Every contractual agreement for goods and services includes the requirement for requesting and approving payment due and tracking payment status. In Construction, this process is a massive undertaking for Cost/Project Managers. They need to collect payment applications from every Supplier on the project and ensure they accurately reflect the work completed based on their work items for the current billing period before they can submit their own payment application to the Owner.
So as you can see, for the Cost Manager, the pay application process can be complex and time consuming while also being a critical function to get right. To make it even more complicated, it typically involves several disconnected solutions ranging from paper to emails to multiple Excel files. Previously, this convoluted process increased the risk of error and required the Cost Manager to update information in various places, making it difficult to have a real-time view of how payments affect the project budget or the ability to track previous pay application information next to the current periods.
BIM 360 now helps teams eliminate this pain and confusion with the release of pay applications within BIM 360 Cost Management. Helping teams automate the payment process, easily track completed and pending payments, and have an integrated, real-time view of the financial health of the project.
Payment Applications with BIM 360
BIM 360 Pay Application Workflow
Easily create prime contracts and manually generate the Schedule of Values. Or automatically generate the Schedule of Values from selected budget items within the Budget tab. This feature
creates a direct connection between the main contract and the supplier contract, enabling you to see what you will be paid in comparison to what you need to pay the suppliers.
Automatically generating the prime contact SOV from budget items
Viewing the connection between the supplier contract and the prime contract
COST & BUDGET PAYMENT APPLICATIONS
Effortlessly set up billing periods and manage incremental payment applications with the ability to track both pending payments and completed payments against the total work to be completed, making it easy to accurately forecast and balance cash flow. All supplier payment applications, change orders, and back-up sheets for each billing period are collated to provide the foundation for the budget payment application.
Seamlessly managing incremental payment applications
Cost Management allows you to create standard documentation formats that automatically populate directly from the system. With this feature you can have your must-have payment documents populate automatically with BIM 360!
Want to learn more about BIM 360 Cost Management?