Pegasus Construction Industry Solutions (CIS)
Customer Review
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If I was a programmer, I would have written Pegasus CIS in precisely the same way - it does exactly what I want it to. |
Pegasus Construction Industry Solutions, a portfolio of software solutions specifically designed for the construction and allied industries, are available now. Not only will they make you fully compliant with the taxman, they’ll also bring astonishing efficiencies to your contract management. Pegasus CIS has been designed to work in Ireland by providing control over all aspects of Relevant Contracts Tax (RCT) Handling.
Pegasus CIS allows the contractor to record the C2 information for subcontractors that are being engaged and maintains the RCT 47 relevant payment card. For those subcontractors that do not hold a C2 then the system will automatically deduct RCT at the applicable rate (currently 35%) from those payments made. It will also produce the information for the RCT Deduction Certificate and maintaining the RCT 48 Relevant Tax Deduction card.
Data for the monthly RCT 30 and annual RCT 35 reports are all available within Pegasus CIS, making it an invaluable tool for any contractor needing to control payments to subcontractors as well as adhere to RCT rules.
Reverse Charge VAT in the Construction Industry on services subject to Relevant Contracts Tax (RCT)
Pegasus CIS will be compliant with the Revenue changes planned for 1 September 2008. To find out what these changes are, click here.
Visit www.revenue.ie for Irish Tax & Customs information relating to the construction industry and Relevant Contracts Tax.
Pegasus CIS recognises the complex business requirements of the construction sector, offering an unparalleled level of management control over contracts and subcontractors. It integrates with Opera II, Sage 50, Sage 200 and Sage Micropay.
Taking Control of Contracts and Costs
It has been estimated that the average construction project suffers 150% cost overruns and completes more than 175% late*. Investing in the right software could help transform this into a more profitable proposition where projects are delivered on time and within budget. Pegasus CIS provides an unparalleled level of management control over your contracts and subcontractors.
Simplifying Administration and Improving the Cost Controls on Contracts
Controlling the costs of a project can be a daunting task for many companies in the construction industry. Not only do businesses need to track the costs of purchases, there may be sub-contractors who need to be paid under the Irish Tax & Customs RCT scheme, as well as raising and chasing the Payment Applications to clients. Has a Payment Application been Certified? How much is the Main Contractor Discount? When is the Retention due for payment? How much profit did you make on that job? These are the typical questions asked, but quickly getting the answers can be the problem when running a construction project.
Effective cash management is key to making a profit in a contracting environment. Pegasus CIS has been specifically designed to give instant access to up-to-date information that allows you to manage your contracts. Knowing what is owed and when it is due and who needs to be paid and when, are critical issues. Pegasus CIS addresses these and many others as part of its effective management of your contracts.
Pegasus CIS: a closer look
Contract Costing Software for the Construction Industry
Pegasus CIS is a contract costing system that has been specifically written for small to medium sized (SME) contractors in the construction and allied industries, giving complete control over every aspect of contract management. Designed for SME construction companies, Pegasus CIS eases the administrative burden of running construction projects, whilst providing all the management tools necessary to ensure that all critical information is readily available to the management team.
The system allows direct costs to be input against a contract, as well as costs derived from labour timesheets, purchases, stock and from subcontractors. A wide range of analysis reports are available, giving businesses views of the current status of contracts, including job performance and detailed profit analysis reports
Cost control is critical in the construction industry: effective cash management can make a serious difference to the profit on a contract. Pegasus CIS captures all relevant contract information across all stages of a job so that the status of the contract is immediately available.
Sophisticated and Flexible Analysis
The Management Information System (MIS) facilities that are available across the whole of the Pegasus CIS range easily adapt to the analytical requirements of a business. The MIS features make it easy to analyse key information, such as costs or revenues, by Contract, Project, Analysis Codes, Cost Head, etc. Budgets and estimated costs can be specified at Cost Head level while the system will maintain the Opening, Actual, WIP, Committed, Other Costs and calculated costs to complete. The financial position is always available and can be analysed and interrogated using the highly configurable and user definable dynamic view screens.
Sophisticated Financial Reporting
The MIS facilities in Pegasus CIS not only provide extensive financial reporting facilities, it also includes export features to Microsoft Excel. It is an intuitive addition to the capabilities of Microsoft Excel and provides powerful and adaptable access to the information held within both Pegasus CIS and the accounts system. With its flexibility, ease of use and advanced drilldown capabilities, Pegasus CIS delivers fast and accurate information; this provides enhanced analytical power, which assists and simplifies even the most complex decision-making process. Purpose-built functions allow dynamic access to data from the Pegasus CIS system to populate Excel worksheets.
Contract Sales Ledger
Pegasus CIS includes a self contained Contract Sales Ledger that works in conjunction with the accounts Sales Ledger. The Contract Sales Ledger maintains details of the current Payment Applications, together with all previous Applications; it also contains information on current and cumulative revenue values, together with retention, main contractor discount, contras, etc.
Payment Applications can be printed, 'Certified' and payments recorded, invoices generated and retentions tracked. When the payment is received it can be entered in batches and allocated to one or more Applications. For Applications, VAT is taken into account at time of payment. It is also possible to create standard invoices, where the VAT is recorded at the date of invoice.
Knowing when payments are due is critical to successful management of cash flow within any organisation. Pegasus CIS comes with a comprehensive aged debt reporting features to allow these payments to be monitored.
Subcontractors Ledger
Pegasus CIS includes a Subcontractors Ledger that combines the functionality of a Purchase Ledger with the regulatory requirements of Irish Tax & Customs. Full information on C2 registered subcontractors are recorded, including details of their C2 Certificates and expiry dates. Pegasus CIS provides full RCT reporting for both monthly RCT 30 and annual RCT35 returns.
Subcontractor Applications for Payment can be entered, detailing both current and cumulative values of net, gross, discounts and retentions for the specified contract. When a Subcontractor Application for Payment is approved, it is possible to produce a Payment Certificate that can be sent to the sub-contractor with the payment. There is also a separate posting routine for timesheet only subcontractors.
Labour Costs
It is possible to enter employee timesheets directly into Pegasus CIS, post these costs to the contract and post these timesheets into Sage Micropay Payroll so that payslips are produced. The timesheet data-entry routines are fully optimised for fast entry of data, ideal for those companies that need to process large data volumes.
Contract Purchasing
Pegasus CIS includes a Purchase Order Processing system that allows committed costs of a contract to be monitored by raising purchase orders against that contract. As deliveries are received and invoiced the purchase order is updated, so maintaining an accurate picture of the committed costs. It is possible to arrange for deliveries to be made directly to site, knowing what is still to be delivered; all of which contributes to better site management.
The system is flexible, so that that it is possible to turn off the Goods Received Notes section and simply raise purchase orders and match the incoming purchase invoices. Purchase invoices that do not need to be directly related to a contract can be allocated directly to a nominal account.
The purchasing is also fully multicurrency allowing you to raise purchase orders in currency and receive currency purchase invoices.
Linking Pegasus CIS to your Accounting Solution
The following diagram details the main data flow between Pegasus CIS and Opera II. It is also possible to integrate Pegasus CIS into Sage 50 and Sage 200 accounting systems.
Nominal Ledger Integration
Pegasus CIS is fully integrated into the accounts system; the prime requirement is to eliminate any double posting of transactions so that no manual posting is required. All transactions posted to the Nominal Ledger are stored in an audit file for analysis and reporting.
Purchase invoices entered into Pegasus CIS are posted to the contract and to the accounts Purchase Ledger, handling both the Nominal Ledger and VAT allocations. Similarly, sales invoices produced within the Contract Sales Ledger are posted to the account Sales Ledger. Other transactions posted to a contract, including timesheets, will raise an entry in the Nominal Ledger. A transaction posted into Pegasus CIS that has an effect on the P&L, Balance Sheet, VAT account or Cashbook has a Nominal Ledger Journal created, using the default Nominal Ledger account codes, which are set up in the system.
Stock Control
Integration between Stock Control and Contracting Purchasing allows stock to be ordered from suppliers against contracts. Stock can be Allocated, Reserved and Issued to a contract, posting relevant costs to the contract. When Allocating stock to a contract it is possible to nominate the period in which that allocation is required. This is extremely useful where there is a requirement to plan stock issues to a contract based on when it will be required.
Stock can hold up to three dimensions (such as length, breadth, height) which can be used on the purchase order to calculate and allow ordering in square metres, for example. The stock system is multi-location, so it is possible to look at all stock in a warehouse or at a site.
Monitoring stock levels, knowing where stock is located and knowing what needs to be ordered and when, are all elements managed within the Pegasus CIS Stock Control module.
Impressive Functionality
The functionality of Pegasus CIS is astounding. It is an application that covers all the requirements of contract costing, handling all of the revenue and costs associated with running a contract, controlling materials, purchase orders and purchase invoices, through to the regulatory requirements of Irish Tax & Customes Relevant Contracts Tax. Fully integrated into the accounts system and payroll, Pegasus CIS truly transforms a business' ability to profitably manage contracts.
Powerful Reporting
Pegasus CIS also integrates with the intuitive Pegasus XRL, our eXcel Reporting Layer, that allows Microsoft Excel access to live data at the click of a mouse, so you don’t have to copy and paste, re-key or work out formulas. For years, accounting system users have had to struggle with complicated and inflexible reporting tools that are supposed to make things easier. In fact, they make extracting data into Excel a real trial. XRL brings such struggles to an end. XRL seamlessly integrates your financial information into Microsoft Excel in a couple of simple steps.
