work and the demand, and this made it extremely difficult to budget and forecast for the future.

The approach.

When Make Windows & Doors engaged with The CFO Centre, they were seeking some structure around their whole finance function. Cost management software was needed to support their factory overhead costs, whilst managing resources and installations.

Nathan was spending a huge amount of his time working on estimates, which while vital in their line of work, left very little space for planning and working on the vision of the business. They needed to increase resourcing, but with each month varying from a cash flow perspective this didn’t seem possible.

Expert tax advice, working capital, systems and reporting were all at the top of the priority list which is where The CFO Centre stepped in.

The CFO Centre’s solutions.

Nathan engaged with Mark Bailey at The CFO Centre in February 2024.

Mark has been a huge support to Nathan, providing expert financial knowledge that has, and will continue to make a lasting impact on the business.

To address the increasing tax liabilities, Mark brought in one of our trusted partners, Tax Assure, who were able to negotiate a payment plan and relieve some of that burden.

Mark was also able to facilitate Nathan’s banking relationship; instigating a working capital facility and gaining clarity around the longer-term options.

One of the business’ challenges was a lack of insight into cash flow and forecasting. Mark worked closely with Nathan to implement internal reporting systems & cost management software that provides them not only with transparency around the numbers that matter, but an ability to forecast out for the next 3 to 12 months and beyond. This, in addition to weekly cash flow meetings, means that Nathan now has clarity in their ongoing position.

With Mark working closely as his fractional CFO, Nathan has been able to redirect his focus to other key areas of the business. Together they have developed a clear plan to expand the team, eliminated gaps in the P&L and forecast, and established a strong sense of confidence that the business has a solid growth plan.