Login with Danny: Top 5 General Contractor Concerns in 2023
Customer Success with Sage 100 Integration
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Tier Vendor Project Tab
We're excited to announce the upcoming release of the new Tier Vendor project tab, the culmination of a series of features we've been working on to overhaul the platform's capability to track and manage tier vendor participants. We’re just weeks away from release!
These enhancements mean that tier vendor information is more front and center in GCPay. Now a project-level tab, the Tier Vendor Tab displays all tier vendors participating in a project, including important contract details, values, waiver information, and seamless access to our Tier Vendor Revisionsinterface.
The Tier Vendors project tab is accessible once a project is selected in GCPay, and it resides among other project-level tabs for improved visibility. In contrast, users currently track tier vendor participants exclusively by selecting the Liabilities tab after drilling down a subcontractor SOV or AFP. This workflow will remain once the new feature is released, but we’ll be renaming the Liabilities tab to Tier Vendors and extending the ability to make contract and waiver revisions.
Due to unique timing considerations inherent in the construction pay cycle, assessing tier vendor costs and billing those vendors accurately can be a challenge. Often, subcontractors estimate these costs when submitting their own pay applications, which are subsequently revised days, weeks, or even months later. Consequently, GCPay has extended the ability for general contractors to edit historical tier vendor pay applications details from the Tier Vendor Revisions interface.
Tiered Subcontractor Management
GCPay allows for GCs to easily collect tiered sub details from each subcontractor during the Application for Payment process. Often, the project owner may require signed lien waivers from each onsite work crew, so GCPay made collecting this information very easy.
Simply select the project settings tab while in a project and scroll down to the “Tiered Subs” section to select the feature. When a subcontractor completes an application for payment, they will be required to provide contract details for their tier vendor participants. GCPay will then send any required lien waivers to those vendors as billing gets underway.GCPay makes this even easier for general contractors by offering tiered vendor waiver templates which can be used if a general contractor doesn’t have custom waivers available for use.
What's worrying contractors as we start 2023?
Recently we reviewed the results of an annual survey conducted by the Associated General Contractors of America (AGC) which asks builders about their top industry-related concerns for 2023. Results from the Construction Outlook National Survey suggest that contractors remain cautiously optimistic going into this year having experienced some growth over the past two years. However, they are less optimistic about private-sector segments than last year while they have relatively high expectations for the public sector market because of new federally-funded projects.
In presenting the outcome of the survey, the association CEO shared that even though contractors are expecting very different market conditions in 2023, they will continue to be confronted by many of the challenges they faced in 2022, including the impacts of supply chain problems and labor shortages.
These are GCs’ top 5 concerns for 2023 that were cited by the over 1,000 respondents to the survey:
#1:Economic slowdown/ recession (74%)
#2: Material costs (73%)
#3: Insufficient supply of workers or subcontractors (70%)
#4: Rising interest rates/financing costs (67%)
#5: Project delays due to supply chain issues (63%)
Digging into industry research like this gives the GCPay team real insight into the concerns of GCs across the US and we use it to fuel our commitment to create new features and enhancements that address those worries and make the subcontractor payment part of the building equation as easy as possible. For example, GCPay helps you maintain a healthy relationship with your subcontractors to combat the concern of an insufficient supply of sub resources (#3). It can ensure your subs will want to continue to work with you on project after project by making sure they get paid on a timely basis to keep their cash flowing. Timely payment practices can guarantee both their success and yours.
Corenic Construction, an innovative interiors contracting business operating out of Washington, DC. was looking to move from a very manual subcontractor billing process that had to be handled remotely because of COVID-19. Since they started using GCPay in 2021 and integrated it with their ERP, Sage 100, they have saved countless hours of manual work, improved communications with subs, and their team has gained full visibility into project status.
" I guarantee that we save at least one full day a week, or 20% of the time we spent before now that we are using GCPay. "
- Donald Wilson, Director of Accounting
Congratulations to Alejandra Ruelas of Jones Builders Group in Malibu, CA!
All of the participants in our Annual Customer Survey in late 2022 were entered in a drawing for a holiday lunch for their entire team and Ale was the lucky winner!
Looks like the Jones Builders team had a wonderful time celebrating together!
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The #1 top concern of GCs in 2023 according to the ACG survey.
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