The Importance of Construction Industry Solutions

It has been said that the average construction project suffers cost overruns and completion often takes longer than expected. Thanks to Pegasus this should never have to be a problem again.

By using the right industry software you will always be able to complete projects on the scheduled time and within your budget. The industry software that I am referring to is Construction Industry Solutions. With this software you will have complete management control over contracts and sub-contractors as well as effective cash management.

Businesses need to track the costs of purchases and may have sub-contractors who require payment under HMRC’s construction industry scheme regulations. You need to keep on top of payments and always remember that effective cash management is key to making a profit. Construction Industry Solutions was written for SME contractors in the construction and allied industries. It was designed to give instant up-to-date information so that you know exactly what is owed and to who as well as knowing when different payments are due.

Cash management is an essential feature of the construction industry and can make a serious difference to the profit of a contract. Construction Industry Solutions captures all of the relevant contract information across all stages of a job so that the statuses of contracts are immediately available.

One of the key features of Construction Industry Solutions is the contract sales ledger. This maintains the details of current payment applications. It allows current and cumulative revenues together with retention, main contractor discount, etc. Also with contract sales ledger payment, when it is received, can be entered in batches and allocated to one or more applications.

Another key feature that will benefit your construction business is contract purchasing. The purchase order processing system allows the costs of a contract to be monitored by raising purchase orders against a specific contract. As deliveries are received and invoiced, the purchase order is updated.

Contract purchasing is integrated with stock control, allowing stock to be ordered from suppliers against a contract. This feature of construction industry solutions allows you to allocate, reserve and issue stock to a specific contract.

This piece of Pegasus software gives you complete control over all aspects of contract management including payment applications, VAT invoicing and cash receipt matching. It is also fully integrated to sales, purchase and nominal ledgers as well as cashbook and payroll. Construction industry solutions also conform to the requirements of HMRC’s construction industry scheme.

The requirements within the construction sector are highly specialised and Pegasus recognises these complex business requirements within the construction sector. Construction industry solutions also integrates with Opera II, sage line 50 and sage mms.

If you have a business within the construction sector and have not yet invested in a software solution to your management aspects and cash flow aspects then it is highly recommended that you do. Software solutions for the construction industry can dramatically change the way in which your business is run for the better giving you more effective management commitments and more control over your finances.