Stop Payment Management
With VirtualBoss you and/or your accountant will not
forget what you want done before payments are made. With VirtualBoss you will
have reports that will tell you exactly what is not done that should be done.
You can print a to-do list for any subcontractor. To do lists can be filtered
down to what should be complete that is not complete. When it is time to write
a check to a subcontractor you can run this report and be able to give good
reason (documented in writing) for not paying or back-charging or holding pay.
Once you determine you want to hold pay for somebody, send work orders instead
of a check. Sending work orders instead of a check lets a subcontractor know
you are serious about getting the job done.
If you do not use VirtualBoss to stop payments you can use it
when sending out checks to update subcontractors as to what needs to be done.
When you hand a subcontractor their check with a list of things
that should have been done and ask, "can you have these items done before
the next check is written?" They will almost always answer yes. It is
remarkable just how fast the outstanding to-do list disappears.
VirtualBoss also tracks insurance and workers' compensation
expiration dates. As a contractor, you know how much work is involved with
tracking and making sure your subs have up-to-date insurance and workers'
compensation. Building contractors that properly track insurance and workers'
compensation spend a lot of time sorting, filing, and looking up things that
VirtualBoss can for you. Most contractors do not do a good job tracking this
sort of thing. Being able to show to your sales prospects that you have a
system for ensuring that your subcontractors have proper insurance can really
make you shine next to your competition.
Prevent unnecessary losses due to improper insurance, use your
system as a sales tool, and use your #1 asset (you hold and write the checks)
to get the job done. The contracting industry is going to change quickly. Be on
the wave and stop wasting time doing things the old way. Make your company look
professional and give yourself a real edge over your competition.
When you give a list of what still needs to be finished instead
of handing over a check, it leaves little room for questions.
To see more on how VirtualBoss can help your operations,
click on one of the following links OR
click here to go back to Virtual Boss Home
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August 24, 2007