Sage, the market leader in cloud business management solutions, today announced new updates to its Small Business Accounting Solution. Designed to support small businesses in the construction industry, the updates enable customers to manage their day-to-day accounting in the cloud, as well as comply with sector specific UK Government requirements for the Construction Industry Scheme (CIS).
As the industry restarts itself in the wake of coronavirus most construction businesses mix remote working and on-site demands, meaning providing the right information across multiple devices is critical. Sage’s cloud-based accounting software ensures small businesses, accountants and bookkeepers can collaborate from anywhere, across desktop and smartphone apps with one native-cloud solution.
New updates to Sage Accounting for construction industry include:
- Simple to get setup with just a few details and Sage Accounting will create the correct accounts and tax profile for your business
- All construction industry specific information in one solution – remove the need to switch between different systems to check details, saving time with CIS setup and management
- Ability to submit CIS300 directly to HMRC included in Sage Accounting Standard and Plus edition at no additional cost
- Simplified and customisable chart of accounts – providing automatic CIS calculation and accurate nominal code posting
- Sage Accounting will be fully compliant with domestic reverse charge VAT from its planned release date of March 2021 – included as standard
Additionally, customers can also manage their CIS Chart of Accounts, recording income or expense at the detail required. They can flag new Ledger Accounts as CIS Labour or Materials and set these custom CIS Ledger Accounts as defaults for their Contacts or Products/Services. All helping to gain greater control and report in greater detail.
“Now, more than ever as businesses adapt to the new normal, they need to maximise efficiencies. These improvements to Sage Accounting will help new and existing customers in the construction industry to save time, reduce errors and work with confidence. In an ever-changing legislative environment, our customers can accurately invoice, account for and submit to HMRC, all safe in the knowledge they are compliant with Construction industry scheme. As the reverse charge VAT requirement comes into force in March 2021, this functionality will be available at no additional cost to our customers. This forms part of our commitment to small businesses and the construction industry as we navigate the new normal.” said Adrian Malpass, Product Manager, Sage UK.
As calculations within construction are often complex and involve linked chains of subcontractors, Sage Accounting can help to reduce complexity by calculating and displaying the correct CIS taxation on invoices. All product enhancements are HMRC compliant, giving peace of mind through posting the withheld tax correctly as payments and the receipts are recorded, all whilst enabling electronic submission of legislative documentation (CIS300).
“My VAT return would take half a day as I painstakingly went through all our customers, but now it’s all there and I can just submit it.” Suzanne Mottershead, Company Secretary, Leisure Surfaces
As standard for Sage Accounting across all industries, customers can quickly set up with existing contacts for easier processing, personalise and brand invoices easily, create and send in seconds, and then track to see if the recipient has received and opened the invoice. The solution also enables an invoice to repeat on a given day or period and Sage Accounting checks the validity of email addresses before sending to reduce error.
These new product enhancements are in addition to recurring invoices and bank rules functionality. This further strengthen Sage’s small business solutions which also integrate technology from the recent technology acquisitions of AutoEntry and CakeHR.
Coupled with the feature-function enhancements, the recently announced revised customer journey which offers small businesses the choice of a new three-tiered service offering – enabling small businesses, accountants and bookkeepers to select the level of features that suits their organization and experience, across accounting, payroll and HR.
For more information on Sage Accounting please click here.
- Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).
- The domestic reverse charge (referred to as the reverse charge) is a major change to the way VAT is collected in the building and construction industry.
- It comes into effect in March 2021 and means the customer receiving the service will have to pay the VAT due to HMRC instead of paying the supplier.
- It will only apply to individuals or businesses registered for VAT in the UK (although it will not apply to consumers).