Accurate job costing is essential for construction businesses to ensure that projects not only complete within budget, but to ensure healthy cash flow, too.
Whilst job costing is used across all industries, it’s particularly crucial in the construction industry and the ability to accurately record job costs in construction can set your company up for success.
With the news that a Civil Engineering company has been fined £40,000 after multiple employees were diagnosed with Hand Arm Vibration Syndrome (HAVS), construction companies are evaluating the processes they have in place to ensure their on-site teams are remaining compliant with health and safety regulations.
Following Sage’s announcement that they will no longer support Sage Job Costing from October 2021, many construction companies are now looking for a new job costing alternative.
Our construction-specific accounting software is a fully integrated system that provides Job Costing solutions as well as many other functions including, Payroll, Subcontractor Management, and comprehensive reporting options.
Managing subcontractors in construction can often be time-consuming and hard work, especially when managing multiple subcontractors across many contracts at once. Trying to manage subcontractors without a subcontractor management process in place can often be disorganized and you always run the risk of not complying with legislation.
A Goods Received Note (GRN) is a two-way document that is a record of goods received from a supplier and shows proof that the ordered goods have been received. They are mainly used by the buyer, to compare the amount of goods ordered with what was received.
Many construction companies are going through the process of digital transformation in a bid to boost productivity and efficiency, but there are still many barriers to overcome that are stopping many others from following suit.
Based on the specialist requirements of a construction business, it becomes difficult to use generic accounting software. Your construction business needs accounting software that is tailored to these specific needs, including the CIS scheme, subcontractors, retentions and more.
The Construction Industry Scheme (CIS) is a HMRC tax requirement for both contractors and subcontractors. Under the CIS scheme, contractors must deduct a percentage from a subcontractor’s payment (based on their tax status) and pass it on to HMRC, which is where CIS accounting comes in.