Can you really afford to not track progress payments accurately?
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?
Give your Client full confidence to approve 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.
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.
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?
An affordable way to 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 valuable reasons you should track payments accurately
Tracking progress payments accurately is part of providing a professional service. Below are 5 valuable reasons it is a good idea to ensure you track payments in a professional manner.
1. There will be less disputes
The last thing you want is a dispute between your Contractor and Client. Disputes waste time and degrade relationships. 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. Improving your professionalism brings many benefits such as better revenue and profit.
5. A Certificate of Payment will reduce stress
Knowledge of the detail allows you to relax more. Ever been stressed about an issue, and then when you looked into the detail the stress disappears almost instantly? The unknown is the part creating the 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.
Time Saver Template
Use a template and save a significant amount of your valuable time. If you don’t have time to create your template from scratch, you can simply download this template and add your figures and details quickly and easily.
This template is produced in both Microsoft Excel and also Microsoft Word format. It can be easily be amended to suit your business or project. There are no Digital Documents Direct watermarks on the templates.
Progress Payment Certificate Template – Microsoft Excel Format
This is the same certificate but has been created in Microsoft Word. Refer to below.
Progress Payment Certificate Template – Microsoft Word Format
Free Bonus – Additional Templates
When you purchase the Progress Claim Template above we also include the following two templates free.
1. Invoice Register Template
2. Variation Order Request Template.
Review the templates below.
Invoice Register Template
This can be used for tracking your own invoices or sub-contractors invoices. This template has been created in Microsoft Excel. Review it below. You can click the image to enlarge.
Variation Order Request Template
Obtaining approval for variations is an important step in ensuring you maintain a professional service to your Client or Customer. Use a Variation Order Request to ensure you have all variations approved before you commence work.
Review the template below.
What is Included?
Master Template File Types
Microsoft Excel .xlsx and Microsoft Word.docx
Progress Payment Certificate Master Template
Microsoft Excel and Microsoft Word
Invoice Register Master Template
Variation Order Request Master Template
Easy, Quick, Efficient…..Done
Time Saving Templates
Our Master Templates are easy to use and apply. Use Microsoft Word to find and select the relevant information to customize it to your needs.
Customize in Minutes with Red Highlights
To assist you in customizing our Master Templates quickly and easily, all items that need customizing are highlighted in red. You can simply use the Find and Select tool in Microsoft Word (Ctrl+H) to identify all relevant items in one hit and replace instantly or simply scroll through and change the items in red.
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Can you really afford to not track financial aspects of your project or business accurately? There are so many valuable benefits of using a Progress Payment Certificate. Don’t cutting corners and risk mistakes. Track all payments accurately to ensure your project runs efficiently and profitably.
Using templates saves a huge amount of time.
All the best with your project.
Is this complicated Software or Subscriptions?
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