It might be hard to draw the connection between the quality of information you provide to your builder and how it can affect your cashflow.
A builder can receive thousands of progress payments a month, often via email or on paper. Invariably, claims are formatted differently, and information and compliance documentation can be missing or incorrect.
The ensuing back and forth between you and your builder to correct the information wastes time and could lead to unwanted disputes. Ultimately, it’s you who is most affected, either through the time spent rectifying the issues or because of delayed payment.
Subcontractors also tend to use spreadsheets, making it hard to reconcile outstanding claims with previously approved claims. Tracking which claims have been submitted is difficult, as is knowing which ones have been approved and expected payments to help manage cashflow.
Unfortunately, the process for submitting and approving claims isn’t standardised across the industry, which is where Payapps comes in.
IT GOES BOTH WAYS
Consistency and speed of information are fundamental challenges Payapps solves for everyone involved in the construction process.
It centralises claim information and provides transparency by ensuring accurate documentation is readily available. The entire approvals process is accelerated, and importantly for subcontractors, ensures faster approvals and improves cashflow visibility.
Most subcontractors who use Payapps find the main benefit is the way it helps them manage retention.
Payapps gives visibility across all contracts, including retention balances and approved balances of variations, and automatically reconciles your data from one month to the next.
On top of the tangible benefits, you can streamline your contracts by using Payapps across all projects you’re working on, regardless of whether your head contractor uses the system or not.
The best thing to do is see for yourself – learn you how much time and money you could be saving. Book in at Payapps.com/WTW