No one wants to end the year with a backlog of overdue invoices, frantically calling customers to collect late payments, or reporting lost revenue in end-of-year financial reviews. But for many subcontractors and suppliers, this is what the end of the year looks like. Guess what? It doesn’t have to be that way. You’ve worked hard all year. Now, it’s time to get paid what you’re owed.
To avoid ending the year with multiple outstanding payments, subs and suppliers are using Levelset’s lien rights management software to keep payments coming in the door year-round and enter the new year with a clean slate. Here’s how.
Send notices on every job
Whether or not a preliminary notice (also called called a notice to owner, notice of furnishing, or pre-lien notice) is required where you work, sending a notice on every job is the best way to inform the general contractor or property owner of your work and thus make it easier for them to pay you.
Alyssa Frank is a Levelset Customer Success Manager who has helped hundreds of construction companies protect their lien rights.
“Businesses that keep up with sending notices and protecting payments don’t have a backlog of outstanding payments at the end of the year. COVID-19 has put a twist on payment collection, and people are trying to be more kind and patient with their customers. But at the same time, they need to get paid. Levelset users who have those consistent processes will always have a smoother end-of-year,” said Alyssa.
Levelset makes it easy to send preliminary notices on every job by alerting you when a notice is due and allowing you to create and send notices with just a few clicks. Levelset customers who send the required notices are able to avoid escalating to a lien 98% of the time. It’s simple: sending notices helps you get paid. And, you’ll be able to enter the new year with positive cash flow for a fresh start to a fresh year.
Run reports for a clear picture of payment status
End of year reporting is much easier when you’ve got a big-picture view of the overall health of your accounts receivable. You can run invoice reports in Levelset to see every outstanding account and the activities associated with that account.
“I can look in Levelset and see our outstanding payments. Right now, I can see what I want to clean up by the end of 2020 and what needs to be addressed right away. I think businesses can use Levelset for a lot of their end-of year reporting, and they can use Levelset to easily deal with those payments that are outstanding,” said Janelle Morrow, the Administrative Assistant at Brewer Crane, a crane rental and construction service company.
If there are customers who haven’t made payment, you can easily note those customers and then take next steps (sending a notice of intent to lien) in order to speed up payment. You can address payment issues quickly because of the visibility these reports provide.
In fact, the more visibility you have into your accounts and their payment status, the more informed you are to make financial decisions as you wrap up the year.
Talk with a payment expert to review your processes
Imagine having a team of people to support you and make sure you’re on the right track as you go into the next year. The Levelset Customer Success team is available not just at the end of the year, but all year round to walk through reporting, processes for protecting all payments, upcoming lien deadlines, and any accounts that may be presenting problems.
“These discussions are like having another set of eyes to review your practices, and also to compare to what other, similar contractors are doing to end the year strong. The processes you have in place may be great already, but we like to provide some perspective into what others do to give some extra help,” said Jessica Harjo, another Levelset Customer Success Manager and payment expert.
Personalized support throughout the year ensures that your business is in the best possible position to close out the year with clean books and high profits.
Ready for a fresh start in the new year?
Thousands of businesses use Levelset set to manage lien rights processes and get paid. Start the new year on solid ground by partnering with Levelset to make every year a year of fast payments. Visit our website to learn more about how Levelset is helping thousands of businesses succeed. Or, schedule a call with the Levelset team to get started.
Start collecting payments faster
Schedule a call with our team to learn how you can get paid faster with Levelset.