This streamlined process ensures accuracy and efficiency in the invoicing and payment process. It offers an interactive dashboard that allows users to set up accounts, authenticate with their bank, send/receive payments, view invoices/payments, and even integrate with existing ERP accounting systems. In order to get paid for her services promptly and securely without worrying about lost checks or delays, Sarah decides to use a payment portal like ConstraforPayTM.ĬonstraforPayTM connects payments and accounting ledgers to corresponding construction projects without requiring subcontractors, builders and contractors to exchange bank account information beforehand. ACH payments offer benefits such as speed, security, and cost savings.įor instance: imagine a small painting contractor named Sarah who has just completed a project for a general contractor (GC). Paper checks used to be the norm, but now electronic options like wire transfers or ACH (Automated Clearing House) payments have become increasingly popular. This payment structure can sometimes result in delays for the subcontractor as they have to wait for funds to flow through various tiers.Īs technology has advanced, so too have the methods by which payments are made. Payment terms in construction contracts are often based on a Pay-When-Paid term, where the subcontractor gets paid after the contractor receives payment from the client / customer. The invoicing process in construction generally involves the subcontractor submitting an invoice to the contractor, who reviews it for accuracy and approves it before proceeding with payment. This documentation ensures transparency and clarity in the billing process. To support the invoices, subcontractors may also include additional documentation such as a schedule of values, lower-tier subcontractor invoices, and lien waivers. An invoice, also known as a payment application, typically includes essential information such as the project name, client name, invoice number, time duration of services, contract amount, change order amount(s), total value of work completed to date, retainage, total amount of previous payments, current amount due, and total balance remaining. It requires meticulous attention to detail and compliance with contractual obligations.

But what exactly does construction invoicing entail?Ĭonstruction invoicing goes beyond just sending a bill to the client. It involves the process of creating and submitting invoices for work completed and materials provided on a construction project. Unveiling Construction InvoicingĬonstruction invoicing is a crucial aspect of managing and maintaining financial stability in the construction industry. By using Contractor+, contractors can efficiently manage their entire invoicing process from start to finish. Our software allows you to easily track progress, generate and send accurate invoices, and accept payments quickly. The best way to streamline your construction invoicing process is by using a construction invoicing software like Contractor+ which automates the entire invoicing process.

Discover how to revolutionize your billing process, impress clients with accuracy and professional detail, and ultimately increase your profits in the long run. But do you know the best practices to streamline this crucial task or the right software that can make your life easier? This blog post dives into all aspects of construction invoicing nailing down the best tactics for smooth operations while also providing software recommendations designed specifically for construction businesses. That’s the power of effective construction invoicing. This can help you ensure that you have the right amount of stock on hand and that you are not overstocking items.Imagine slashing hours off your billing process, reducing errors, and getting paid faster. This makes it easy for anyone in your company to use the software to generate invoices and manage inventory.īilling software can help you track your inventory and identify items that are selling well or poorly. This ensures that your invoices are accurate and professional.Ĭontractor billing software typically has a simple and intuitive user interface. Billing software can help you scan products using a barcode scanner and accurately list them on invoices. Manually entering data into invoices can lead to errors.

Enhanced accuracy and error elimination.

This makes it easy to submit taxes for your business. Here are some of the reasons why contractors choose specialized billing software:īilling software can help contractors generate invoices that comply with GST regulations. This software can help contractors reduce or eliminate manual tasks, freeing up time for other important work. Contractors who want to provide excellent service and streamline their billing processes often use billing software.

Invoicing for contractors