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Pegasus builds on success with Pegasus CIS

May 2010

SME specialist unveils product of 18 months R&D, featuring hundreds of enhancements

Pegasus Software, a leading supplier of accounting and business software, today launched Pegasus Construction Industry Solutions (CIS) (3.00).

Pegasus CIS (3.00) is the latest version of Pegasus’ leading portfolio of software solutions specifically designed for the construction and allied industries.  Following more than a year and a half of research and development, Pegasus has unveiled hundreds of improvements to sales, purchasing, stock control, labour, subcontracting and job costing modules.

Improvements include the capability to handle multi-currency sales, including invoicing, applications and certificates, the implementation of customer price books, external plant hire management, procurement control, warehouses and bin locations,  stock transfers, returns and requisitions as well as Bill of Requirements with budgets, discounts and revision levels.

These updates not only ensure that construction companies are fully compliant with the demands of the taxman, but also deliver significant, tangible efficiencies to contract management.
Compliance has recently become a signficant burden for the construction industry with contractors receiving Construction Industry Scheme penalty notices informing them of fines ranging from £39,300 to £80,000.  The size of these levies results from the way the tariff increases by £100 each month from an initial sum of £100. If a liable builder has not filed the correct paperwork since the scheme was introduced in April 2007, they would be liable to a total fine of £49,600 for the 31-month period.
Stuart Anderson, Operations Director, Pegasus Software explains: “The average construction project suffers 150% cost overruns and completes more than 175% late.  Add to that the stringent demands of regulation such as the HMRC Construction Industry Scheme, which many companies are still struggling with, and you start to see why construction companies need software that can help calculate their liabilities.  Even if they successfully appeal against the fines, it takes time and effort away from the business.”

“In the last quarter of 2009 we saw new construction output increase by 5% compared with the previous quarter, with new housing, infrastructure and public non –housing all seeing significant growth.  It is encouraging to see the green shoots of recovery starting to show in the construction market. 

The raft of improvements we have made to Pegasus CIS will mean that contractors and construction companies can make the most of the small steps towards recovery that the sector is seeing.  We are very excited to release the results of such extensive R&D.”