PENTA Construction Software Drives Best Practices for Contractors
PENTA’s accounts receivable software enables contractors to track information about customers including unlimited locations and contacts, credit terms and limits, open AR status as well as extensive collection information. Standard billing reports and inquiries provide access to complete billing history detail or can be limited to the status of open receivables as of a point in time.
Maintain a common list of customers across all companies and / or business units for your organization, with the option of limiting access to selected customers for use by a company or business unit(s). Set up an unlimited number of addresses for a single customer, or set up each customer location with a unique Id and link them via a “parent” customer. Other customer attributes include(by customer or customer location):
- Unlimited Contacts
- Credit Time Limit
- Accounts Receivable Days Outstanding Credit Limit
- Default T&M rate schedules for jobs or work orders
- Default Service Management Information
- Invoice Address
- Customer Notes
- Invoice Layout
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Heico Construction Group CFO Mike Moorhouse shares their strengths and how Penta Technologies helps them reach their goals.
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Automatic accounts receivable generation of customer invoices for lump sum, cost plus, time and material or unit price contracts, or any combination of contract items for a single job. PENTA’s invoice layout options include standard pre-defined formats including the AIA G702/G703 document with the ability to print on official AIA forms. Group jobs for automated billing purposes allowing for processing of many jobs at one time, or elect to invoice jobs on a job by job basis. PENTA enables you to invoice different components of a job at separate intervals throughout the month, for example invoice labor on a weekly basis and all other costs on a monthly basis.
PENTA software's Manage Customer Receivables functionality provides detail tracking of collection activities of unpaid customer invoices. Maintain a history of all communications specific to an invoice or track communication notes for a group of invoices. Assign follow up action codes, a responsible person and an action date to an invoice or group of invoices. Users responsible for collection activities can query and review those collection activities assigned to them and determine what actions they must take. Attach any scanned or electronic document to customer billing records for reference during collection efforts or for review afterward. Generate accounts receivable statements or recreate standard PENTA invoices on the fly to facilitate collection of unpaid invoices. Prevent set up of new jobs / work orders when a customer exceeds their credit limit amount or the age of their open receivables exceeds the days outstanding limit. These limits may be used as warnings or can prevent the addition of new work into the system.
Record customer receipts for many different sources:
Cash / Checks
Record customer payments against a list of open accounts receivable invoices, on account when specific invoice matching isn’t possible, apply as a credit against job or work order cost or book as a miscellaneous sales transaction (or any combination of the above for a single receipt). PENTA provides an automatic void of a cash receipt when a customer payment is incorrectly recorded and needs to be reversed and reapplied.
Inquiries and Reports
When using PENTA Accounts Receivable Software, review billing history and/or open receivable status information via online inquiry windows or standard PENTA reports. View this information by company, by customer, by job, in summary or detail, etc., for a given date range. Generate accounts receivable aging reports to review current receivables as well as retention receivable balances. Backdate these reports to any prior date to reconcile the AR subledger with the general ledger. Create Customer Statements for those customers you’ve flagged to receive statements when their open AR balance exceeds the specified threshold.
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Penta Technologies develops enterprise software that helps construction, service, and engineering enterprises improve business performance.
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