Your contractor clients have got a lot on their plates.
On top of the actual projects they’ve got to manage, they also have a seemingly endless amount of paperwork to file and funds to appropriate.
Our Project Accounting Service makes things a little easier by taking that paperwork off their hands and helping to manage those project funds. That way, your contractor clients can put all their energy into the project they’re working on.
When contractors use our Project Accounting Service, it’s like a huge weight is lifted off their shoulders. Plus, it actually helps them save money. Here’s how:
1. Don’t Require Collateral
When your contractor clients get bonded through Cinium, we require that they use our Project Accounting Service instead of posting collateral.
2. Pay Vendors on Time
Your contractor clients have got a lot of vendors to pay. Bills pile up, and it’s all too easy for some of those bills to fall through the cracks sometimes. Our Project Accounting Service makes sure that that doesn’t happen. Our experienced team of construction professionals ensure that your contractor clients stay up to date on all of their payments and that their vendors are paid on time (or early).
3. Track Invoices
Sometimes, your contractor clients are charged for things that they shouldn’t be. We carefully review all of their invoices to check for overbilling and errors, to help ensure that your contractor clients are getting every dollar they deserve.
4. Process Change Orders
Occasionally, the project owner or architect might request some adjustments to a project (also called a “change order”). If a change order isn’t properly submitted, then for all intents and purposes, it never actually happened. Project owners can then refuse to pay for additional materials and labor costs or place liens on the contractor if the completed project doesn’t follow the original guidelines.
This ends up hurting a contractor’s credit rating and decreasing their bondability (or likelihood of getting bonded in the future).
To prevent that type of thing from happening, we help make sure that all change orders are processed.
5. Avoid Liens and Liquidated Damages
Liens and liquidated damages can hurt a contractor’s profits and credit rating. By managing a contractor’s project funds, we help them avoid liens, liquidated damages and defaulting on a bond.
6. Stay on Budget
By tracking a contractor’s funds over the course of a project, we help ensure that they stay on budget. And if they need to, they can request a Requisition Cash Advance to make sure that their project keeps moving forward.
7. Let Contractors Focus on the Project
At the end of the day, the last place that your contractor clients want to be is in the back office managing paperwork and sorting through bills. By letting us take care of the project accounting, they can focus on what they do best: their project. By focusing 100% on the project at hand, they are able to increase their bottom line and grow their business.
Tracking expenses, filing paperwork and managing funds are parts of the job that every contractor has to deal with. Otherwise, they can be subject to liens, liquidated damages and lawsuits, all of which can hurt their credit rating and decrease their bottom line.
Our Project Accounting Service helps to track your client’s project from beginning to end, so that vendors are paid on time, projects stay on budget and your contractor clients can put their all into their projects.
Want to find out more about how Cinium’s Project Accounting Service can help your contractor clients save money and grow their business? Schedule a free consultation or give us a call at 855-424-6486.