Bizprac’s Retention module is the best, and most accurate, Retentions tracking package on the market today.
When using Bizprac, retentions are automatically calculated and appear in the relevant invoices. Bizprac ensures that users never miss a critical retentions payment as they are alerted when a payment is due. Retentions are also reflected in the relevant job.
- Setup tiered breakdown as agreed in contract
- Retentions reflected in job
- Retentions automatically calculated and appear in invoices
- Alert when retention due
- Tracks 3 levels of builder retentions
Builder retentions can be frustrating to manage if you’re using Excel spreadsheets or similar tools.
Generic accounting packages just don’t stack up in this area as and are not building and construction industry specific. Therefore they don’t understand the specifics of our industry requirements. Specifically, in this case, managing builder retentions.
Many builders, just like you, tell us they use a spreadsheet, to manage their construction retentions. When you are manually entering retentions and constantly needing to update them, over time there is always room for error.
In fact, one builder even told us he had so many projects on the go, he had forgotten about a $60,000 builder retention which had been held against him. It took him another 12 months to retrieve his construction retention monies. All because he’d not noticed that he could get that money earlier.
As you may have guessed, he was using a manual builder retentions spreadsheet. Don’t let money sit in other peoples’ bank accounts when it should be in your account!
Every builder must stay on top of their retentions. After all, cash flow is the lifeblood of business, letting someone else hold your cash means it’s not working for you.
BAS reporting of retentions
When doing your BAS, did you know that builder’s retentions need to be accounted for?
So, is it possible that at present you are over paying GST? The flip side here is you may be over-claiming GST credits.
Obviously, you want to stay on the right side of the ATO. However, you probably want to have a smart way of managing your construction retentions.
In our view, the accurate management of builders retentions means minimising the possibility of human error, reducing management time, correct BAS reporting and paying your builders retentions when they are due.
Builder specific software
Bizprac is owned by an (ex) builder with 45 years’ experience. He has been there and understands your frustrations.
When using Bizprac to create a job to set up your builder retentions, you have the ability to set-up the tiered breakdown as agreed in the contract.
You only need to do this once for each project. It’s that simple! The processes within the Bizprac software are designed to save you time.
Once your builder retentions are set up, they will calculate automatically and appear on invoices.
The contract amount is automatically updated to reflect all retained monies. And the best part of all, is that BAS is a click of a button.
This is because as the accounting side of Bizprac knows the retentions are being held either by you or against you.
If you would like more detailed information on this very important aspect of your business, how to track and correctly report construction retentions money to the ATO, we would love to hear from you. Please contact our sales team either by email or phone: 1800 009 970