Business Finance Software for the Construction Industry
RedSky’s Construction financial management software is the winner of the Construction Computing Awards 2021 for Best Construction Financial Software of the year.
RedSky offers an integrated suite of construction financial tools that will help your construction business better manage documents and simplify financial reporting. Streamline finances and reporting with RedSky’s construction financial management software.
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 Summit (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.
In addition, two further parallel cost structures can be defined, allowing the cost data to be viewed from three different perspectives.
The Contract Ledger Provides:
- Multiple user-definable enquiry screens
- 30-character code for contracts with alpha short name
- New multi level Subsidiary Contracts
- 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 (i.e. material/material and labour/trade)
- Activity/Operational analysis i.e. by stage of build
- Contract sales entry i.e. 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 life of contract
- Maintenance of contract cost head budgets for comparison with actual
- 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
Construction and Contracting Industry is unique in the types of transactions it requires to process a “sale”. In addition, the way these transactions affect the management accounts varies from company to company. Using our robust 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 (e.g. applications are memoranda only and not subject to VAT).
The Contract And Sundry Sales Ledger includes:
- 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 authorized 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 construction financing information is easily accessible using the flexible on-screen enquiry routines.
The Nominal Ledger provides:
- Up to 36 periods with budgets can be 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 current period – with comparisons to last year
- Full narrative against each nominal transaction
- Up to 99 companies
Fixed Assets
The Fixed Assets module within Construction Finance software integrates with the Nominal Ledger and Contract Ledger, and the asset database records information on construction financial data, location, depreciation, revaluations, maintenance cycles and maintenance contract information.
- Analysis by Asset types and Location
- Asset database
- Financial data
- Location
- Depreciation
- Revaluations
- Maintenance cycles
- Maintenance contract information
- Depreciation can be charged to nominal account or contracts
- Depreciation Methods; Straight line or Written down amount
- Depreciation can be charged on a Monthly, Quarterly, Half yearly or Annually
- 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 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, which enables automatic authorisation of invoices.
This ledger also includes:
- 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 advices 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
Speak to one of our specialists today!
