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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 />

November/December 2023 31

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