Sage 50 Construction Accounting Overview
The Sage 50 offers constructing industry with the solutions that will lead them to track cost and revenue information down to the finest detail, which ultimately helps you to gain more profits. This particular software helps in maintaining the profitability for those jobs which are important and perhaps more difficult. The solution it provides to its customers such as progress billing, retainage, payroll overhead tracking, labor burden calculations, job work-in-progress reporting, custom construction planning report and sub-contractor insurance expiration tacking.
Functionality Modules of Sage 50 Construction Accounting:
The sage 50 Construction Accounting software modules are –
- General Ledger: It reduces time and mistakes when it is combined with financials for multiple companies. It provides the combination charts of accounts. The transactions, budgets, and more for a single, clear financial picture of all the businesses are handled by this software. It manages and tracks all changed order information and keep it in one place for better control over job costs and revenue. It captures the approvals, update estimates and end dates, maintain notes, and attach documents so the work becomes easier.
- Inventory: It assigns serial numbers to individual inventory items and maintains the detailed records for costing and warranty tracking and recalls.
- Job Costing: It gets a better understanding of the job profitability. It saves time and increases the accuracy by letting Sage 50 Construction Accounting and manages labor burden for its customers. It allocates a percentage of an employee’s overhead costs, such as taxes, insurance, and benefits, for any job.
- Reporting: Sage 50 Construction Accounting has the reports build up on the construction companies need or the requirement. It prints the 1099s, proposal transmits, and contract transmits and welcomes letters. It report on retainage, labor burden, and more.
- Budgeting: It goes beyond one budget for the entire business for its customers or the users. It improves the financial planning and insight by tracking budgets for each departments and cost centers. It also creates the “what if” scenarios for better decision making.
- Billing: It creates the invoices based on the job’s current progress or specifies that billing on the basis of its percentage of the job’s completion, a percentage of estimated job revenue, or a percentage of each line up items. On invoices and credit memos, Sage 50 Construction Accounting will automatically calculate the funds to retain when using accrual-based accounting. It shows retainage on the invoices, credit memos, and customer statements provided from the sage. It also tracks your retainage against vendor bills and vendor credit memos.
- Subcontractor Management: Sage 50 Construction Accounting will automatically calculate the funds to retain when using accrual-based accounting on the invoices and credit memos. It shows the retainage on invoices, credit memos, and customer statements. It even tracks the retainage against vendor bills and vendor credit memos for its customers.
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