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What is a Payment?

A payment is a request for payment, payment application, invoice or bill for work completed to date on a project.

These items will outline the value of work performed against various line items and are typically submitted monthly or at completion of contractual milestones. Project Managers and owner's reps are often the contract administrator / superintendent who will receive requests for payment from the appointed consultants and construction contractors, performing detailed assessments of work completed before issuing a Payment Recommendation. This process is often aided by cost managers, estimators and quantity surveyors, and governed by local legislation.

Challenges with Payment

Common challenges we see managing payments.

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

❌ Previous Payments & Change Orders: Reconciling the contract, variations/change orders and previously paid amounts requires constant maintenance and is error prone.

❌ Complex Cost Tracking: Linking payment information 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spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.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.

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���Ķ���vlog Payment Solutions

💡 Simple Payment Creation: Easily upload payment requests, invoices and other payment artefacts with ���Ķ���vlog’s easy to use system powered by AI.

💡 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 payment certificates and recommendations, 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 payments directly to project budgets and milestones for accurate financial tracking.

💡 Comprehensive Registers: Maintain organized records of all payments, 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.

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