CU Nov-Dec 2023
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SOFTWAREfocus<br />
Payapps<br />
Payapps, winners of the Cloud Computing category at this year's Construction Computing Awards,<br />
have enhanced their offerings in the construction payment management field with the acquisition of<br />
WebContractor Holdings<br />
In an industry not noted for its adherence<br />
to prompt payment schedules - and<br />
which is also facing rising costs and<br />
disappearing profit margins - the efforts of<br />
Payapps, established in 2014, in<br />
streamlining and simplifying payments to<br />
subcontractors has already benefitted over<br />
40,000 customers worldwide. Their<br />
influence is going to expand further,<br />
following its acquisition of WebContractor<br />
Holdings, a UK based construction<br />
software company, similarly focussed on<br />
subcontractor applications for payment.<br />
Payapps, with offices in the UK and<br />
Ireland, America, Australia and New<br />
Zealand, is already processing payments<br />
of over £40 billion per annum. The<br />
acquisition of WebContractor Holdings will<br />
enable the company to provide even<br />
greater value for its' customers. As a cloudbased<br />
application, Payapps optimises the<br />
management of contractors' and subcontractor's<br />
finances by leveraging the<br />
information available within aproject team's<br />
distribution channels. It brings main<br />
contractors and sub-contractors together to<br />
expedite applications for payment and<br />
certifications, retentions and variations.<br />
The software works as a stand-alone<br />
application or with other leading<br />
construction, project management, ERP<br />
and financial applications perhaps already<br />
being used by the contractor, providing a<br />
simplified accounting solution that reduces<br />
input errors, keeps easier track of all<br />
transactions, and eliminates disputes.<br />
Payapps has been purpose-built to be<br />
used by commercial managers, contract<br />
administrators, CFOs and company<br />
Accountants, and directed at main<br />
contractors and subcontractors, keeping<br />
data consistent and producing fast and<br />
accurate applications for payment.<br />
Managers can therefore spend more time<br />
on projects instead of chasing, correcting<br />
and managing paperwork.<br />
Payapps is designed to cut the time it<br />
takes to assess and certify applications for<br />
payment in half, and to keep track of<br />
payments against project budgets, stay<br />
compliant with security of payment<br />
legislation and minimise disputes with<br />
subcontractors.<br />
Subcontractors and sole traders can also<br />
use it to make accurate applications for<br />
payment, see the status of all applications<br />
and get faster certification. They can also<br />
manage both approved and unapproved<br />
variations and retentions, ensuring that<br />
nothing is missed, and improving their own<br />
business cash flow. Variations are<br />
accurately reflected from main financial and<br />
project management systems for complete<br />
transparency and accuracy, and can be<br />
managed within or outside the application<br />
or payment cycle.<br />
Retention funds across an entire project<br />
ensures that nothing is missed once a<br />
project is complete, and retention funds<br />
can be invoiced in full.<br />
ELIMINATING PAPERWORK<br />
Users can discard error-prone<br />
spreadsheets, handwritten forms and other<br />
documents, which can easily be lost or<br />
damaged, and instead use standard<br />
applications for payment, with a single<br />
submission from any connected device.<br />
Payapps increases payment application<br />
visibility so you can see where all<br />
applications for payment are at in real-time,<br />
meaning you don't need to waste time<br />
chasing up payments with phone calls and<br />
emails or looking for misplaced paperwork.<br />
Payapps can also be used to reduce risk<br />
and improve UK Construction Act<br />
compliance. Payapps provides a central<br />
document repository for all compliance<br />
documents, such as licenses and<br />
insurances, as well as evidence and<br />
supporting documents, comments,<br />
modification reasons and images to backup<br />
applications for payment.<br />
The application will send reminders and<br />
help users to meet submission and<br />
certification deadlines, and auto-generated<br />
payment schedule documents facilitate<br />
accurate and timely payments. A detailed<br />
history of individual applications for<br />
payment with timestamps provides an<br />
accurate audit trail, reducing the risk of<br />
payment disputes. Subcontractor<br />
document compliance is ensured with<br />
verification required for application for<br />
payment submission and certification.<br />
Commenting on the acquisition, Geoff<br />
Tarrant, Executive Chairman of Payapps,<br />
said, "The WebContractor platform and<br />
highly complementary ream will strengthen<br />
our offering to further meet the needs of the<br />
UK and Irish markets." His words were<br />
echoed by Dan Nichols, CEO of<br />
WebContractor, who said, "I am excited by<br />
the opportunity for WebContractor and our<br />
contribution to the evolution of Payapps."<br />
SETTING UP PAYAPPS<br />
Payapps is fast and easy to install,<br />
enabling users to be up and running very<br />
quickly. It can be set up to run with<br />
unlimited users and multiple entities,<br />
projects, and even currencies in a single<br />
account. It is fully secure too, with different<br />
permissions assigned to specific sections,<br />
optional single sign-on and multi-factor<br />
authentication. Detailed reports are<br />
available using individual or custom<br />
dashboards, and range from Retention<br />
Ageing, Compliance, Contract Summary,<br />
Variations by Project and Applications for<br />
Payment by Project.<br />
www.payapps.com<br />
<strong>Nov</strong>ember/<strong>Dec</strong>ember <strong>2023</strong> 31