Uncover the issues arising from spreadsheet-based payment management in construction and find out how Payapps streamlines the process, reducing time and enhancing accuracy
Construction businesses of all sizes use spreadsheets to submit and manage applications for payment. However, this can be time-consuming and is often prone to errors.
Relying on spreadsheets for payment processing can result in issues like payment delays, regulatory compliance challenges, and increased friction between contractors and subcontractors.
These problems stem from the limitations and potential errors inherent in spreadsheet-based systems.
Payapps is a cloud-based construction collaboration tool which makes submitting and approving applications for payment easier and faster.
Using the software, contractors and subcontractors can work together to make applications for payment simple and seamless.
What are the common issues found from using spreadsheets?
Payment calculation errors and inaccuracies
Missing files, lack of version control, and accessibility issues
Incomplete audit trail
Numerous applications for payment formats
Difficult to summarise and report payment status and trends
Time-consuming administration
Lack of security
How Payapps can help resolve spreadsheet issues
Standardised and automated calculations reduce time, risk, and ensure accuracy
Real-time visibility allows applications for payment to be viewed in Payapps rather than sitting in an inbox
Payapps provides a detailed action history of individual applications for payment with timestamps
Payapps provides clearer governance of how variations are categorised, i.e., instructed or non-instructed
Track variations from subcontractors across projects
Automated calculations reduce time, risk, and ensure accuracy
Payapps software has achieved ISO 27001 certification, making it a safe and secure environment.
Compare Payapps with spreadsheets
Want to find out more about the benefits of Payapps vs spreadsheets? Download Payapps’ quick reference comparison eGuide - ’Spreadsheets are great. Until they’re not.’.
The post From errors to efficiency: resolving payment challenges with Payapps payment management appeared first on Planning, Building & Construction Today.
