Making the submittal and approval of applications for payment faster and easier than ever before, Payapps is a proven, cloud-based solution that helps contractors and subcontractors work better together
Regardless of the size of a construction business, contractors and subcontractors will often use spreadsheets to submit, manage and certify applications for payment.
However, this can be time-consuming and lead to increased errors – leading to payment delays, friction between contractors and subcontractors, and a potential failure to comply with regulatory obligations.
But what if there was a more reliable and simple way?
Offering a single, accurate and transparent view of every contract from project start to completion, Payapps makes applications for payment and certifications seamless and simple.
As a result, digital applications will be submitted and received accurately, and will be compliant as standard, all while offering greater visibility and reducing the likelihood of disputes – a better overall outcome.
With Payapps providing contractors significant time savings every single month while generating almost immediate ROI, ditching the spreadsheets and adopting this modern technology could be the prudent solution.
Making payment calculation simpler and more accurate
As stakeholders manually add more data to spreadsheets, the number of formats and formulas is likely to increase. As a result, it’s easy for them to contain errors and lead to incorrect valuations or payments.
Payapps helps by standardising and automating calculations that ensure accuracy and reduce time and risk. Additionally, this digitised solution will ensure just one set of numbers for both contractors and subcontractors, and utilises a logical and automated approval workflow sequence, simplifying the process and making it quicker and easier to approve applications and authorise payments.
No more missing files, with complete audit trails
A common industry frustration occurs when applications for payment sit in a quantity surveyor’s inbox, with nobody else aware of pending applications.
Similarly, with numerous filing systems and cluttered email inboxes, it can be very easy for inconsistently named spreadsheets to get lost, meaning payment notice deadlines can be missed. Payapps’ real-time visibility means that contractors can view an application for payment as soon as it is submitted by a subcontractor.
As a secure cloud-based application, Payapps allows full access to data and information from any device and location at any time.
Also, with built-in reminders, contractors and subcontractors are kept informed about dates and are less likely to miss a deadline and more likely to stay compliant with the UK Construction Act, or for those in Ireland, the Construction Contracts Act.
“With spreadsheets often leading to inaccuracies and errors that can hold up projects, there’s never been a better time to ditch the spreadsheets and adopt innovative technology…”
The detailed action history of individual applications for payment with timestamps to indicate the creation, submittal and assessment date of an application means Payapps helps contractors to feel confident that decisions are based on the latest information.
Additionally, it is possible to set up multiple tiers of automated approval sequences with different levels of authority and provide all supporting documentation to ensure quick routing of information to the right people.
The simplification of applications for payment
There can often be various contractors and subcontractors preparing and submitting applications for payment in different formats and file types. There can also be differences between previously certified retention calculations that can cause errors in underpayments, overpayments or disputed figures. Worryingly, errors from copy and pasting data between spreadsheets can be everlasting and go unnoticed.
Payapps allows subcontractors to submit applications in one standardised format, making it simpler for contractors to review and interpret, and to administrate applications faster.
Indeed, both contractor and subcontractor will be able to fully align with what was set out as agreed in the contract. Plus, there is a clearer and up-to-date record of variations and categorisation to projected final account positions to prevent any hidden surprises.
Preventing summarisation difficulties and reducing admin time
It can often be tricky to make sense of huge swathes of spreadsheet data. This can lead to a lack of meaningful analysis and summary information.
With colour-coded and at-a-glance views of project work progress and application for payment status, Payapps can make it faster and simpler for contractors to make accurate decisions knowing they have all the correct information to hand.
It will also be far easier for contractors to see approval status and who needs to action the application, and to track days left until a payment notice can be issued.
Aside from helping cashflow reporting and ensuring accurate projected final accounts, Payapps also provides contractors with peace of mind knowing that they are complying with statutory legislative obligations.
Updating, revising, consolidating, modifying and correcting data-heavy spreadsheets can be very time-consuming. The automated calculations in Payapps can reduce time and risk and ensure accuracy. Plus, the sending of automatic reminders to subcontractor of applications due removes the need for commercial staff to chase subcontractors, saving time and hassle.
A more secure and reliable payment system
As subcontractors and contractors will likely pass the spreadsheets through multiple emails and there will be various people needed to sign off, the chance of data breaches can be increased, risking the security of the documentation.
Having achieved ISO 27001 certification, Payapps provides a fully secure and safe environment, with all information securely stored in AWS data centres and backed up – an essential tool for audits, disaster recovery or for retrieving information as evidence during dispute negotiation.
Plus, optional SSO (Single Sign-On) for working across multiple resources with a single authentication and Multi-Factor Authentication add increased security.
With spreadsheets often leading to inaccuracies and errors that can hold up projects, there’s never been a better time to ditch the spreadsheets and adopt innovative technology that can help make managing construction projects simpler, faster and fairer.
Download a quick reference eGuide to compare spreadsheets and Payapps side-by-side.
Chloe Leigh
Head of marketing UK&I
Payapps
Tel: 0191 651 1765
*Please note: This is a commercial profile.
