Digitise and automate progress claim management, retentions and payment certificates.
Digitise and automate progress claim management, retentions and payment certificates.
Automate progress claims, payment certificates, retentions and other payment administration tasks without a single spreadsheet or word file:
Learn more about Payments in Mastt below. 👇
A progress claim is a request for payment for work completed to date on a project.
Progress claims outline the value of work performed against various line items and are typically submitted monthly or at completion of contractual milestones. Project Managers are often the contract administrator / superintendent who will receive progress claims from the appointed consultants and construction contractors, performing detailed assessments of work completed before issuing a Payment Certificate. This process is often aided by cost managers and quantity surveyors, and governed by the Security of Payments Act.
Common challenges we see managing payments.
❌ Time Consuming: Setting up, maintaining & troubleshooting spreadsheets, entering progress claim data, producing payment certificates, schedules and other documents take a very long time.
❌ Previous Payments & Variations: Reconciling the contract, variations and previously paid amounts requires constant maintenance and is error prone.
❌ Complex Cost Tracking: Linking payment information from progress claims back to contracts, variations and budgets creates wild formulas that are error-prone and cumbersome to maintain.
❌ Incorporating Actuals: Manually integrating or updating actuals from an ERP system or other reports from finance/accounting departments is extremely difficult and boring.
❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.
❌ Compliance: Ensuring accurate financial reporting and compliance with regulations such as the Security of Payments Act is complex and never certain.
💡 Simple Payment Creation: Easily create and submit progress claims, payment certificates, with Mastt’s easy to use system.
💡 Contract Suite Templates: Select from standard form contract suites to create and configure contracts, letters and retentions quickly, saving time + ensuring compliance.
💡 Automated Certificates: One-click to produce progress claim & payment certificates, tailored to your contract suite.
💡 Real-Time Tracking: Monitor the status of payments in real-time, providing transparency and accountability.
💡 Easy Drill Down: Access payment data quickly for detailed interrogation and faster decision-making, enabling deeper insights.
💡 Integrated Budget Tracking: Link progress claims directly to project budgets and milestones for accurate financial tracking.
💡 Comprehensive Registers: Maintain organized records of all progress claims, including supporting documents and approval history in automated registers.
💡 Compliance : Keep track of payment compliance requirements, such as legislative mandates, insurances, and retentions.
💡 Auditing: Maintain a log of changes for compliance and record-keeping.
Mastt's intuitive payment management tools simplify your workflow, making it easy to get started today.
🔷 Create Payments: Record progress claims, payments, retentions and more with detailed status control from submitted through to paid.
🔷 Submitted vs Approved: Record submitted amounts, approve or adjust them, and add comments before issuing a payment certificate.
🔷 Retentions: Apply retentions per progress claim in accordance with terms directly within contracts, specifying percentages and release conditions.
🔷 Certificate Automations: Instantly generate compliant payment certificates, eliminating the need for spreadsheets / word manual formatting.
🔷 Attach Documents: Attach key documents and artifacts directly to the payment for easy reference.
🔷 Certificate Templates: Select from standard form contract suites to create and configure payment certificates, letters and retentions.
🔷 Payment Register: Track all payments in a single, automated register that updates with variations and payments.
🔷 Charts and Visualizations: Utilize out-of-the-box charts and visualizations for all payment data.
🔷 Auto Reporting: Automatically generate reports and dashboards from your charts, streamlining your reporting process.
🟢 Always Read and Understand the Contract: Upload key information from the contract into Mastt to you follow payment clauses correctly.
🟢 Stay Compliant: Ensure variations and payments are managed in accordance with the contract, specified timings and any regulations.
🟢 Centralize Storage: Keep all contract documents in one secure location for easy access and retrieval.
🟢 Keep Record and Audits: Maintain a detailed history of key contract actions in registers.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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