We provide a number of simple to use tools that simplify the management of documentation, invoicing, and payments throughout a construction project. Our system helps every project participant keep better track of the project details that matter the most to them, and ensures that appropriate funding is available to keep invoice payments flowing smoothly, and in a fraction of the time when compared to today's antiquated payment processes!
Simple Budget Tracking
LMS Project provides easy to use tools to create a project budget and the required project funding. Our automated online invoicing process ties directly back to the budget to ensure that project participants have real time access to spending and project progress. Change order management ensures that project additions are identified and properly funded when they occur, and that everyone is paid for the work performed.
Automated Draw Requests
Our online budgeting and invoice assignment system allows contractors, lenders, and property owners to process construction draws in just a few clicks of a mouse! We simplify todays construction draw process by providing all participants with a single unified view of project spending which enables automatic, online creation and submission of draw requests.
Our system includes easy to use invoicing tools that allow contractors to submit invoices to a project immediately after work is performed. Whether it’s at a computer, in front of their billing system, or on the road from their mobile phone, LMS Project provides simple tools to help contractors submit and track invoices throughout a project’s lifecycle.
Online Lien Release Collection
LMS project not only ensures that lien releases are collected BEFORE payments are released, but also makes sure that payments are available to contractors immediately upon submission of their release documents. With online signatures and automatic document preparation, we make lien release collection and tracking completely painless for general contractors, lenders, and title agents alike!
Fast Electronic Payments
Online payment of invoices eliminates the need for the processing of paper checks. With the help of our banking partners, we initiate electronic ACH payments of invoices in as quickly as 24 hours after lien releases are submitted to the project. This eliminates the time-consuming process of mailing checks for disbursement agents, and allows contractors to receive payments directly to their bank accounts electronically, in as quickly as 24 hours after invoice submission!
Not only can we initiate payments quickly via EFT, we also ensure that the necessary documentation is available to you for routine tax filings and insurance audits. With an automatic W-9 collection tool, 1099 reporting, and insurance certificate submission, we take the legwork out of the necessary document collection and management necessary to pay subcontractors.
The Cash Flow Solution
Contractors are typically paid for work performed, which often means paying subcontractor and supplier invoices up front before they receive their payments from the property owner. If there’s a construction loan or disbursement agent involved, this can further delay contractor payment, which inevitably leads to contractors financing their customers' projects.
With LMS Project, invoice payments to subcontractors and suppliers come from a continually replenished project fund, and never out of the general contractor’s pocket. The general contractor no longer needs to juggle invoice balances, or delay payments to subs and suppliers, and also earns their payments as each invoice is approved on a project. This incentivizes payments instead of discouraging them, which incentivizes progress!