Navigating COVID-19 Relief with the Q2 Enhancements
In July, almost 15 enhancements were released as a part of the Q2 Enhancements Release. There were less features represented than originally planned for the Q2 Enhancements Release due to COVID-19 features shifting priorities in the roadmap. Below are highlights of some of the core functionality that was added for contractors to leverage.
Accommodate Tax Relief with the Q2 941 Form
Several revisions to the 941 Form were made due to new legislation as a result of COVID-19. The new 941 Form accommodates COVID-19 tax relief to include the FFCRA tax credits and CARES Act deferrals. Since the final draft of this form was made available by the IRS near the end of Q2, The Deltek + ComputerEase Product Task Force was put to the test to understand, develop, test, and deliver this new form with correct calculations within a matter of weeks.
Ensure Forgiveness of the PPP Loan
Due to the economic impact of COVID-19, the U.S. Federal government established a $669 billion business loan program called the Paycheck Protection Program (PPP) to help keep certain businesses, self-employed workers, sole proprietors, and more afloat. The low-interest loan proceeds can be used for payroll, rent, interest, and utilities. The purpose of the loan is to help businesses keep employees on payroll. However, the loan may only be partially forgiven based on the state of the business’ employee count and wages upon application of forgiveness. Therefore, Deltek + ComputerEase released the PPP Loan Forgiveness Report that can be used with the Loan Forgiveness application to help ensure contractors are fully forgiven for their loans.
Verify All of Your Local Tax Settings
It can be challenging to manage construction jobs in states that have local income taxes. It can especially be challenging for contractors that have a service department where there are several service technicians working in multiple areas with differing local taxes per day. While this has always been a challenge for contractors that do work in states that have local taxes, the ability for contractors to manage these local taxes has always been a strength of Deltek + ComputerEase. In the Q2 Enhancements Release, we have taken it a step further with the Local Tax Set Up Report. With this report, contractors can easily view all of the local tax settings from one place to quickly ensure compliance.
View All Checking Accounts from One Report
Contractors can easily audit the settings for all checking accounts using the new Checking Account Report in QTool saving critical time that can be used on higher priority tasks.
Improved Export Capabilities for General Ledger Reports
Contractors can now easily export Balance Sheets and Profit and Loss Statements as a CSV directly from the General Ledger module within Deltek + ComputerEase.
Deltek + ComputerEase will continue to help contractors navigate the changing conditions of the environment while keeping focus on the overall improvement of the solution. For exciting news about what is planned for the Deltek + ComputerEase product, we recommend customers register and join our upcoming user conference, Deltek Insight, that is scheduled for September 15th - 16th. The conference will be virtual and for the first time in Deltek history, free to attend. The conference content will include exciting product news, construction accounting best practices from industry experts, training sessions from our consultants, and an opportunity to connect directly with our experts.
Deltek Insight, September 15th - 16th
About the Author
Brian is the Product Marketing Manager at Deltek + ComputerEase. He has worked with contractors and CPAs nationwide to improve their business processes through technology and leadership in a variety of roles including marketing, product management, and sales. He has over 12 years of experience solving problems with technology and is passionate about educating contractors.