Construction projects typically involve many different trades in order to reach completion. Different trades working on different timelines can make submitting and tracking payment a daunting a task. Without an automated Progress Billing feature, your elevator service company would have to perform major manual work-arounds, mathematical calculations and track historical amounts. This can lead to substantial mistakes.
FIELDBOSS Lift offers a Progress Billing feature whereby invoices are prepared at different stages in the process of a major project, in order to request payment for the percentage of work that has been completed so far. Progress Billing will show the original contract amount, any changes to that amount, how much has been paid to date, what percentage of the job has been completed to date, what payment is currently due, material stored, and the total amount remaining to be paid by the project’s completion.
For example, during a large and lengthy project, a client may not want to pay for the entire job up front because it is an expensive, long-term task with the potential for many financial miscalculations and adjustments along the way. Your elevator service company does not want to wait to collect payment until the project is completed because you need to pay your employees and purchase materials as the project carries out.
FIELDBOSS Lift’s Progress Billing feature meets the needs of both the elevator service company and its client by providing for payment at several stages during the process. For businesses that engage in projects with long timelines and large budgets, it can be difficult to identify the best way to invoice clients. On the one hand, clients don’t want to cut huge checks before any work has been completed. But from a vendor’s perspective, it can be difficult—if not impossible—to keep up with the overhead costs of completing a large-scale project without any cash coming in the door.
Contact FIELBOSS today to learn how we can help you meet the unique needs of your long-term projects to maintain a positive cash flow.