Hey everyone,
We are hearing more and more about the importance of tracking lower-tier subcontractors and suppliers. Some of this is being driven by project owners and lenders who are becoming more sophisticated and trying to reduce risk as much as possible. It is also important for general contractors to have more insight into what subs should be joint-checked or even just watched closely to mitigate their own risk.
Most general contractors we talk to have good intentions to track lower-tiers lien waivers, sworn statements, and payment amounts but execution falls short due to the huge administrative burden that it takes to collect all of the information and keep it organized.
As we dove headfirst with our customers we kept notes and wanted to share what we learned through our conversations.
Blog: A General Contractor's Hidden Risk: Lower-tier Subs and Vendors
Blog: What Subcontractors Hide from General Contractors - and Why
Template: Lower-tier tracking spreadsheet
These best practices are a good start but what we really heard was that people needed more help.
This is why we added some huge automations to our lower-tier tracking feature in Flashtract. We took all of these best practices noted above and put them in the software as configurable rules that your subs and your lower-tier subs have to comply with. This removes the manual work for your team while reducing the risk to you and your client.
We are having a webinar on August 30th at 2:00pm ET to talk through some of the best practices for tracking lower-tiers and showing you how you can use Flashtract to automatically track every lower-tier without adding any work to your plate. Hope to see you there!
Register here: https://us02web.zoom.us/webinar/register/3616929129798/WN_l1kXfVu3SyqsrDXh68E7JQ
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Blair Chenault
CEO
www.flashtract.comSoftware for pay apps, lien waivers, compliance, and payments
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