Construction Companies + Management Accounts: The Challenge
As construction business, preparing bank statements for management accounts is a common but time-consuming task. Preparing monthly management accounts requires categorising all bank transactions by cost centre, project, or department. PDF statements make this analysis difficult.
How BankScan AI Helps Construction Companies with Management Accounts
Convert your bank statements to Excel to quickly match CIS payments, subcontractor invoices, and material costs for VAT returns and CIS submissions. For management accounts specifically, BankScan AI extracts Revenue by stream, cost of sales, overheads by category, payroll costs, gross an automatically.
How Construction Companies Handle Management Accounts
When preparing bank statements for management accounts, construction companies need to Construction companies process bank statements to match subcontractor payments against CIS deduction certificates, reconcile material supplier invoice. BankScan AI automates the data extraction step.
Key terms you'll encounter: CIS deduction, retention payment, reverse charge VAT, application for payment.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Monthly, covering the previous calendar month; some businesses also require quarterly board packs with 3-month rolling data of statements for management accounts.
AI extracts what you need
Our AI extracts Revenue by stream, cost of sales, overheads by category, pay — formatted for construction companies workflows.
Complete your management accounts work
Download Excel files ready for management accounts. Transactions categorised by nominal code or cost centre, with pivot-table-ready structure for departmental P&L analysis and budget-versus-actual comparison
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Construction Companies — Management Accounts
- Built for Construction Companies — Saves 3-5 hours per month on CIS payment matching and subcontractor reconciliation, reducing errors that can trigger HMRC penalties
- Software compatible — Output works directly with Sage 50, Xero, Evolution M
- Built for Management Accounts — Convert bank statements to Excel spreadsheets for fast categorisation, pivot table analysis, and management reporting. Save hours of manual data extraction.
- Key data extracted — Revenue by stream, cost of sales, overheads by category, payroll costs, gross and net profit margins, cash position versus budget, variance analysis
Compliance: Construction Companies + Management Accounts
When construction companies prepare bank statements for management accounts, specific compliance requirements apply.
- HMRC's Construction Industry Scheme (CIS) requires monthly returns and correct deduction of tax from subcontractor payments. Reverse charge VAT for construction services must be applied correctly. Health and Safety Executive levies and CITB training levy obligations must also be tracked from bank transactions.
- Legal basis: No statutory requirement for management accounts, but directors have a fiduciary duty under Companies Act 2006 section 172 to make informed decisions about the company
Management Accounts — Built for Construction Companies
Management accounts are typically expected within 10-15 working days of month-end to be useful for decision-making; stale data loses its management value
Try Free — Construction Companies + Management Accounts