… by supercharging your payment claim process
The biggest challenge any construction company faces is winning new business. However, once a project’s awarded and underway, the next challenge is maximising its profitability and minimising its risk. Contract administration plays a huge part during the life of a project, and beyond. Unfortunately, it’s often an area where inefficient systems and processes can cause a lot of unnecessary time, and money, wasted, as well as potentially bringing your company into financial risk.
So how can you optimise the payment claim process to reduce your costs and risks? Here are three questions to start asking:
You think the only cost is the time taken to enter the data into your project accounting/ERP system. Think again! There are lots of ways you probably waste a lot of time:
Apart from the unnecessary time wasted over the life of a project, your business is also at financial and legal risk of:
Cash control and cost blow-outs –
Cash control and cost blow-outs –including making payments to sub-contractors for work not properly completed to your client’s satisfaction or that you’re unable to validate
Your payment claims/payment practices resulting in disputes and breach of state Security of Payments Acts leading to adjudication and litigation
In construction, you should always follow your ABCs and Always Be Compliant. Especially with the re-instating of the A.B.C.C. and the more stringent implementation of S.O.P.A. across all states. We can help with your ABCs and mostly in an automated way!
Wouldn’t it be safer to use a fully transparent system visible to all parties (with the appropriate levels of access security) that set the rules and requirements for payment claims, variations and retention releases so that everyone can comply legally and efficiently?
And of course, that’s where we step in…
Arrange a quick demonstration of Progressclaim.com to see how your standard payment claim processes can be automated, with your subbies submitting their claims in a format you know and love every month – and discover just how much time you could save each day, week, month and year!
Contract Administrator, BUILT