Tag: Blogs

Blogs

Overbilling Impacting NZ Construction Projects: Payapps Report Finds

A new report reveals a staggering 64% of construction projects, including those in New Zealand, are plagued by overbilling. This alarming statistic, unveiled in Payapps’ “Building the Future” report, highlights the urgent need for tighter financial controls and digital solutions in an industry already grappling with rising costs. Key Findings: Overbilling widespread: with 47% of […]

Survey Finding: Overbilling Impacting Over Half of Construction Projects

A new report reveals a staggering 64% of Australian construction projects are impacted by overbilling, further exacerbating the industry’s ongoing struggle with rising costs. The findings, published in Payapps’ “Building the Future” report, shed light on the widespread nature of this issue and the urgent need for streamlined financial controls. Key Findings: Overbilling is rampant: Almost […]

Kiwi Construction Firms Losing 10+ Hours a Week to Admin? It’s Time to Break Free

New Zealand’s construction sector is booming, but a critical challenge looms a severe shortage of skilled labour. Amidst this pressure, a new Payapps report reveals a startling fact: Kiwi construction companies are three times more likely to spend 10 or more hours per week on repetitive administrative tasks compared to those utilising specialised construction software. […]

10+ Hours Lost to Admin? It’s Time to Break the Cycle and Build the Future of Construction

The Australian construction industry is facing a perfect storm: a surge in demand coupled with a crippling labour shortage.  In this high-pressure environment, new research from Payapps reveals a staggering statistic: Aussie construction firms are spending three times more hours each week on repetitive administrative tasks than their counterparts who have embraced digital solutions.  That’s […]

Building Bridges, Not Barriers: Enhancing Collaboration in Construction

In the New Zealand construction industry, seamless collaboration is essential for success. Our article “Building Bridges, Not Barriers: Conquering the Collaboration Conundrum in Construction”, featured in the June 2024 issue of Built Environment Economist magazine, delves deeper into this topic. The synopsis below provides an overview of how technological solutions like Payapps are modernising the sector, […]

Building Bridges, Not Barriers: Enhancing Collaboration in Construction

In the construction industry, seamless collaboration is essential for success. Our article “Building Bridges, Not Barriers: Conquering the Collaboration Conundrum in Construction”, featured in the June 2024 issue of Built Environment Economist magazine, delves deeper into this topic. The synopsis below provides an overview of how technological solutions like Payapps are modernising the sector, emphasising the […]

The Role of Main Contractors in Subcontractor Sustainability

In the construction industry’s complex ecosystem, subcontractors’ financial health is crucial for project success and overall industry resilience. Main contractors play a significant role in ensuring the stability of their subcontractors through ethical financial management and timely payments. Recent research highlighted by Business Scoop points to a concerning trend of a 28 per cent rise […]

The Role of Main Contractors in Subcontractor Sustainability

In the construction industry’s complex ecosystem, subcontractors’ financial health is crucial for project success and overall industry resilience. Main contractors play a significant role in ensuring the stability of their subcontractors through ethical financial management and timely payments. Recent research highlighted by ABC News points to a concerning trend of a 20 per cent rise […]

Perfect Your Payment Claims: Get Paid Faster & Avoid Disputes

In the construction industry, the preparation of a payment claim is more than a routine task—it’s a crucial step that ensures subcontractors are compensated in a timely manner for their efforts. Effective payment claims not only secure payments but also safeguard against contractual disputes. Here’s a comprehensive guide on how to prepare your payment claim, […]

Perfect Your Progress Claims: Get Paid Faster & Avoid Disputes

In the construction industry, the preparation of a progress claim is more than a routine task—it’s a crucial step that ensures subcontractors are compensated in a timely manner for their efforts. Effective progress claims not only secure payments but also safeguard against contractual disputes. Here’s a comprehensive guide on how to prepare your progress claim, […]

Secure Your Cash Flow: Importance of Submitting Accurate Payment Claims

Are you tired of chasing payments when you should be focused on your craft? Payment claims are your lifeline to a healthy cash flow, but if they’re full of errors, you’re not just delaying your income, you could be losing out on legal protections designed for your business. In the construction industry, payment claims are […]

Secure Your Cash Flow: Importance of Submitting Accurate Progress Claims

Are you tired of chasing payments when you should be focused on your craft? Progress claims are your lifeline to a healthy cash flow, but if they’re full of errors, you’re not just delaying your income, you could be losing out on legal protections designed for your business. In the construction industry, progress claims are […]

WA Security of Payments Act: Stage 3 Reforms in WA’s Construction Industry

The Building and Construction Industry (Security of Payment) Act 2021 (WA) has brought about significant legislative changes in Western Australia, fundamentally transforming the way payment disputes within the construction industry are handled. These changes, aimed at enhancing payment protections for all industry participants, mark one of the most substantial overhauls since the introduction of the […]

‘Pay Now, Argue Later:’ New Zealand Court Reaffirms Key Construction Principle

Is your construction business vulnerable to payment disputes? This court case offers a warning. A recent High Court decision in New Zealand has underlined a crucial principle within the construction industry: ‘pay now, argue later’. The case, Kitchener & Co (1989) Limited v Concrete Solutions Limited [2024] NZHC 653, highlights the importance of timely payments to prevent costly project […]

‘Pay Now, Argue Later:’ New Zealand Court Reaffirms Key Construction Principle

Is your construction business vulnerable to payment disputes? This court case offers a warning. A recent High Court decision in New Zealand has underlined a crucial principle within the construction industry: ‘pay now, argue later’. The case, Kitchener & Co (1989) Limited v Concrete Solutions Limited [2024] NZHC 653, highlights the importance of timely payments to prevent costly project […]

A Review of UK Construction Payment Practices & Reporting – Q&A With Rob Driscoll, Industry Payment Advisor | UK

As part of its continued focus on educating and supporting the construction industry, contractor software provider Payapps presented a live webinar entitled ‘Construction Payment Practices Review – Building a Responsible Payment Culture’, where a panel discussed potential amendments to UK construction payment legislation and reporting. Industry experts shared their insights on building a responsible payment […]

What to Focus On When Engaging Construction Contractors

What to Focus On When Engaging Construction Contractors

HOW TO CHOOSE THE RIGHT CONTRACTOR FOR THE JOB. Getting the building phase of a project right is likely to make the build go relatively smoothly. Get it wrong and cost blowouts, disputes, quality problems and acrimony will generally result. SO WHAT SHOULD YOU AVOID? ACCORDING TO MANY EXPERTS, THERE ARE SEVERAL AREAS WHERE THINGS […]

Payapps and Subcontractors

Payapps and Subcontractors

BETTER INFORMATION RESULTS IN FASTER PAYMENT APPROVALS At first it might be hard to draw the connection between the quality of information you provide to the builder and how it can affect your cashflow and payment. Imagine, a builder can receive thousands of progress claims a month.  Without a system like Payapps, claims are submitted via email […]

Why The Relationship Between A Construction CIO And CFO Is Critical For Driving Innovation

Why The Relationship Between A Construction CIO And CFO Is Critical For Driving Innovation

THE RELATIONSHIP BETWEEN A CFO AND CIO IN THE CONSTRUCTION INDUSTRY CAN BE UNDENIABLY FRAUGHT. THE TWO EXECUTIVES OFTEN FIND THEMSELVES AT OPPOSITE ENDS OF THE BOARDROOM TABLE, ONE TASKED WITH REDUCING FINANCIAL RISK AND THE OTHER LOOKING TO GET AS MUCH PRODUCTIVITY AS POSSIBLE FROM AN OFTEN LIMITED TECHNOLOGICAL BUDGET. But financial services technology […]

Gaining a working understanding about technology adoption

Gaining a working understanding about technology adoption

New technologies are being introduced into the construction field at a dizzying rate, literally forcing construction professionals to adopt or risk being outpaced by competitors. The following paragraphs explore adoption issues the industry is currently struggling with and help equip construction professionals with the tools to understand what technology options are available, the language of […]

Tech Adoption Is No Longer A Nice To Have, It’s A Necessity

Tech Adoption Is No Longer A Nice To Have, It's A Necessity

AN INDUSTRY READY FOR CHANGE The building industry is central to our economy, contributing over 13% of our GDP and employing over 1.15 million Australians*. However the industry has been plagued by rising costs, stagnant productivity, high waste and low margins for decades. ‍ The all too familiar image above of mountains of paperwork and […]

The Next Five Years in Construction And How You Can Adapt And Thrive

The Next Five Years in Construction And How You Can Adapt And Thrive

The building industry is central to our economy, contributing 13% of GDP and employing over 1.4 million Australians. However, unlike other sectors, it has struggled to modernise and is challenged by rising costs, stagnating productivity, high waste and low margins. For many of us the pace of change can seem overwhelming and hard to stay […]

Your Guide To Minimising Construction Project Delays

Your Guide To Minimising Construction Project Delays

Let’s get the bad news out of the way first. Then the good news – and there is good news – can be placed in the right context. Delays in construction projects are a fact of life. In fact, they are an inevitable and unwelcome reality as one of the most common problems associated with […]

Your Guide to Construction Progress Claims

Your Guide to Construction Progress Claims

Need to lodge a progress claim in construction? This guide is for you. Managing progress claims in the construction industry can be tricky for contractors and subcontractors, largely due to the complexity, time, and size of construction projects. Depending on the systems being used, it can be difficult to track where a claim or a […]

Make Payment Claims Easier For Your Subbies – And For Yourself!

Once a project’s underway, many construction companies get overwhelmed by the sheer effort of managing the payment claim process. It’s at least as difficult (in proportion) for the many smaller businesses that represent your subcontractors. Fortunately, there’s a smarter (and less risky) way to work for everyone – and it doesn’t involve changing your accounting […]

5 Ways to Generate Trust in Construction

5 Ways to Generate Trust in Construction

The majority of clients and head contractors say they can’t trust their subcontractors to any appreciable degree – 68% according to KPMG. Equally, subcontractors feel they can’t rely on their head contractors, citing a number of reasons from poor payment processes and contract complexity through to poor planning and communication. HERE WE TOUCH ON FIVE KEY PRACTICES […]

Risk of Failing To Chase Payment

Risk of Failing To Chase Payment

In the construction industry, contractors often leave themselves vulnerable when it comes to chasing contractor payments. Many clients wait an average 8 months before even taking action against their overdue payments! This paves the way for Security of Payment disputes and places both income and profit at risk. Blog post originated by our good friends at Contractors […]

8-Point Guide to Project Management Software

8-Point Guide to Project Management Software

Construction business owners and project managers alike know how tough it can be to manage a project, but some are reluctant to change processes to find an easier solution to management. EXPLORE THE VALUE THAT CLOUD-BASED OPTIONS CAN BRING TO YOUR BUSINESS SCENARIO 1: WITHOUT PM SOFTWARE Before you have even had your morning coffee, […]

Responding to Requests Under the Security of Payments Act

Responding to Requests Under the Security of Payments Act

TIME FRAMES AND THE SECURITY OF PAYMENTS ACT THE SECURITY OF PAYMENTS ACT WAS PUT IN PLACE PRIMARILY TO ENSURE QUICKER PAYMENT FOR BUILDERS, BUT THERE ARE TRAPS FOR THE UNWARY IN THIS AREA THAT CAN HAVE SEVERE CONSEQUENCES. The regime provides a method for a builder to be paid for work done in a […]

On-Demand Webinar: Connecting the Construction Workplace of the Future

On-Demand Webinar: Connecting the Construction Workplace of the Future

What does the future hold for construction? The construction industry is central to our economy, however unlike other sectors, it has struggled to modernise and is challenged by rising costs, stagnating productivity, high waste, and low margins. Throw in a global pandemic, and the challenges are only exacerbated. Despite the recent events, a survey conducted […]

Poor Cash Flow Affects Your Business

Poor Cash Flow Affects Your Business

Poor cash flow can affect much more than the financial performance of your business. The non-financial costs of poor cash flow can have just as negative an impact on your business as the financial costs. HERE ARE 8 WAYS POOR CASH FLOW COULD BE AFFECTING YOUR BUSINESS. 1. INCREASED INTEREST AND BANK CHARGES When having […]

The Keys to Contract Valuation

The Keys to Contract Valuation

FIND OUT EVERYTHING YOU NEED TO KNOW Assessing project performance is vital to ensure that everything is on track to achieve the projected operational results and maintain profitability for the business. For many companies, this project performance assessment, or valuation, consists of a monthly review process that is typically compiled from manually created spreadsheet data […]

Construction Sector Needs Tech Innovation Not Regulation

Construction Sector Needs Tech Innovation Not Regulation

SEE WHAT OUR CEO HAS TO SAY ABOUT FINTECH AND CONSTRUCTION. The failed attempt to re-establish the Australian Building and Construction Commission (ABCC) by the Turnbull government has yet again put a spotlight on the productivity and lack of technology innovation in the Australian construction sector. Turnbull wants an independent body to keep an eye […]

Construction industry supply chains reshaped by technology

Cost increases place huge pressure on construction industry, leaders embrace digitisation as a way forward

Paper and spreadsheets meets digital solutions The construction sector relies heavily on having coherent workflows and paperwork. This ensures the smooth completion of project assessments and facilitates timely assessment and subsequent claim approvals on any given project. However, collaboration and communication along the supply chain are long-term pain points for the industry. Companies today are […]

Partner spotlight: ProcurePro

Partner spotlight: ProcurePro

A brief overview of your company ProcureProProcurePro is a procurement and contracting platform, enabling construction contractors to compare, select, approve and contract with subcontractors on the one platform. ProcurePro provides visibility, controls, consistency and efficiencies to the highly manual subcontractor procurement process, enabling quality that improves commercial outcomes for construction projects. What’s the biggest challenge […]

More than a buzzword: How collaboration can lead to growth in the construction sector

More than a buzzword: How collaboration can lead to growth in the construction sector

In the construction industry, we’re often thinking about risk and how we can mitigate it. The last two years of the COVID-19 pandemic have propelled ongoing issues into a heightened state, and left many organisations big and small struggling to meet project requirements, secure supplies and pay contractors and subcontractors on time. At Payapps we’re […]

What to Focus On When Engaging Construction Contractors

What to Focus On When Engaging Construction Contractors

HOW TO CHOOSE THE RIGHT CONTRACTOR FOR THE JOB. Getting the building phase of a project right is likely to make the build go relatively smoothly. Get it wrong and cost blowouts, disputes, quality problems and acrimony will generally result. SO WHAT SHOULD YOU AVOID? ACCORDING TO MANY EXPERTS, THERE ARE SEVERAL AREAS WHERE THINGS […]

Why The Relationship Between A Construction CIO And CFO Is Critical For Driving Innovation

Why The Relationship Between A Construction CIO And CFO Is Critical For Driving Innovation

THE RELATIONSHIP BETWEEN A CFO AND CIO IN THE CONSTRUCTION INDUSTRY CAN BE UNDENIABLY FRAUGHT. THE TWO EXECUTIVES OFTEN FIND THEMSELVES AT OPPOSITE ENDS OF THE BOARDROOM TABLE, ONE TASKED WITH REDUCING FINANCIAL RISK AND THE OTHER LOOKING TO GET AS MUCH PRODUCTIVITY AS POSSIBLE FROM AN OFTEN LIMITED TECHNOLOGICAL BUDGET. But financial services technology […]

Gaining a working understanding about technology adoption

Gaining a working understanding about technology adoption

New technologies are being introduced into the construction field at a dizzying rate, literally forcing construction professionals to adopt or risk being outpaced by competitors. The following paragraphs explore adoption issues the industry is currently struggling with and help equip construction professionals with the tools to understand what technology options are available, the language of […]

Your Guide to Construction Progress Claims

Your Guide to Construction Progress Claims

Need to lodge a progress claim in construction? This guide is for you. Managing progress claims in the construction industry can be tricky for contractors and subcontractors, largely due to the complexity, time, and size of construction projects. Depending on the systems being used, it can be difficult to track where a claim or a […]

Your Guide To Minimising Construction Project Delays

Your Guide To Minimising Construction Project Delays

Let’s get the bad news out of the way first. Then the good news – and there is good news – can be placed in the right context. Delays in construction projects are a fact of life. In fact, they are an inevitable and unwelcome reality as one of the most common problems associated with […]

The Next Five Years in Construction And How You Can Adapt And Thrive

The Next Five Years in Construction And How You Can Adapt And Thrive

The building industry is central to our economy, contributing 13% of GDP and employing over 1.4 million Australians. However, unlike other sectors, it has struggled to modernise and is challenged by rising costs, stagnating productivity, high waste and low margins. For many of us the pace of change can seem overwhelming and hard to stay […]

Tech Adoption Is No Longer A Nice To Have, It’s A Necessity

Tech Adoption Is No Longer A Nice To Have, It's A Necessity

AN INDUSTRY READY FOR CHANGE The building industry is central to our economy, contributing over 13% of our GDP and employing over 1.15 million Australians*. However the industry has been plagued by rising costs, stagnant productivity, high waste and low margins for decades. ‍ The all too familiar image above of mountains of paperwork and […]

Payapps and Subcontractors

Payapps and Subcontractors

BETTER INFORMATION RESULTS IN FASTER PAYMENT APPROVALS At first it might be hard to draw the connection between the quality of information you provide to the builder and how it can affect your cashflow and payment. Imagine, a builder can receive thousands of progress claims a month.  Without a system like Payapps, claims are submitted via email […]

The Keys to Contract Valuation

The Keys to Contract Valuation

FIND OUT EVERYTHING YOU NEED TO KNOW Assessing project performance is vital to ensure that everything is on track to achieve the projected operational results and maintain profitability for the business. For many companies, this project performance assessment, or valuation, consists of a monthly review process that is typically compiled from manually created spreadsheet data […]

Make Payment Claims Easier For Your Subbies – And For Yourself!

Once a project’s underway, many construction companies get overwhelmed by the sheer effort of managing the payment claim process. It’s at least as difficult (in proportion) for the many smaller businesses that represent your subcontractors. Fortunately, there’s a smarter (and less risky) way to work for everyone – and it doesn’t involve changing your accounting […]

5 Ways to Generate Trust in Construction

5 Ways to Generate Trust in Construction

The majority of clients and head contractors say they can’t trust their subcontractors to any appreciable degree – 68% according to KPMG. Equally, subcontractors feel they can’t rely on their head contractors, citing a number of reasons from poor payment processes and contract complexity through to poor planning and communication. We touch on five key practices construction […]