Blog posts with accounting and taxes help and advice for Construction companies, specifically with Sage 300 CRE software.
Want guaranteed profits? Manage your job costs! Job costs are the lifeblood of your construction business and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and […]
Tips to Manage your Job Costs Read More »
Track Metrics that Work for You Creative Uses of GL Units Account in Sage 300 CRE When we think of GL financial statements in Sage 300 CRE, the traditional balance sheet, income statement, and statement of cash flows come to mind. These reports provide information about the company’s long-term stability, present-day profitability, and use of
Track Metrics that matter to you Read More »
When worlds collide It’s probably safe to say that accounting people and IT people operate in different worlds. You wouldn’t ask your IT person to prepare your month-end financial statements, and most companies wouldn’t ask their accounting manager to troubleshoot a problem with the mail server. These worlds often collide, however, when it comes to
IT Best Practices for Sage 300 CRE Read More »
How to determine your financial health Cash flow is always an important element in the smooth and successful operation of your construction business. It’s particularly key in meeting opportunities and demands. Ask yourself is your construction company in a cash flow crunch? Generating sales and managing operations are, of course, also important. But more
In a cash flow crunch? Read More »
Review this IRS checklist to shore up weak spots and improve your documentation in preparation for that unforeseen IRS audit of a construction company. The list comes from the actual Audit Techniques Guide that the IRS uses to examine construction companies. IRS Auditor’s checklist of items to examine Accounting manual or instructions providing guidelines as to what
IRS Audit of a Construction Company Read More »
Basic record keeping and financial differences Chances are, your construction business hires subcontractors, rather than employees, to perform some of the work. These arrangements obviously save your company a lot of time, money and headaches. Naturally, you’ll want to protect your use of independent contractors. But, what’s the difference, and why should you care? Here’s
Protect Your Use of Independent Contractors Read More »
Selecting Accounting Software is Critical to your Success Do your due diligence! Selecting accounting software is one of the most critical operational decisions your construction company can face. Dedicating time and effort in vetting the best choice to meet your specific needs, procedures, and goals will obviously benefit you in the long run. But it’s
Accounting Software: Critical to Success Read More »
Pay Tax on Social Security Benefits? If you’re nearing retirement, you may wonder: Will I have to pay taxes on my Social Security benefits? And if so, how much will you have to pay? It depends on your other income. If you owe taxes, you may have to pay tax on 50% to 85% of
Will You Have to Pay Tax on Your Social Security Benefits? Read More »
IRS 2020-65 tax deferral Sage KB Article 10663 On August 28, 2020, the US Department of Treasury and IRS issued Notice 2020-65 to guide employers on payroll tax relief from Trump’s August 8, 2020, Presidential Memorandum. To help Sage 300 CRE users track and report the deferral, Sage released Knowledgebase Article 10663. Important verbiage from
IRS 2020-65 Tax Deferral Information Read More »
New 940 tax form The IRS published a revised Form 941 for use throughout the rest of 2020. The new 941 form includes the changes made by the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. These added various types of payroll tax relief. Specifically, the new IRS 941 form adds lines
The New 941 Tax Form is here! Read More »
End of Year Discrepancies? For many users of Sage 300 Construction and Real Estate, December 31st constitutes the end of the financial fiscal year and January 1st starts the mad rush to close the year and tie out subledger reports to general ledger balances. And you’re wondering, “Why is my cash management out of balance?”
Cash Management is Out of Balance in Sage 300 CRE Read More »
