Blog - Page 2 of 3 - Sage 200 Ireland Certified Reseller including HR, Payroll, CRM & Construction

Sage Construction from Sherwood

Construct for Sage – Purchase Invoice Approval

Watch our video explainer below to discover more about Construct for Sage’s Purchase Invoice Approval.

For more information, simply enter your email address here: http://sherwoodsys.com/2040-2/

Once subscribed, one of our experts will be in touch ASAP.

Construct for Sage – Plant Hire Management

Watch our video explainer below to discover how Construct for Sage can help you accurately track your plant hire costs and alert you to any potential overspends today 👷

Construct for Sage – Plant Hire Management Explainer

For more information, simply enter your email address here: http://sherwoodsys.com/2040-2/

Once subscribed, one of our experts will be in touch ASAP.

UK Government agrees to delay VAT Domestic Reverse Charge

The introduction of the domestic reverse charge for construction services will be delayed for an additional 12 months until 1 October 2020, the UK Government announced on Friday.

Industry representatives have repeatedly raised concerns that some businesses in the construction sector are not ready to implement the VAT domestic reverse charge for building and construction. A recently published study by the FMB showed that 69% of construction SMEs had not even heard of the charge with a further 67%, who had heard of the charge, not prepared.

In order to help these businesses and give them more time to prepare, the introduction of the reverse charge has been delayed for a period of 12 months until 1 October 2020. This will also avoid the changes coinciding with Brexit.

For the upcoming 12-month period, HM Revenues & Customs have stated “HMRC will focus additional resource on identifying and tackling existing perpetrators of the fraud. It will also work closely with the sector to raise awareness and provide additional guidance and support to make sure all businesses will be ready for the new implementation date.

“HRMC recognises that some businesses will have already changed their invoices to meet the needs of the reverse charge and cannot easily change them back in time. Where genuine errors have occurred, HMRC will take into account the fact that the implementation date has changed.

“Some businesses may have opted for monthly VAT returns ahead of the 1 October 2019 implementation date which they can reverse by using the appropriate stagger option on the HMRC website.”

For more information on VAT Reverse Charge, you can read our recent explainer here.

Written by Sam McDonald

Sage 200cloud Summer Enhancements 2019

Sage have announced the latest enhancements to Sage 200cloud in their Summer 2019 release, focusing on Microsoft Office 365 integrations, VAT Compliance and improved bank reconciliation:

VAT Reverse Charge Compliance
Sage 200cloud now ensures you’re up to date with the new VAT Reverse Charge legislation commencing 1st October 2019. For more information on the VAT Reverse Charge and what it means for you, you can read our explainer here. Sage 200cloud will now offer MTD currency alerts for customers who are not operating in GBP or EUR and is compliant with MTD (Making Tax Digital) as well as permitting tax code abilities and text on invoices.

Microsoft 365 Flow
Microsoft Flow is a cloud-based software which enables building out of the box flows simply and effectively to automate your business processes, saving time and money. Microsoft Flow can be used to allow automatic emails requesting purchase requisition authorisation as well as notifications. Audit logs showing when a colleague has made changes to supplier bank details are also available as well as email notification to users with access to the Audit Log.

Bank Reconciliation Improvements
The latest release will reintroduce the ability to part reconcile a bank transaction. They’ll also be adding the URN on the bank reconciliation screen.

Document Attachments
Sage are continuing to improve document attachments. You can now attach documents when viewing sales invoices, credit notes, GRN etc.

More enhancements
Contact Details on Supplier/Customer Listing
Sales, marketing and service migration to Sage 200 CRM
API Extension and new onboarding

For any further information or to upgrade to Sage 200cloud, get in touch today on +44 (0) 2890 668585 for NI or +353 (0) 1 465 9690 for ROI.

Written by Sam McDonald

What does the VAT Reverse Charge mean for the Construction industry?

With the impending change to VAT looming in the very near future, it is vitally important for those in the Construction industry to understand the new legislation surrounding the VAT Reverse charge. In an attempt to reduce fraud in the construction industry, HMRC will bring into effect a reverse charge in October 2019. Specifically targeting missing trader fraud, the change has been made, in part, in response to many fraudsters establishing construction companies, draining off VAT as it moves up the supply chain and ultimately closing the business after 6-9 months and vanishing from HMRC’s radar.

What will change?

Certain customers will become responsible to HMRC for VAT for purchases rather than the supplier. The new legislation will mean that VAT cash no longer passes between businesses. For example, for every new transaction made, the VAT must be registered and listed on the invoice. Suppliers will no longer charge and account for the VAT but rather the customer.

However, to ease with the transition, there will be a 3-month grace period allowing contractors to pay invoices and prior to October 2019 using the current system.

How does this affect you?

HMRC have stated that they expect the change to affect up to 150,000 business in the construction and building sector. Any company registered with the Construction Industry Scheme (CIS) or any company invoicing a customer that is not CIS registered must charge VAT as usual. The change will mainly affect those supplying services to large contractors or recruitment agency.

What should you do?

All businesses in the industry should complete a review of their supply chains and identify areas or suppliers which will be subject to the change and ensure their accounts system is updated in-line with the change.

Sherwood Construction Specialist Advisors

At Sherwood Systems, we are a Sage Construction Specialist Advisor for the industry. We can advise and help your business with this dramatic change. With over 35 years assisting business in the construction industry you can be assured you’re in safe hands. All software is updated in-line with all HMRC Legislation, saving you a substantial amount of time.

For more information and FREE Advice on how Sherwood Systems can help you, please do not hesitate to request a chat with one of our experts today: http://sherwoodsys.com/2040-2/

Written by Sam McDonald

Sicon Document Management

Evolve your document management processes by cutting back on paperwork and improving the efficiency of your business with Sicon DMS for Sage 200

Get in touch today for more information: http://sherwoodsys.com/2040-2/

Mobile Delivery Notes, made simple.

Finally there’s a better way to manage your delivery notes 🚚 📝

Request a call from one of our experts today, for more information today: http://sherwoodsys.com/2040-2/

3 Ways Construction Job Costing Software Can Improve Your Profits & Increase Growth

Many construction firms today contend with increasingly narrow margins and many more difficulties associated with boosting productivity. In a heavily saturated market, estimated to be worth 12.7 Trillion US Dollars globally by 2022, construction software is fast becoming vital to achieving a competitive advantage.

McKinsey Global’s 2017 study estimates that the implementation of digital technologies across the construction sector would result in a 14-15% improvement to the industry’s productivity.

This article will detail our top three ways that job costing software can improve your profits and increase growth, allowing your business to stay competitive.

Improved Estimating Accuracy

Probably the most obvious of ways job costing software can increase profits, being able to breakdown all costs associated with a project, enabling you to more accurately estimate. New projects happen in various phases, meaning each phase may have several associated costs such as labour, materials, equipment etc. By using job costing software, you gain the ability to truly understand these costs on a project basis and ensure you never take on a project which results in you losing money.

Increase Growth & Reduce Risk

Construction firms today operate in a risky landscape with extremely tight profit margins. As a result, many firms keep their bids moderate. The concept being that a £10,000 loss is better than a £100,000 loss. Modern construction software enables you to ensure that every new project increases profits. You may not win as many contracts, but accurate quotes, with a time-saving bid process, allows you to bid for more jobs with the peace of mind that your numbers are correct.

Business Intelligence & More Accurate Future Quoting

Business Intelligence is becoming increasingly more important in many B2B software packages today and construction software is no different. Over time, as you accurately cost projects with the software, you can gain major insights into both profits and overheads, even at the task level. This information not only allows you to improve the accuracy of your quoting in the future, by comparing estimates with actual figures, but also allows you to see which areas are the most profitable. For example, you may find your firm isn’t particularly competitive on groundwork but IS for electrical labour.

Conclusion

Construction job costing software is fast becoming a necessary investment for competitive construction firms trying to increase profits and operate effectively in a tight industry. As previously discussed, construction software grants you a wide-range of benefits including accurate job costing, correctly allocated costs, business intelligence etc. All these factors contribute greatly to reducing risk throughout the business, allowing you to focus on the bottom line; improving profits.

Written by Sam McDonald

Mobile Time Sheets App for Construct for Sage Job Costing Software

Say Goodbye to Spreadsheets with the new Mobile Time Sheets App for Construct for Sage Job Costing Software 📱⏲️

For more information, get in touch today!

http://sherwoodsys.com/contact/