TLDR: Implementing a subcontractor invoicing checklist and a pco system can help contractors track and process invoices, manage payments, and organize change orders more effectively, leading to client approval and more project opportunities. 00:00 💡 Track and process subcontractor invoices using the subcontractor invoicing checklist to confirm receipt of documents and manage payments. 00:50 💡 Copy over subcontractor log to invoice checklist, list all received invoices, and track payments for each subcontractor. 01:37 🏗 Ensure subcontractor has provided all required documentation, confirmed work completion and accurate invoice amount, and submitted original signed invoicing forms. 02:20 📝 Keep a checklist to track and resolve issues quickly, and customize it as needed for your company or project requirements. 02:39 💡 Keep track of subcontractor invoices to know the total payout for each invoicing period and make potential changes on your project. 03:09 🏗 Managing change orders can be difficult for contractors, but the pco system helps manage all changes in one place. 03:44 💡 Implementing a pco system helped a company organize change order claims, leading to client approval and more project opportunities.
Hey John - A conditional lien release is a document that is typically provided with a contractor's invoice, which, upon payment, releases the contractors right to file a lien on the work performed up to the point they are invoicing for. Once payment is received, an unconditional release is provided. Here is a link to more info on this: getbuilt.com/blog/conditional-and-unconditional-lien-waivers-what-they-mean-and-when-to-use-them/ Let me know if you have any other questions. Thanks!
TLDR: Implementing a subcontractor invoicing checklist and a pco system can help contractors track and process invoices, manage payments, and organize change orders more effectively, leading to client approval and more project opportunities.
00:00 💡 Track and process subcontractor invoices using the subcontractor invoicing checklist to confirm receipt of documents and manage payments.
00:50 💡 Copy over subcontractor log to invoice checklist, list all received invoices, and track payments for each subcontractor.
01:37 🏗 Ensure subcontractor has provided all required documentation, confirmed work completion and accurate invoice amount, and submitted original signed invoicing forms.
02:20 📝 Keep a checklist to track and resolve issues quickly, and customize it as needed for your company or project requirements.
02:39 💡 Keep track of subcontractor invoices to know the total payout for each invoicing period and make potential changes on your project.
03:09 🏗 Managing change orders can be difficult for contractors, but the pco system helps manage all changes in one place.
03:44 💡 Implementing a pco system helped a company organize change order claims, leading to client approval and more project opportunities.
Can you explain conditional release and unconditional release?
Hey John - A conditional lien release is a document that is typically provided with a contractor's invoice, which, upon payment, releases the contractors right to file a lien on the work performed up to the point they are invoicing for. Once payment is received, an unconditional release is provided. Here is a link to more info on this: getbuilt.com/blog/conditional-and-unconditional-lien-waivers-what-they-mean-and-when-to-use-them/
Let me know if you have any other questions. Thanks!