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What is a Payment Schedule ?

A payment schedule of payment certificate is a contractual document issued by a project manager or superintendent in response to a contractor's progress claim. It certifies the amount of money due for work completed to date, based on the contract terms. Payment certificates are crucial for ensuring that payments are made accurately and on time, and they help maintain clear financial records throughout the project lifecycle. This process is often aided by cost managers and quantity surveyors, and governed by the Security of Payments Act.

Challenges with Payment Schedules

Common challenges we see managing payments.

❌ Time Consuming: Setting up, maintaining & troubleshooting spreadsheets, entering progress claim data, producing payment certificates, schedules and other documents take a very long time.

❌ Previous Payments & Variations: Reconciling the contract, variations and previously paid amounts requires constant maintenance and is error prone.

❌ Complex Cost Tracking: Linking payment information from progress claims back to contracts, variations and budgets creates wild formulas that are error-prone and cumbersome to maintain.

❌ Incorporating Actuals: Manually integrating or updating actuals from an ERP system or other reports from finance/accounting departments is extremely difficult and boring.

❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.

❌ Compliance: Ensuring accurate financial reporting and compliance with regulations such as the Security of Payments Act is complex and never certain.

���Ķ���vlog Payment Solutions

💡 Simple Payment Creation: Easily create and submit progress claims, payment certificates, with ���Ķ���vlog’s easy to use system.

💡 Contract Suite Templates: Select from standard form contract suites to create and configure contracts, letters and retentions quickly, saving time + ensuring compliance.

💡 Automated Certificates: One-click to produce progress claim & payment certificates, tailored to your contract suite.

💡 Real-Time Tracking: Monitor the status of payments in real-time, providing transparency and accountability.

💡 Easy Drill Down: Access payment data quickly for detailed interrogation and faster decision-making, enabling deeper insights.

💡 Integrated Budget Tracking: Link progress claims directly to project budgets and milestones for accurate financial tracking.

💡 Comprehensive Registers: Maintain organized records of all progress claims, including supporting documents and approval history in automated registers.

💡 Compliance : Keep track of payment compliance requirements, such as legislative mandates, insurances, and retentions.

💡 Auditing: Maintain a log of changes for compliance and record-keeping.