Pegasus launches unique solution for construction firms

Solution offers comprehensive functionality and compliance with legislation

17 August 2005

Pegasus Software today announced the launch of its Pegasus Construction Industry Solutions (Pegasus CIS) product range. The solutions have been designed to provide complete control over every aspect of contract management, from contract costing, purchasing, timesheets and Payment Applications through to VAT invoicing and cash receipt matching. Crucially, Pegasus also offers compliance with the legislation pertaining to subcontractors, their CIS certificates, payment and statutory returns to the Inland Revenue, which are currently dominating the sector.

The company believes that Pegasus CIS will markedly improve the quality, accuracy and timeliness of the business and financial information necessary for the effective management of the complex elements of today’s construction projects and ultimately the profitability of these projects. Pegasus CIS can also scale to meet the needs of both small and medium sized and mid-market construction firms, which combined with its rich functionality and seamless integration with line of business applications such as payroll and core finance solutions, makes it unique in the market place. No other vendor can offer the depth and breadth of functionality from within a single solution.

Gary Turner, managing director for Pegasus, added: “The UK construction industry is a growth sector and to remain competitive, the proactive construction firm is demanding very specific solutions that will deliver the right information, in the right format at the right time. We have responded with the launch of Pegasus CIS. In addition to its comprehensive functionality, our new solution addresses the increased pressure imposed on construction firms by the existing Inland Revenue’s Construction Industry Scheme and the new legislation governing subcontractors, with additional legislation coming in 2006. Such legislation demands that firms address and standardise the processes and procedures associated with key operational areas including the payment of sub-contractors, management of tax liabilities and licensing rules associated with sub-contractors employed in the industry. Penalties and surcharges issued by the Inland Revenue for late or incorrect returns are fuelling the need for contractors to run systems such as Pegasus CIS. So the need for construction companies to implement more effective controls and have access to accurate company wide information has never been so crucial.”

Pegasus CIS is unique in the UK market in that it is the only solution of its kind that is fully integrated with Pegasus and Sage sales, purchase and nominal ledgers, cashbook and payroll and can therefore facilitate rapid access to critical information held anywhere in the CIS system itself or in the firm’s accounting system. It is highly intuitive and can provide users with the ability to drill down into this information, extract data for further analysis and deliver detailed status reports covering key project elements such as subcontractor activities, labour, stock or purchasing.

Data can be sorted, filtered, grouped and totalled to suit the information needs of the organisation and the resulting reports can be presented in any format. The flexibility to interrogate data so easily from within a single system is both time and cost effective. For the first time business users can tailor their view of the data held within the system without complex report writing or re-programming. The resulting data is crucial to the ongoing monitoring of business performance and to strategic decision making processes.

Pegasus CIS takes the pain out of running a construction project, turning it into a manageable proposition, where all relevant data is available immediately and in real time and all queries from a client or subcontractor can be serviced from within a single application. This enables management to actually manage the project and make informed decisions without worrying about the accuracy of the data they are looking at while eliminating the time and cost associated with inputting, extracting and consolidating key data from across different systems.

Gary Turner concluded: “We have had a considerable amount of feedback and collaboration from the construction industry in building these new solutions and I am confident that for the first time management and wider business users within the construction and allied industries will have a comprehensive, fully integrated and compliant financial and operational solution at their finger tips. This will enable complete control over contracts and subcontractors and ensure adherence to Inland Revenue regulations.”

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