Construction Technology Insider - Episode 1: Subcontractor Compliance ManagementPresentation Transcript
Construction Technology InsiderTAG Webinar SeriesEpisode 1Subcontractor Compliance Management
PresenterOlivia Roemer, CCIFPSage 300 Construction and Real Estate Certified ConsultantOlivia.Roemer@teamtag.net
What is Subcontractor Compliance?• Contractors require various types ofdocuments from their subcontractors.– Insurance certificates– State contractor’s license– Lien waivers• Requirements are tracked and maintainedthrough the duration of a project.– Requirements may change or items may expire.
Challenges Faced!General Contractors• Confirming that uninsured subcontractors and lower-tieredsubs/suppliers are not on the job site.• Monitor compliance status and expiration dates for everysubcontractor and lower-tiered sub/suppliers.• Communicating non-compliance to subcontractors and lower-tiered subs/suppliers.• Withholding payment for those who are not in compliance.• Tracking, organizing, storing and maintaining all compliancedocuments.
Challenges Faced!Subcontractors• No easy way to determine which documents are required forcompliance.• Unable to confirm whether they are in/out of compliance.• Payment(s) withheld due to lack of communication onoutstanding compliance issues.• Deductions or back charges created due to ill communicationon compliance issues.
Subcontractor Compliance TODAY• Advancement in technology has madecompliance tracking easier and less timeconsuming.• No need to maintain extensive Excel spreadsheetto track compliance.• Options are available– Compliance management integrated in accountingsoftware package– Online compliance management subscription services
How Sage 300 CRE Can Help?• Subcontractor compliance is a new feature introduced in the12.1 release of Sage 300 Construction and Real Estate(formerly Sage Timberline Office).• Track lien waivers, certified payrolls, insurance certificatesand any compliance item you can think of.• Receive notification when vendors are not in compliance.• Automatically hold payment if vendors are non-compliant.• Automatically generate lien waivers forsubcontractors, lower-tier subs and suppliers.
How Sage 300 CRE Can Help?Let’s see it in action!
Q & A???
Construction Technology InsiderTAG Webinar SeriesEpisode 2: Construction Accounting BasicsThursday, April 18th 10:00 a.m.• Overview of the keys to accounting and how it relates to theconstruction industry.• Review monitoring of general ledger, accounts payable andpayroll processing.• Discuss the importance change orders have in properconstruction accounting records.