Adviser – Cloud Accounting
If you are a business trading in the construction industry you may find it useful to know that QuickBooks Online have now added a CIS function.
Within this function you can:
Create contractors and sub-contractors and this will automatically code your invoices to the relevant nominal codes that QuickBooks Online have already created. This saves endless time on manual data entry.
Have accurate record-keeping as not only will your records be CIS compliance but QuickBooks Online is creating all the necessary journal entries within your nominal codes.
Auto-calculate the CIS deductions, even if your sales invoices have variations between labour and materials. Each nominal code is already set-up to make life much easier.
Produce custom reports so that you can review all amounts deducted or suffered for each month. This function also allows you to print off monthly reports for each individual subcontractor and deals with retentions.
Prepare accurate returns by using the taxes function in QuickBooks Online. You can create your CIS return with just a few clicks, not only helping to stay HMRC compliant but also avoiding those penalties.
It has been found that around one and a half hours per month can be saved by using QuickBooks Online CIS function. This equate to 18 hours of saved book-keeping work per year, for CIS compliance alone!
Please get in contact if you would like more information.