Managing payout applications for payment has always been a complex and frustrating process for contractors as it directly impacts cash flow.
Chief Economist for the Associated Builders and Contractors (ABC), Anirban Basu, recently stated, “ABC’s survey data indicates that we are in the early stages of a nonresidential construction spending downturn. With few exceptions, declines in backlog have begun to accelerate across all markets and regions.”
This white paper discusses the impact and steps to consider to improve your payout app process and the questions all contractors should be asking. One way is to explore technology to help document and verify with real-time data.