Contractor Payments

Contractor payments are made to individuals or companies who provide services on a contract basis. Contractors provide a wide range of services in project management, including construction, maintenance, consulting, and a host of professional services. Payments may be made on an hourly or daily rate, as a lump sum payment on completion of a set task, as a milestone payment or instalment, or as a regular ‘retainer’.

Contractor payments often involve a formal invoicing and payment process to meet the correct contract conditions and requirements. You might, for example, require authorisation by a senior or qualified manager in the case of electrical work, or proof of completion in the case of construction workers building a structure on-site.

Today, reviews and approvals can be made directly using mobile connected devices with proof of delivery accompanied by online forms, signatures and photographs. Contractor Payments ensures that all your contract requirements are met before any payment is made. Notifications to owners and responsible managers make the entire process faster and more efficient, and automatic updates to financial software tools provide instantaneous project updates across your portfolio.

Fast and efficient contractor payments are an important part of any organisation engaged in project management, especially in today’s competitive environment. This is because you need access to specialised skills and services on a temporary or project basis. Effective management of contractor payments helps ensure fair and prompt payment for services rendered so contractors can get on with their next task and feel good about working for you again. A better payments management process also means faster and more efficient project delivery, keeping tabs on progress and helping you meet all your expenditure and regulatory requirements.

Using Contractor Payments helps to build an effective project portfolio management system in several key ways:

• Increased efficiency: Automation of the payment process will save you valuable time and reduce errors, making the process of managing and paying contractors more efficient.
• Improved accuracy: Electronic invoicing and payments avoid errors associated with manual data entry and prevent payments being lost or disputed.
• Better security: Electronic payments are often more secure than a traditional invoicing system, with in-built financial statements and reporting to reduce the risk of fraud and other security issues.
• Stronger financial management: Real-time tracking and reporting gives organisations a stronger understanding of their expenditure process, helping them to better track and manage finances overall.