- Automatically calculate earned revenue for Unit Price and Lump Sum pay items
- Automatically calculate earned revenue for Time & Expenses pay items
- Automatically calculate payments owed to subcontractors and suppliers
- Create output to give to accounting, or to customers
Hard Dollar BID*BUILD Pay Requests & Approvals module monitors the work performed on a job and keeps track of the revenue you’ve earned, and the expenses you’ve incurred. Equally suitable for jobs involving Unit Price, Lump Sum, and Time & Expenses pay items, the Pay Requests & Approvals module eliminates the endless calculations and internal inquiries that occur every billing cycle to determine how much to bill, and how much to pay subcontractors and vendors. Just set up the rules once, and BID*BUILD takes it from there, constantly monitoring the work completed – and the time and expenses recorded – on a job to calculate earned revenue (pay requests) and payments owed to subcontractors and suppliers (pay approvals).
Automatically calculate earned revenue for Unit Price and Lump Sum pay items
- Select any pay items in the job to be treated as Unit Price, Lump Sum, or Fixed Final Pay items
- Define which activities (cost items from the job’s work plan) are to be earnings drivers for each Unit Price or Lump Sum pay item
- Specify when revenue is earned for each earnings driver, either when the activity starts, when the activity finishes, or by percentage complete
- Automatically calculate earned revenue for each Unit Price, Lump Sum, or Fixed Final Pay item based on the status of the activities selected as earnings drivers
- Enter the “accepted” quantity for each pay item to handle situations where you’ve earned more revenue than you can bill for
- Keep track of unbilled revenue that has been earned since the last bill date
Automatically calculate earned revenue for Time & Expenses pay items
- Select any pay items in the job to be treated as Time & Expenses items, including new items resulting from job changes
Define billing rates for resources (labor, equipment, rentals, materials, and more) by specifying the billing rate, or by applying a markup percentage or amount on top of the internal cost rate- Define billing rates for resources one resource at a time, or many at once, using multi-edit
- Define billing rates for resources that are unique to a specific job
- For the calculation of earned revenue, apply additional markup/overhead percentages on top of the billing rate or internal cost rate
- Automatically calculate earned revenue for each Time & Expenses pay item based on the billable timesheets and expenses recorded for the job
- Keep track of unbilled revenue that has been earned since the last bill date
Automatically calculate payments owed to subcontractors and suppliers
- Define which activities (cost items from the job’s work plan) are to be earnings drivers for each subcontracted Unit Price or Lump Sum pay item
- Automatically calculate payments owed for each subcontracted Unit Price, Lump Sum, or Fixed Final Pay item based on the status of the activities selected as earnings drivers
- Automatically calculate payments owed for each subcontracted Time & Expenses pay item based on the invoices received from subcontractors
- Specify revenue is earned when by the subcontractor for each earnings driver, either when the activity starts, when the activity finishes, or by percentage complete
- Keep track of payments earned by subcontractors since the last bill date
- Automatically calculate payments owed to suppliers based on the invoices received, and expenses recorded, for each supplier
- Keep track of payments owed to suppliers since the last bill date
Create output to give to accounting, or to customers
- Print any number of user-defined reports for internal purposes to show how earned revenue was calculated
- Print any number of user-defined reports for internal purposes to show how payments owed to subcontractors and suppliers were calculated
- Print Time & Expenses reports for your customers that show the billable time and expenses recorded for a job for any time period
Module Prerequisites
Your company must have at least one license of the following BID*BUILD module(s):
Work Planning & Estimating
Proposal Development
Job Tracking
