General contractors use top down billing to enter amounts on a subcontractor's invoice or pay application. General contractors can create invoices for subcontractors, who will then review and accept them, and sign all necessary documents.
General contractors use specified Schedules of Values (SoVs) on subcontracts to standardize budgets for projects. Standardized budgets provide a consistent financial view of a project for all stakeholders and streamline the creation and adjustment of budgets throughout a project. General contractors can easily create and change budget line items, line item descriptions, and amounts on the subcontractor's SoV.
Disbursements can be managed per project or organizations can choose to manage disbursements across multiple projects using Enterprise Wide Disbursement. Enterprise Wide Disbursement streamlines the payment process and saves time. An Enterprise Wide Disbursements screen shows all disbursable payments, and users can customize the view by selecting which payment details should be shown.
General contractors can choose among several options for the subcontractor invoice approval process:
General contractors use payment authorization on CPM to add another check and balance to an accounting workflow. General contractors designate an individual to oversee and authorize payment of invoices after an invoice is approved but before a payment is disbursed.
CPM uses the secure ACH network for electronic deposit of funds to accelerate the payment process. The ACH process delivers faster construction payment than a manual check. ACH payments work like direct deposit — funds are immediately available without waiting for check clearance. CPM acts as a third-party processor disbursing funds for an organization by simply submitting the ACH file to the disbursing organization’s bank on their behalf.
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