As the economy recovers and with encouraging news on the build sector hitting the headlines almost daily, builders wanting to maximise their profits but also maintain a healthy cashflow are being advised to make the most of the latest software designed to make sure they are never out of pocket.
Research has shown that small businesses are currently owed more than £30 billion in outstanding payments which not only causes serious cash flow problems but exposes businesses to the risk that they might not get paid.
The problem has got so bad the Government is investigating a number of options to tackle what it describes as an 'unfair' late payment culture.
Under plans reportedly being considered by Business Secretary Vince Cable, businesses that fail to pay their suppliers on time could incur a penalty.
But builders who can ill afford to wait for the Government to act are being advised to take a look at the software package which is called ContractsXpert and has been put together by HBXL, the building software specialist company.
Authored by the FMB, the contracts produced by ContractsXpert have been designed to give builders peace of mind allowing them to produce legally binding building contracts to ensure they get paid on time as well introduce stage-payment requests which helps maintain cash flow.
Plus they have the Crystal Mark plain English approval, an organisation that has been campaigning against gobbledygook, jargon and misleading public information
The latest version of the software also includes a brand new sub-contractors contract which has been designed to secure the legal rights of builders who sub-contract some of their work to another company. It means those who sometimes need to outsource work can do so safe in the knowledge that everyone knows their responsibilities.
Joanna Mulgrew, marketing director at HBXL said: “Now more than ever it’s important that builders have in place a legally binding contract before they start a project.
“We all know that cash is king and over the past few years customers have been getting slower and slower in paying, which is just not acceptable. This places the builders in a difficult position as they have to maintain their relationship with their own suppliers.
“Chasing payment creates problems with cash flow which has a significant impact on investment in growth. And at a time when the build sector is finding its feet again, builders need as much help as possible get those payments in.
“The latest version of ContractsXpert now provides added security and is a must have in any builder’s tool box.”
HBXL has also taken the opportunity to the latest version of the software to make a number of changes which ensures that users of the software are completely up-to-date with legislative changes.
Joanna added: “Both client and the builder can often find loop holes when contracts are not in place but more often than not it’s the builder that doesn't get paid. Problems of payment are often straightforward to resolve when there is a contract to fall back on.”
For further information please visit www.hbxl.co.uk or call 0845 1234 065.
