Can you really afford to not track progress payments accurately?
Progress Payment Certificate Template
Tracking and recording where money is being spent is crucial to any project. If you don’t track payments accurately from day 1 of your project, you are likely to blow the budget and it will quickly turn into a mess.
This could then turn into a dispute with your client and contractor. Avoid disputes at all costs.
Can you really afford to not track payments accurately?
Provide a Mechanism for your Client to make Payments
A Progress Payment Certificate, a Payment Certificate, a Progress Claim or a Certificate for Payment. These are all names for the same type of document.
So what exactly is this type of document?
A Progress Payment Certificate is a document that provides evidence that work has been verified and completed. Typically it is for the construction industry to approve payments for completed work.
If you are creating a certificate, it needs to be accurate and professional. It provides an approval for the Client to make a payment to the contractor, so you are verifying that work has been completed.
If you are creating a certificate, it needs to be accurate and professional.
It allows you to track all expenses including agreed contract sums as well as variations.
Can you risk losing track of payments for the project you are working on?
Track Payments Easier
Tracking payments can be a difficult process if you don’t keep on top of things. You need to understand the original contract as well as variations and track the approval and payment of these through the Payment Certificate.
Variations can be complicated
Tracking payments can be a complicated process particularly when variations start to occur. Unless you are a mathematician, you can make easy mistakes.
Using a template saves a colossal amount of time. Reinventing the wheel is simply a waste of time.
Required by law
Depending on where you operate or what country or territory your business operates in, a Certificate of Payment to approve payments between the Client and Contractor could be required by law. Make sure you find out so you can be confident you have met minimum standards.
The last thing you need is a government department chasing you down because you are not meeting regulations.
5 Reasons You Must Track Payments Accurately
5 good reasons you should be tracking money accurately include:
1. There will be less disputes
You don’t want a dispute between your Contractor and Client. Tracking things accurately avoids disputes.
2. You will be more organized
It will force you to do your job properly, to be organized and to understand all aspects of the budget for the project.
3. You will have more confidence
You will be able to answer questions with confidence about cost overruns or approved changes.
4. You will look more professional
It will make you look more professional which in turn should bring you repeat work.
5. A Certificate of Payment will reduce stress
Knowledge of the detail allows you to relax more. The unknown can create stress. You will be able to sleep at night knowing where money has been spent and be able to answer to your Boss or Client.
Take a Look at the Contents
Review the Certificate of Payment Template form below. This is produced in MS Excel and can easily be amended to suit your business or project.
Certificate of Payment Template
There is no Digital Documents Direct Watermark on the template.
Also Included Free
When you purchase the template above we also include the Digital Documents Direct Invoice Register Template.
Check it out below.
What is Included?
MS Excel .xlsx
Progress Payment Certificate Template
Number of Files
Invoice Register Template
Number of Files
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Our templates are easy to use and apply. Use MS Word to find and select the information that needs changing to customize it to your business needs.
To assist you in customizing the template quickly and easily, all items that need changing to suit your business are highlighted in red. You can simply use the Find and Select tool in MS Word (Ctrl+H) to identify all relevant items in one hit and replace instantly.
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Using templates saves a huge amount of time.
All the best with your project.
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