Five people managing 210 subcontractors with pen and paper and a spreadsheet: this is the picture painted of the average contractor’s approach to financial control and subcontractor payments in a new report from Payapps.
The report surveyed more than 160 construction professionals in the UK and the Republic of Ireland. Half of them (50%) still use spreadsheets to manage subcontractor payments, while nearly as many (46%) depend on email. More than a quarter (27%) still use pen and paper.
The Payapps survey also found that each week, contractor finance teams spend around 20 hours on payment applications, 18 hours managing self-billing arrangements, 18 hours fielding payment enquiries and 17 hours on subcontractor insurance administration. Nearly two-thirds of respondents (60%) were concerned about the amount of time their teams spend on subcontractor application administration.
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