Construction projects are massively complex. Projects are difficult to manage, involving discussions and negotiations with large numbers of contractors and suppliers.
In this environment, the last thing that you need is extra delays and complications. But that’s exactly what happens to lots of companies when they continue to work with outdated and inefficient payment processes. Using a paper-based system to manage the application for payment process generates a whole raft of extremely costly issues and problems.
You may well find yourself running into even more serious delays when you and your suppliers are working on completely different systems. Different subcontractors might break down their applications in inconsistent ways across different projects. Alternatively they might not include the correct cumulative values, account for retentions, take full account of any changes in scope or correctly manage variations.
All of this means that payments are often late and inaccurate, which can in turn lead to delays on the project itself. You might think that this is inevitable, but specialist software solutions can now help you get on top of your payment applications and approvals.
Our SlideShare takes you through 5 ways of getting to grips with your payment processes.
Delays and disputes over payment applications are so ingrained in the construction industry that few people take the time to step back and think about how seriously outdated systems are impacting efficiency, budget and ultimately profit.
The modern and forward-thinking solution to this longstanding problem is simple. Investing in a cloud-based application processing solution that delivers real-time functionality in any location will not only save you significant time and cost, but will also foster a happier workforce, more productive supplier relationships – and even more profitable business. Make the switch – you’ll find it’s an investment that really pays its way.
- Specialist application for payment software platforms are intuitive to use, meaning that you’ll be able to complete tasks that used to take days within a matter of hours.
- Using centralised and automated application for payment processes can help avoid disagreements, because both you and your suppliers will be working on the same platform.
- A dedicated application for payment software platform can help you avoid mistakes as everything is in a single, easy-to-use environment.
- While manual processes are prone to errors and difficult to collaborate on, an automated for payment platform can be fully mobile, providing access on any device from any location.
- Using a consistent and transparent application for payment solution can help prevent disputes.
Find out how using a specialist platform to process applications for payment can help you work more efficiently and effectively. Download: The Construction Payment Blueprint – 5 Ways to Save Time and Money