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Stop Payment Management
With VirtualBoss you and/or your accountant will not forget
what you want done before payments are made. You will have reports that will tell you exactly what is
not done that should be done. You can print a to-do list
for any subcontractor. To do lists can be filtered down
to what should be complete that is not complete. When it
is time to write a check to a subcontractor you can run
this report and be able to give good reason (documented
in writing) for not paying or back-charging or holding pay.
Once you determine you want to hold pay for somebody, send
work orders instead of a check. Sending work orders instead
of a check lets a subcontractor know you are serious about
getting the job done.
If you do not use VirtualBoss to stop payments you can
use it when sending out checks to update subcontractors
as to what needs to be done.
When you hand a subcontractor their check with a list
of things that should have been done and ask, "can
you have these items done before the next check is written?"
They will almost always answer yes. It is remarkable just
how fast the outstanding to-do list disappears.
VirtualBoss also tracks insurance and workers' compensation
expiration dates. As a contractor, you know how much work
is involved with tracking and making sure your subs have
up-to-date insurance and workers' compensation. Building
contractors that properly track insurance and workers' compensation
spend a lot of time sorting, filing, and looking up things
that VirtualBoss can for you. Most contractors do not do
a good job tracking this sort of thing. Being able to show
to your sales prospects that you have a system for ensuring
that your subcontractors have proper insurance can really
make you shine next to your competition.
Prevent unnecessary losses due to improper insurance,
use your system as a sales tool, and use your #1 asset (you
hold and write the checks) to get the job done. The contracting
industry is going to change quickly. Be on the wave and
stop wasting time doing things the old way. Make your company
look professional and give yourself a real edge over your
competition.
When you give a list of what still needs to be finished
instead of handing over a check, it leaves little room for
questions.
(Material in www.virtualboss.net and software provided)
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