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Construction billing format for Operations

[Music] in this video we'll review subcontractor invoicing open the subcontractor's invoicing folder as the project progresses you will get subcontractor invoices we will use this folder to track and process them this folder contains a subcontractor invoicing checklist each invoicing period will use the subcontractor invoicing checklist to track and manage subcontractor invoices received each invoicing period use this checklist to confirm you have received the appropriate documents to be able to process payments and track the total amount of invoices that need to be paid from your company to your subcontractors at the beginning of your project you may simply copy over your subcontractor log to this checklist so you have all the subcontractors listed appropriately let's go through an example in this example we have a demolition contractor who is submitting an invoice on our project they sent us an invoice for the first month because they performed demo work we will use this subcontractor invoice checklist this is a checklist that allows us to see all the invoices we received on the project first let's copy our subcontractor list from our subcontractor log onto this invoice checklist for future use this month only our demo contractor is invoicing let's say in this example he's invoicing twelve thousand eight hundred dollars we can highlight his company then go through the checklist to make sure he's provided all the required documentation has he sent in his pay application yes schedule of values yes have we confirmed that the work is complete and his invoice amount is accurate yes has he provided a conditional release yes how about an unconditional release nope since this is his first invoice he has no unconditional release from his previous month has he sent in his original signed invoicing forms yes and that's it of course you'll have invoices that may come in incomplete or invoices that have unapproved amounts on them this checklist can help you track those issues and get them resolved quickly having all your information in one place will help you accelerate this process note you can also add or modify these checklist items as needed if there are any other documents your company or your project requires or other steps your team needs to follow you may add them to this document for tracking you will see at the bottom of this checklist is a total of the invoices to be paid this will allow you to know what the total subcontractor payout is for each of your invoicing periods this log can be saved or printed and kept with copies or originals of your subcontractor invoices each month for your records now that we've covered subcontractor invoicing it's time to look at potential changes on your project the video below dives into the process of managing potential change orders managing change orders and potential change orders can be one of the most difficult and messy processes for any contractor this pco system was specifically designed to help you manage all changes on your project in one place i had one contractor who was performing well for a client on a complex summer remodel project this project was challenging and though the contractor was performing well the contractor was drowning in all the project design changes they could barely keep up after learning that they were missing over a hundred and twenty thousand dollars in change order claims they implemented this pco system to get back on track within one month all of their claims were in order their paperwork was filed change orders were submitted to the client and all their change orders were approved by the client for the added work not only that but their client was happier with them because the change order process was so organized and clear since then they've been called back for more projects so let's dive into this video and learn how you can create a winning process for your company to manage potential change [Music] orders