The payment process in construction is manual and unorganized; general contractors say they spend most of their time pursuing payments. Progress claims are a leading cause of delayed payments and stress. Even though completing progress claims is time-consuming and complex, fewer than 1 in 3 general contractors use software to organize, send, and track payments and paperwork. 80% of general contractors spend a considerable amount of time chasing down payments… but there is a more automated way. Progress Claim Software.
Why Progress Claim Automation?
Automating progress claims through software streamlines the entire progress payment process, so it’s easy to control what’s required from the subcontractor before ever letting them submit their progress payments. Key benefits include: customizable approval workflows, and simplified collection of stat decs and compliance documents in one place. General contractors can then pay subs faster, easier, and always on time. Automation saves time on double entry, keeps all parties on track with notification and email reminders, while reducing subcontractor progress claim submission mistakes.
Subcontractors often have choices when looking for contracted work on construction projects. Relationships with general contractors who are known to use progress claim automation are always preferred due to the reliability of getting paid for work completed as expected, with complete transparency.
Why use GCPay for progress claim automation?
GCPay is a powerfully simple software that fully automates the progress claim process between general contractors and subcontractors. With GCPay, general contractors can: automate accounting workflows, create and exchange stat decs, receive custom reports/dashboards, and integrate with the leading construction accounting ERPs in Canada. Since 2003 GCPay has offered a paperless alternative to construction billing with a system that mimics the process of your current workflow for accounting, project management, contract administration and compliance departments.
Thousands of construction companies use GCPay to automate, integrate and simplify the application for payment process. With 10,000+ documents processed through our system each year, GCPay has become the proven choice for these leading construction companies.
GCPay customer care is a dedicated resource for you and your subcontractors. With customers rating their GCPay support experience an average of 4.9 out of 5 and being awarded the “Best Support in Construction Accounting” ranking from G2, you know you are getting the best in industry support.
Will Progress Claim Software Integrate Directly with Your ERP?
It’s incredibly important for progress claims software to integrate with your construction accounting software or ERP system. As a single source of truth for your contract and job data, it’s vital to work from your ERP and pull information into your payment system. GCPay software was created with this in mind.
GCPay integrates with Sage 300, Viewpoint Vista, CMiC, as well as true cloud ERPs including Sage Intacct for Construction and Acumatica. In addition, GCPay integrates with Procore Project Financials allowing ERP users that don’t use one of the before mentioned platforms to integrate GCPay seamlessly into their accounting technology stack. These integrations mean less data entry, data transparency, accurate tracking, mobility, and improved payment process management.
What Can General Contractors Expect from GCPay?
If you are tired of endless back-and-forth emails with missing stat decs, incorrect spreadsheets and supporting documentation, it’s time to simplify the progress claim process between general contractors and subcontractors. With GCPay you will:
- Save up to 70% of your time spend on progress claims now
- Increase the number of jobs you can take on without increasing accounting staff
- Eliminate subcontractor calculation mistakes
- Reduce data entry, import jobs, contracts, and change orders directly within your ERP
Set up compliance document requirements for your subcontractors upfront so you can stop worrying about work stoppage or delays. Store all compliance documents in the cloud, safely nested and accessible from anywhere. Reject or accept progress claims in real-time so subcontractors get paid for work documented. Errors can be fixed before a progress claim can even be submitted, saving general contractors time and money. With automatic notifications to subs, compliance documents can be received and updated correctly without needing to chase down subs or worry about expiration dates. Creating and exchanging statutory declarations are complicated, to say the least. There are several different types, plus some provinces regulate stat decs and some do not. With automated progress payment software, a general contractor can customize stat dec templates with over 80 data points to alter as needed. A general contractor can guarantee the receipt of stat decs when progress claims are submitted. Each stat dec will be signed with accurate data every time, saving time, and ensuring compliance for general contractors. Every finance manager knows that accessible data is required to make timely decisions. With automated software, reporting is simple and gives immediate access to key data such as:
- Approval time statistics
- Stat Dec status
- Holdback Releases
- Contractor Billing Summaries
- Outstanding claims
According to a recent GCPay survey, general contractors spend over 20 hours per month managing progress claim payments with subcontractors. This includes having to collect and receive accurate claims, stat decs, and all necessary documentation required for approved payment. Automating this process saves time which translates into money when considering the man-hours associated with manually performing all the before mentioned tasks. In addition, the enhanced data/reporting that comes from automation software prevents issues such as, over-billing, change order mistakes, and back and forth on timing or status of progress payment claims. Items such as owner billing, tier sub management, and holdbacks become effortless since it’s part of the progress claim process with automation software.
To learn more about GCPay benefits or to schedule a demo, please visit www.gcpay.ca
Statistics Provided By 2022 GCPay Initiated Survey with General and Subcontractors, view Complete Survey Results at Construction Industry Report 2022 – Finance Management Post COVID (gcpay.com)