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Construction Finance June Newsletter 2017

June 1, 2017 Uncategorized 0 Comments

Construction Finance Invoice Factoring and Billing Services June 2017 Newsletter The dream team note: We are thrilled to announce our new division, Billing Services, at Construction Finance. Our accounting staff has experience invoicing MILLIONS PER MONTH.  We can help with Submitting Pay Apps on Time, Processing Payroll and Payroll Taxes Electronically, Lien Waiver Management, Issuing Preliminary Notices and General Accounting Processes in your Software.    These three amazing individuals are part of the heart and soul of the Construction Finance office in Jonesboro, Arkansas.  They are the ‘Dream Team’ in Construction Invoice Factoring!  John Sawyer(owner), Rachael Diaz(office manager)and Iris Feng(underwriting manager).

Construction Finance Billing Services Construction Factoring

Construction Finance Announces New Billing Department

So many growing subcontractors share with us that they need someone in the office to help with the stacks paperwork that accompany commercial contracts. In order to serve our clients and accomplish our mission, “To Help our Customers Grow” we saw a great need for billing support and answered the call.

Check out some actual comments from some of our clients:

-I am going to lock myself in a room on Sunday(my only day off) and “get caught up on paperwork” 
-My wife is doing all of our billing and payroll.  She has a day job, but tries to fit me in.  I need to hire another person.  
-I am going to hire a real CPA to “Take over the books”, but, its gonna be expensive.  
-This pay app is going to pay late because it was billed late.  
-We have plenty of work; we are swamped; we just don’t have time to slow down and bill for all this work.
I recently visited with an overworked electrical contracting crew that was  behind on his pay apps.  I stated, “you bill over $50.00 per hour, per man on the job.  Why would you pull off the job yourself to go do your quickbooks?  Do you get paid this much to do billing?  Has anyone ever offered you $50 per hour to be an accountant? I advised him to stay on the job sites for billable hours, and use sharper, more affordable experts to do his paperwork.
This reminds me of the story told by Stephen Covey about “Sharpening your Saw”.  Sometimes, you have to stop what you are doing, and “sharpen your saw” so you can do the job so much more efficiently and profitably in the future.  Read the story in it’s entirety here:  “Sharpen Your Saw”

At Construction Finance, we have shared with our clients that they have 2 choices.  They can hire new employees to streamline their paperwork and billing.  Typically, the applicant for this position needs to have accounting experience as well as be well versed in the commercial construction industry.  Needless to say, this is a difficult skill set to be filled by one person.   Ultimately,  this adds to overhead.  The indirect costs to bid the next project just increased.

Don’t have time to “Sharpen your Saw”?

Construction Finance offers “Back Office Support”.
Our in house accounting staff is very well versed in all aspects of your industry.  We keep our ‘Saw Sharp’.
Our accounting staff has experience invoicing MILLIONS PER MONTH.
Whether you need help with: 
-Submitting Pay Apps on Time
-Processing Payroll and Payroll Taxes Electronically
-Lien Waiver Management
-Issuing Preliminary Notices
-General Accounting Processes in your Software
Construction Finance offers Subcontractor Back Office Services.
Call Today to see of our Back Office Services could benefit your company.
Contact John Sawyer at 870-277-4171 or john@constructionfinance.com

Remember:

  • We are Here to Help You Grow
  • We Love Questions and Can’t Wait to Answer Yours
  • You Are Our #1 Priority

Watch these quick videos to understand how construction invoice factoring works:

How to Invoice Factor with Construction Finance

Construction Factoring Q & A

Our most asked questions and answers from last month

  • FAQ commonly asked by our Client’s Customers and General Contractors:

    • Customer/GC:  Will I have to change my contract/subcontract?
      Subcontractor:  No, your contract still has the same legal rights with the subcontractor.
    • Customer/GC:  Is my subcontractor “Selling his Contract” before the work is done?
      Subcontractor:  No, we only purchase invoice amounts for work already completed.
    • Customer/GC:  Will the invoices arrive come from a different person now?
      Subcontractor:  No, your Subcontractor continues to invoice you.  Only the remit to address changes.
    • Customer/GC:  Will setoffs or deficiencies be treated differently?
      Subcontractor:  No,  it is still the subcontractors duty to complete all requirements of the contract.
    • Customer/GC:  Is Construction Finance a collection agency?
      Subcontractor:  No, we purchase invoices as a Factor for a small discount.
    • Customer/GC:  Do I loose any rights with my current lien waiver process?
      Subcontractor:  No, Construction Finance will not purchase invoices that could potentially involve unpaid suppliers.  On the contrary, Construction Finance helps ensure our clients keep all underlying suppliers paid to prevent unwanted liens or bond claims.
    • Customer/GC:  So what really changes?
      Subcontractor:  The Remit to address for your payments to your Subcontractor.

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About the Author

Dia Sawyer

Dia Sawyer

My husband John Sawyer and I have 8 children and run an amazing business, Construction Finance. We have been married 23 years and are busy looking for new construction clients all while taxiing our busy children to activities.


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