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Exchequer automates CIS compliance at Stan Randell & Co.

Stan Randell & Co Image

Exchequer delivers information visibility to improve cash flow, budget management and profitability analysis.

Dorset based building contractor, Stan Randell & Co., has placed an order worth Ł16,000 for a Windows-based accounting and business management system from IRIS Enterprise Software.

The construction company, which specialises in pub and restaurant refurbishment, will implement the latest version of Exchequer, which incorporates a fully integrated CIS module to automate the employment and tax deductions of sub-contract labour.

Replacing an outdated, DOS-based system, Exchequer will enable Stan Randell to streamline business processes and increase information visibility throughout the company. The system's tight integration with Excel spreadsheets will provide the company's surveyors with real-time information on job costs, while a top level management overview will enable profitability analysis by job and customer.

Phil Randell, Company Secretary at Stan Randell & Co., says, "Exchequer provides a fully integrated accounting, reporting and job costing solution that is extremely easy to use. It delivers an excellent platform for the company to improve cost control, cash flow and forecasting accuracy by tracking budgeted, actual and committed jobs throughout a project."

The ability to drill-down into the detail of individual costs associated with a job will improve control over budgets. Furthermore, comparing in-bound costs with invoicing at a top level will enable Stan Randell & Co. to improve the timeliness and accuracy of invoicing which should improve cash flow.

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Randell continues, "IRIS Enterprise Software is very committed to meeting the needs of the building industry. Exchequer includes a fully integrated CIS module that automates the entire process of managing sub-contractor payments, from data entry to electronic submission of vouchers and year-end returns to the revenue. This will provide us with the opportunity to reduce the time spent managing sub-contractor payments and CIS regulatory compliance."

IRIS Enterprise Software has provided training to the three full-time users of Exchequer within the accounts department, as well as the surveyors and members of the management team that will have access to real-time information via Excel spreadsheets. "One of the major benefits of the system is the ability to provide detailed information throughout the company without requiring additional user licenses," says Randell. "This will not only improve the level of cost control but also reduce the burden on the accounts department."

He adds, "In the building trade cost control is a major challenge and a primary objective. With Exchequer, we will now have real-time information on job costs and job value, enabling immediate comparisons and on-going profitability analysis. This information will be used to improve the accuracy of new business quotations, which should further improve cost control and profitability. We will also have the ability to get an immediate overview of profitability at both a job and customer level for our regular customers, which will play an important role in planning forthcoming business expansion."