Can you really afford to not make regular progress claims and protect your cash flow?
Progress Claim Template
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It is Critical to Safeguard your Cash Flow
A progress claim allows you to claim for payment progressively as works are completed. Can you afford to wait until the end of the project before requesting payment?
Use a progress claim to protect your cash-flow and help to protect your business from significant loss. You must make regular claims for several reasons.
Two very important reasons include:
1. What if your client goes broke half way through their project? If you haven’t been making progress claims chances are you will lose the lot. Progress claims help to reduce the risk of losing everything.
2. Cash flow keeps your business alive. Protect it as much as you can.
You can also use this progress claim template for approving sub-contractor claims if you are managing a project.
A progress claim template will help you create your progress claim easily and accurately.
Provide a mechanism for your Client to make Payments
A Progress Claim, Progress Payment Certificate, a Payment Certificate, 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 Claim 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.
It allows you to track all expenses including agreed contract sums as well as variations.
Can you afford to 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 using the Progress Claim.
Variations can be complicated
When variations start to occur on any project it can get confusing. You need to distinguish between the original contract sum and any approved variations. You also need to track completion of the works on site for both the original works as well as any variations.
Then on top of that you need to ensure you are claiming everything accurately and not missing out on any services or materials you have provided.
Unless you are a mathematician, you can easily make mistakes.
Using a template will save you a huge 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 Progress Claim 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 expenses against the contract 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. Reduce stress
Understanding 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.
Review the Detailed Contents
Review the Progress Claim Template below. This is produced in both Microsoft Excel and also Microsoft Word format. It can be easily be amended to suit your business or project.
Progress Claim Template – Microsoft Excel Format
Progress Claim Template – Microsoft Word Format
The example below is the same document however is produced in Microsoft Word.
Free Bonus No.1
Invoice Register Template
When you purchase the Progress Claim Template above we also include an Invoice Register Template. Review the template 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.
Free Bonus No.2
Variation Order Request Template
The second free bonus is a Variation Order Request Template. Review the template below.
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?
Progress Claim Master Template
Microsoft Excel and Microsoft Word
Invoice Register Master Template
Variation Order Request Master Template
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Our Master Templates are simple to use and put into action. Use Microsoft Word to find and select the relevant information to customize them to your needs.
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To assist you in quickly and easily customizing our Master Templates, all items that require customization are highlighted in red.
Simply use Microsoft Word’s Find and Replace tool (Ctrl+H) to identify and replace all relevant items in a single hit, or scroll through and change the items highlighted in red.
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All the best with your project.
P.S. Can you really afford to not protect your cash flow? Your business depends on it. The price of our products do rise based on upgrades and improvements. We encourage you to buy today not only to avoid missing out at this price, but also to immediately reap the benefits of making regular progress claims.
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