The construction industry presents unique challenges that can be difficult to navigate. Tasks such as managing labor and material procurement, handling billing worksheets, ensuring smooth payroll processes for both unionized and non-unionized workforces, and reporting on project profitability can be overwhelming.
That’s where Acumatica comes in. Acumatica is already established as one of the top cloud-based ERP providers in the industry, but where it truly shines is in the construction sector. With its specialized tools and features, no other provider can match the level of performance and efficiency that Acumatica brings to the table. Whether you need to manage multiple projects, track job costs, or optimize your operations, Acumatica is the ideal choice for construction companies of any size.
Certified Payroll
Certified payroll is a type of payroll record that documents the payment of wages to construction workers on a public works project. The purpose of certified payroll is to ensure that workers are paid the prevailing wage, which is the minimum wage rate established by law for workers on public construction projects. Certified payroll must be submitted weekly or as required by the contracting agency and include information on each worker's name, social security number, job classification, number of hours worked, and the wage rate paid.
Using Acumatica ERP Construction Management Software to Manage Certified Payrolls
Acumatica has the capability to handle certified payroll. It provides features for tracking and reporting on payroll information, including the prevailing wage rate and other requirements for certified payroll. With Acumatica, companies can manage payroll information, generate reports, and ensure compliance with certified payroll regulations.
Retention
Retention refers to a portion of the contract value that is held back by the client or main contractor, typically 5-10%, as security against defects or incomplete work. The retention amount is usually released at the end of the contract period or after a specified period, once the contractor has remedied any defects and completed all the work to the client's satisfaction. The purpose of retention is to provide an incentive for the contractor to complete the work to the required standard and rectify any defects that may arise during the contract period. The retention money is usually held in a separate account and may be used by the client to pay for rectification works or compensation if defects are not rectified.
Using Acumatica ERP Construction Management Software to Manage Retention Amounts
Acumatica can handle retention well as part of its overall financial management capabilities. Acumatica allows construction companies to track and manage retention amounts, including calculating and deducting the retention amount from invoices, holding the retention amount in a separate account, and releasing the retention amount at the end of the contract period or after a specified period. With Acumatica, construction companies can have a clear and comprehensive view of their retention amounts and can ensure that they are handled in accordance with the terms of the contract.
Contact us today to learn more about how we can help your business with Acumatica Cloud ERP.
About Us
Concentrus has been helping organizations transition to modern cloud-based ERP like Acumatica for over 10 years. Whether you’re a small, medium, or large sized business, you will be able to benefit from a cloud-based ERP like Acumatica.
Concentrus is a leading provider of Acumatica cloud ERP software. As an Acumatica partner, we specialize in delivering customized Acumatica solutions that meet the unique needs of each of our clients. Our expertise in Acumatica integration and commitment to providing excellent customer service make us a top choice for growing businesses looking for an efficient and cost-effective way to manage their operations. Whether you're looking for Acumatica pricing information or trying to decide between Acumatica and other ERPs, our team of experts is here to help.
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