Managing subcontractors is a vital role in any construction business, so when looking for a system to help manage this process, it's important to ensure it has some key functionality. Read on to explore what you should look for when choosing a subcontractor management system.
A system that adheres to legislative requirements
Whatever construction accounting software you choose, the Subcontractor ledger should adhere to all legislative requirements under both the UK (CIS) and Irish (RCT) schemes.
Look for a software provider who supports regular updates - one of the key upcoming legislative changes is the Reverse Charge VAT which is being introduced by HMRC in October 2020. The new Reverse Charge will change how VAT is paid to subcontractors, so it's important that whatever construction accounting system you choose will cater for that and be Reverse Charge ready.
Your new system should also offer full CIS compliance, including monthly submissions to HMRC as well as certificates and statements to subcontractors.
Online verification to save time
Verifying subcontractors with HMRC is a time-consuming but essential process, so choosing a system which allows automatic verification directly from the software will save your business lots of time.
With Evolution Mx, users can automatically send verification requests to HMRC, along with receiving updates of returned verification number and tax status. A full history of verification details is also retained in the system so it can be referred back to whenever required.
Additional information recording
Recording other information if your subcontractor management system is a useful function, and this could include crucial data such as insurance expiry dates or relevant skills and supporting documents.
By choosing a system which incorporates this - such as Evolution Mx - you will be able to keep all of your subcontractor information in one place.
Conclusion: Find out more about our subcontractor management system
Our construction accounting software comes with a well-rounded subcontractor management system as standard, with the ability to verify, manage and pay subcontractors directly from the system.
If you would like to find out more about our award-winning construction accounting software, contact us today.