Here we have compiled a range of useful resources which will help you with your search to find the right construction accounts package and also make sure you remain compliant with industry legislations.

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Construction software: a glossary of terms

Construction software: a glossary of terms

The world of construction accounts management software can be somewhat confusing – this guide breaks down some of the jargon.

14th October 2013 published by

In addition to our helpful introductory video, we’ve also compiled this glossary of terms to help you decode some of the potentially confusing language we use on our website. If we’re ever guilty of indulging in a little too much jargon, simply refer to this handy guide! Applications and retentions - Applications and retentions are the processes through which subcontractors receive payment. Using construction software, subcontractors will frequently apply for payment and the funds will be retained until the work has been completed to a satisfactory standard. BACS (Bankers Automated Clearing Services) – BACS is a system of automatically processing transactions without the need of a cheque. Transferring funds from one account to another, either from firms to suppliers or companies to contractors, is usually processed using BACS. CIS (Construction Industry Scheme) – The Construction Industry Scheme is a piece of legislation passed by the government in order to regulate how contractors an… Read more