Application for Payment

Automate the application for payment process using ProScope for NetSuite

In most industries, the invoicing and payment process is pretty straightforward. When work is complete, or a service has been provided, an invoice is generated, sent to the customer and then paid, usually without dispute.

However, in the construction industry, the method and process of applying for payment is completely unique. Due to the scale and complexity of most construction projects – the sums of money involved are usually large, the projects are often long and the total amount payable can change over time, payment can be the source of confusion and disagreement.

 

At the outset of a project, due to the value and length of time projects generally last, it’s usually agreed in contract that payments are to be split into interim amounts, often with retentions built in. What’s more, sub-contractors have to provide proof of their work to show that they deserve to be paid by preparing an application for payment every month. Doing so means that until the project is completed, they will receive payment after submitting their claim which must be approved and certified by the main contractor and there might be a degree of to-ing and fro-ing before any payment is made.

 

The payment application process can be complicated. Without an automated solution, it can be difficult to prepare an application for payment using the correct figures and then properly track it through the journey to receive payment. What’s more, as no two projects are the same and an application for payment is unique to a specific project, a sub-contractor might be juggling various pay application requirements for multiple jobs at any one time.

 

 

The key to simplifying the whole system and thereby saving time & ensuring accuracy is to automate the payment process.  

 

 

Developed to meet the needs of the construction industry, ProScope offers contractors who use NetSuite as their ERP solution, the flexibility and control to set an invoicing and payment schedule to their timetable – with trigger points at submission, certification, application and payment. It’s fully automated, providing up-to-date and accurate calculations of applications and revenue, specified to each individual project.

 

When things inevitably change, ProScope ensures that you can track, manage and adapt. It offers straightforward costing and estimating tools, including built-in approvals, to ensure you stay accurate with your costs and billing, even as requirements shift. And when they do, you’ll still have up-to-the-minute actuals for cost and profit lines via highly visual dashboards.

 

ProScope also offers the ability to calculate and track individual retentions throughout a project with an incredible level of clarity and control. With the visibility to monitor and trace these retentions – coupled with the group functionality to automate billings and claims – you’ll not only ensure a higher rate per claim, but also save time on the administration.

 

Email us now to arrange your free demo.

 

Features & Benefits

 

 

  • *Save time through automated workflows – less time is spent manually inputting data and adjusting to the different requirements of each and every contract
  • *Improves cash flow as a result of fewer payment disputes leading to cash flow difficulties
  • *Dispute reductions – full transparency and comprehensive audit trail will reduce the risk of payment disputes
  • *Delivers accuracy and auditability – offers a up to the minute accurate data and the ability to access historical project details at the   click of a button
  • *Gives project control and reduces risk by providing a real-time view across all projects
  • *Facilitates the clear flow of information between the contractor and subcontractors
  • *Mobile access anywhere and any time
  • *Ensures contract compliance
  • *Comprehensive, highly visual dashboard reporting
  • *Full project tracking and reminders and managing key dates
  • *Full Integration – seamlessly integrates with NetSuite
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