CATS - Building on Success for Towns Wadey

General builder, Towns Wadey, based in North London is involved in numerous building contracts in the capital including being a sub-contractor on the £700 million redevelopment project base at White City. The company made the decision to change its financial operation so that it could keep close control over the expenditure on the projects especially the value it was paying its labour.

Towns Wadey invited CATS (Computerised Accounting-The Solution) to implement a Construction solution. CATS covered all the aspects required by the building industry, including Applications, Valuations and CIS.

Every project is created as a job within a client folder on the Job Costing tree. The job record is broken down into categorised costs so that the user can see a summarised version of the movements on the job. Each category has the facility to be drilled through to see the transactions making up the balances. In turn the user will also see what revenue has been applied for and what the current profitability of the job is. This keeps tight control over the spend on these projects.

Dealing with sub-contractors applications is now being accounted for by Towns Wadey through the 'Applications and Valuations' module. Costs are broken down between the labour element and associated materials charged. The system handles all aspects of retentions for both revenue and costs, with automatic calculation of CIS tax dependant on sub contractor status, maintenance of CIS records, production of CIS certificates and annual CIS returns.

The system has completely overhauled the company's management reporting procedures and greatly improved cost control within each and every job.

To find out more about how CATS can help your business, contact us