A 2018 report by Contract Simply revealed that late payments in the construction industry cost $40 billion annually. Any professional who works in construction in some capacity knows: consistent payments are one of the biggest challenges the industry faces. The other major challenge? Avoiding contract disputes and claims.
That’s why payment applications and draw processing is so important. That’s where DrawAlert comes in: when utilizing DrawAlert, it’s easy to get a detailed rundown of a specific construction project, including labor, materials and change orders, plus the amount of the project that has been completed.
In DrawAlert’s Version 3.6 release, pay-apps and draw processing was added to our robust construction administration software, helping to save you time, money and headaches. With DrawAlert v3.6, you’re better able to simplify your monthly processes by reviewing, approving and completing payment applications and draw processing directly in the software.
How It Works
But, how exactly does DrawAlert simplify your reporting? Stakeholders are able to upload invoices and waivers for review. Then, the appropriate stakeholder reviews and approves payment applications. In terms of draw processing, the funding source initiates the “DrawAlert” every time a draw is issued, and all stakeholders are notified. Plus, draw data is gathered and generated into a pay-app report once the waiver approval process is complete.
Experience end-to-end document management, and simplified pay-apps, funds controls and draw processing with help from the market’s leading construction administration software: DrawAlert. Built for the industry, by industry experts, this software offers a collaborative solution for all parties on a construction process, plus a faster pay-app process. Are you ready to experience the benefits of DrawAlert? Contact us today for a demo.