The payment terms just like the penalties would depend on what was stated on the agreement or proposal submitted by the supplier or contractors. Yet imposing penalties can help expedite payments. In some cases, you can impose penalties for late payments depending of course on the construction policies or what was initially agreed upon between both parties. This would provide a reference on how the pricing has been determined. Should the need arise, you can attach a reference such as the initial quotation you have sent to the client. If you don’t want to risk further delays with the payment, it is important that the statements are complete with the right information such as the description of the goods or services, the prices, and quantities, basic information of both parties such as their names and contact details and lastly the dates and payment terms and schedules. However, here are several tips to help you create an accurate construction billing statement for your clients. Creating a professional and completely detailed construction billing statement is not a difficult task as long as you have all the information you need. Regardless of what sort of billing processes a construction business practices, the most important factor here for contractors and suppliers is that they get paid for the goods or services they have provided without further delay. How To Prepare a Construction Billing Statement?Įvery construction business handles its finances differently, which would mean any relevant information in the billing statement or invoices could change quite a bit depending on the work performed. These statements should generally include the details about the goods or services and their corresponding prices or rates. Creating accurate and timely construction billing statements can help you get paid sooner. ![]() To ensure you are paid on time, proper invoicing is a crucial step in managing your accounts receivables. And as a contractor or supplier, or whatever official business you have with the construction site it is your duty to take note of the purchases made in regards to the project. If you are the owner or the general project manager as the construction begins, then you would expect the billing statements to come pouring in. ![]() Working on construction no matter how small or big would always generate expenses. Download What Is a Construction Billing Statement?
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