Ensuring Business Continuity Amidst Uncertainty
Construction projects contain lots of moving parts, people, materials and processes with very tight margins. Facing unprecedented external conditions, we believe business continuity is critical in these uncertain times. How do we keep our businesses operational and quickly transition our daily functions out of offices and public spaces to remote locations? While we know there are many things for general contractors and subcontractors to grapple with during this challenging time, we want to highlight a few possibilities.
Remote working may seem impossible for finance and administration teams who are accustomed to manually handling spreadsheets, printed documents and paper checks every day. Many subcontractors still submit applications for payment and lien waivers by mailing in paper copies, and then in turn receive payment by paper checks. Subcontractors may be waiting for their paper checks to come in the mail, or in some cases may have to go to a public, central location to pick them up. At a time like this when safety and social distancing is paramount, we recommend a streamlined, automated system that eliminates manual processes and person-to-person contact.
GCPay is construction payment management software that allows general contractors and subcontractors to quickly and easily collaborate. GCPay automates the application for payment (AFP), lien waiver, compliance and payment processes all on one platform. Schedule of values, change orders, AFPs, lien waivers and other compliance documents – all of these can be submitted, reviewed and approved online. No need to mail anything in! GCPay also integrates directly with most construction finance systems, so contract, payment and other information does not require double entry and is up-to-date at all times across both platforms.
Built-in email notifications also help subcontractors and project teams stay on top of their important billing dates and project requirements. General contractors can dictate when to set these reminders so deadlines are maintained and things keep running smoothly.
GCPay can also handle electronic payments, ensuring your money arrives quickly, when and where it is intended, without requiring human intervention. If you’ve been considering moving to electronic payments, there is no better time than now to take a closer look.
Systemizing and streamlining manual processes has never been so critical in ensuring business continuity and operating “business as usual” in these uncertain times.
This article from Construction Dive highlights how several general contractors are managing the uncertain situation.
If you’re a CFMA member, we’ve found their collection of resources to be incredibly helpful. Click here to access their COVID-19 Resource Center.