![]() ![]() Make sure everyone in your accounting department has access to these documents and that they are backed up securely to avoid disputes. When creating your construction payment schedule in Excel, it is important to be detailed, descriptive, and organized. Preference between Word or Excel will depend on your bookkeeping staff but we recommend creating an Excel spreadsheet for your payment schedule and will be focusing on this method in this blog. How to create a construction payment scheduleĪ construction payment schedule can be created as a Word document or as a spreadsheet in Excel. Request a demo today to learn how Tread’s construction fleet management software can help you speed up payments with instant digital invoices and more. ![]() They can even help a construction project get completed on time, within budget, and with no financial disputes. Payment schedules ensure subcontractors are paid in a timely fashion, as work is completed, and keep payments moving steadily so vendors can pay off their expenses as the project progresses. Both the billing method and payment schedule should be added to every construction contract before the project begins. They are ideal for construction projects of any size and should be used when implementing the progress billing method to pay subcontractors. What is a payment schedule in construction?Ī payment schedule in construction is a formalized document-often in the form of an Excel spreadsheet-that allows bookkeeping staff to plan, organize, and schedule subcontractor payments. We have also created a free, downloadable construction payment schedule template that you can use in your day-to-day operations or use as a guide to creating your own custom payment schedule. In this blog, we will discuss construction payment schedules, how to create them, and what should be included. Implementing a construction payment schedule to pay your subcontractors on time and without dispute will help nurture those relationships and keep project productivity and workflow high. In many cases, it’s not until the final payment that subcontractors can hope to make a profit.Īs the general contractor, slow or partial payments to subcontractors can negatively impact your business relationships and reputation. ![]() They are often waiting for the next payment to pay off these expenses and balance their finances. The nature of construction often means that subcontractors are spending money on materials and supplies as the project progresses. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
March 2023
Categories |