Construction Finance Software
Simplify reporting with our award-winning Construction Financials software
RedSky offers an integrated suite of construction financial tools as part of our ERP software that helps your construction business better manage documents and simplify financial reporting. Streamline finances and reporting with RedSky’s construction financial management software.
Simplify reporting with our award-winning Construction Financials software
RedSky offers an integrated suite of construction financial tools as part of our ERP software that helps your construction business better manage documents and simplify financial reporting. Streamline finances and reporting with RedSky’s construction financial management software.
We are trusted by over 1000+ customers
Construction Financials Software Features
The tools available as part of our Financials module are designed to support your business by streamlining finances and reporting whenever you need it.
What you can expect from our modules:
Reporting for multi-level cost structures
Comprehensive Contract accounting
Concise reporting and data collection
Fast response
Detailed audit trails
Contract Ledger
The Contract Ledger gathers all information relating to the contract in a concise format for enquiry and reporting purposes.
Seamless integration from all contract-related (RedSky ERP) modules ensures quick access to cost, value, budget, and committed cost information in numerous user-definable layouts.
A multi-level cost structure allows cost/budget reporting and enquiries at summary, transaction, and intermediate levels using the drill-down feature to step down through the levels.
What's Included:
- Multiple user-definable enquiry screens
- 30-character code for contracts with alpha short name
- You can scale our solutions as your business expands or diversifies and adapt our solutions to legislative changes.
- Up to 30-character multi-level user-definable cost head library
- Cost heads linked to nominal account code for automatic posting
- Flexible cost analysis including both Resource types (material/material and labour/trade)
- Best in class solutions that directly meet your needs in Construction.
- Contract sales entry, such as applications, internal and external valuations, cash, invoices
- Direct entry of cost transactions to contracts
- Special journal entry, i.e. auto reverse, recurring
- Transactions held for the life of the contract
- Maintenance of contract cost head budgets for comparison
- Overhead recovery – variable recovery rates on selected cost heads
- Committed costs and quantities maintained for purchase orders with transfer to actual cost on invoice posting
- Full on-screen enquiry with drill down to source of data
- Additional contract information, images, documents, spreadsheets, project plans etc. can all be accessed from the contract enquiry
- Detailed audit trails
- Full reporting including contracts listing, cost library, sales and cost transactions, retentions, applications, valuations, cost summaries
Contract and Sundry Sales Ledger
The Construction and Contracting Industry is unique in the transaction types required to process a “sale”. The way these transactions affect the management accounts varies from company to company. Using our experience in the contracting sector, RedSky has created a very flexible contract sales ledger.
The ledger is fully parameter-driven, which allows users to configure the business’ transaction types and how they affect the system. Once defined, these rules are specified to apply to future transactions (for example, applications are memoranda only and not subject to VAT).
What's Included:
- Multi-period
- Definable transaction types, including advance payments, applications, Internal and external valuations, invoices, cash and credit notes
- Full tracking of application, valuation, cash with retention, final invoices, retention and release with aged analysis
- Overdue application, valuation and retention listings
- Code search facility on account code or short name
- 30-character alpha/numeric codes for customers’ aged debtor analysis
- Integration to Summit Service Management
- Integration to invoicing systems
- Label printing
- Variable history file
- Inter-company journals with automatic inter-company contract accounts
- Automatic accruals
- Detailed audit trails
- Credit control
Nominal Ledger
The Nominal Ledger uses a definable divisional structure, providing for summarised or detailed construction financial management information. To ensure only authorised personnel can access the Nominal Ledger, security is defined as a menu option and at the account level. This security is carried over for reporting.
All information is easily accessible using the flexible on-screen enquiry routines.
What's Included:
- Up to 36 periods with budgets kept open as required
- Up to 30-character nominal code with 7 user-defined levels
- Posting of journals, e.g. standard accruals, reversing journals, prepayments, recurring, and schedule of charges
- User-definable transaction types
- Automatic journal listing and auctioning
- Automatic trial balance
- Code search facility on account, which allows you to search by description, code or short name
- Full on-screen enquiry and reports
- Detailed audit trails
- User-definable Profit & Loss and balance sheet with actual, budget, and variance reporting for the year to date with the current period – including comparisons with last year
- Full narrative against each nominal transaction
- 2 alpha numeric code for each company allow up to 1260
Fixed Assets
The Fixed Assets module within Construction Finance software integrates with the Nominal Ledger and Contract Ledger. It also works alongside asset database records information on construction financial data, location, depreciation, revaluations, maintenance cycles and maintenance contract information.
What's Included:
- Analysis by asset types and location
- Asset database
- Financial data
- Location
- Depreciation
- Revaluations
- Maintenance cycles
- Maintenance contract information
- Depreciation can be charged to nominal accounts or contracts
- Depreciation methods; straight line or written down amount
- Depreciation can be charged on a monthly, quarterly, half yearly or annual basis
- Maintenance agreements
- Logging
- Preventative maintenance schedules
- Inventory listings by department
- Profit/loss on disposal report
- Year-end asset reporting
Purchase Ledger
The Purchase Ledger allows fast invoice input, flexible payment routines, and fast retrieval of supplier information, invoices, and payments. Whether it is current or several months old, the Purchase Ledger can help you store and retrieve the information you need.
The flexible and comprehensive purchase ledger gives users multi-currency options, a “hold” facility for unapproved invoices, and integration with purchase order processing, enabling automatic authorisation of invoices.
What's Included:
- Multi-period capabilities
- Multi-currency capabilities
- 30-character alpha/numeric codes for suppliers
- Hold facility for disputed or unauthorised invoices
- Code search facility on account code or short name
- Automatic payment option following acceptance and/or editing of suggested payment listing
- Partial payment of invoices
- Remittance advice for email or print
- Payments by BACS or cheque
- Auto-calculated due dates and settlement discounts
- Variable history file
- Facility for processing invoices from image
- Enquiry drill-down to cost allocations and source documents, including source image
- 50-character narrative per invoice line
- Inter-company journals with automatic inter-company control accounts
- Detailed audit trails
Voted Best Financial Construction Software of the Year in 2021
As part of the Best Construction Computing Awards, we were presented with the Best Financial Construction Software in 2021. Don’t just take our word for it, request a demonstration today.
Construction Software Modules for Every Need
Explore the benefits and gains our modules offer you. We’ve crafted these tools to assist with all types of construction and contracting projects across operational, commercial, financial and management teams.
Business Analytics
Finding vital information has never been easier with our Business Analytics module. You’ll spend less time hunting through spreadsheets and more time helping drive profit and success for your construction firm.
Estimating & Surveying
Our Surveying & Estimating module is designed to help you win contracts. Conveniently display all-relevant data, evidence and information relating to upcoming tenders and pitches so your team can access everything.
Procurement
With our Procurement module you can experience greater ease when placing orders with your suppliers. It allows your team quick access to see order status and whether items have been invoiced.
Project Information Management
With RedSky’s Project Information Management module you can conveniently and easily manage all documentation associated with your construction project.
Cost Value Reconciliation
Enjoy a controllable and consistent approach to your Cost Value Reconciliation (CVR) process with this module. You’ll avoid using disparate spreadsheets and clunky databases from now on.
Additional Modules
From modules that support Making Tax Digital to secure Document and Content Management.
Why choose RedSky software
Award-Winning
We’ve been winning awards for our ERP software since 2020, recently achieving Build inDigital Top 30 ConTech Partner.
50
Almost 50 years in business
For almost five decades, we’ve been supporting construction companies across the globe with our award-winning software.
Construction Software
Our software completely changes the game for our clients because we address specific industry challenges and make processes simpler.
CASE STUDY
Big Red Construction Boosts Efficiency and Collaboration with Project Connect
CASE STUDY
Big Red Construction Boosts Efficiency and Collaboration with Project Connect
Testimonials
When you partner with RedSky, you’ll receive an excellent customer experience that is second to none. See what our customers have to say about it.
Nadine Chapman
PCE ltd
"I would like to thank Emily on support for the help she has given me with Auto-Enrolment. She is a good listener and did all she could to help me get up and running with the pension changes."
Mike Lomas
Managing Director at Big Red Industries Group
"A great investment to the future of Big Red Industries Group! This is going to enable us to operate more efficiently and reduce the variation in construction! A positive move for the future!"
David Strickland
Walls Construction
"The new system has got rid of the frustrations and bottlenecks associated with paper in a process that involves multiple approvals. It has streamlined the whole process. It’s certainly saving us a lot of time and hassle and is 100 times better than the way we used to do things."
Gary Jones
Walters Group
"From a QS perspective, the new system has been a game-changer because they now have full visibility of – and responsibility for – costs on a daily basis"
Don’t delay - streamline your construction operations today.
With almost 50 years’ experience as construction management software providers, RedSky will help find the right software solution for you. Get in touch today.
Our specialists are here to help
Discover what our Financials module could do for you.
