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There’s a new way to manage your lien rights and keep financial risk at bay in the construction industry. Archaic notice services are no longer cutting it for leading contractors and suppliers who are looking to grow and dominate in their industry.
In this guide, we’ll walk you through the problems caused by notice services, the solutions presented by cloud-based software, and how you can get started on the path to easy lien rights management.
The problems caused by notice services
Time-consuming manual processes
The process for creating and sending a lien notice is typically extremely manual. If you’re opening hundreds of job accounts per year and need to protect lien rights on the majority of those jobs, then your team likely spends tons of time on manual data entry. This is valuable, billable time that could be spent on other vital financial tasks.
Little to no document status oversight
Once you’ve sent information off to a notice service, you have little oversight into the status of the notice. Can you go back for reference and see exactly when a notice was sent out? Do you know when the receiving party got the notice? If not, you likely feel “in the dark” when it comes to document status – something no finance team wants to feel when it comes to vital payment documents.
Limited or no deadline tracking
When you work in multiple states, on a lot of jobs, or in a state like Texas where lien laws are especially complicated, tracking lien notice and other paperwork deadlines is no easy task. Not only is deadline tracking a point of stress for credit and finance teams, but if not managed properly, it could be the difference between your company getting paid or getting burned.
How lien rights software helps construction finance teams achieve revenue goals
Software that is cloud based can be accessed anywhere, anytime when Internet access is available. Flexible accessibility means credit and AR teams can obtain the information they need no matter where they are located (across multiple offices or while working in a remote location).
Integrations with your other software platforms
If you use other software platforms to manage your accounting, estimating, and budgeting, it makes sense to use software for lien rights documents so that you can integrate seamlessly with your other solutions and easily sync information back and forth.
Software automation gives you the opportunity to use predetermined criteria to trigger certain actions without the need for manual data entry. In the case of lien rights management software, this can look like having your required notices automatically sent on the appropriate deadline to protect lien rights.
One of the key benefits of a software solution is taking the stress out of managing required deadlines for notices, waivers, and liens. With software, you can receive notifications when a deadline is approaching or when you need to take action with a specific document. Rather than tracking deadlines yourself, software does the heavy lifting for you.
Find out more in Levelset’s Buyer’s Guide to Lien Rights Management Software!
Levelset’s lien rights management software
Leading suppliers and contractors partner with Levelset to automate the lien rights process, run credit operations more efficiently, speed up payments, and manage financial risk to better achieve growth goals. Below are some of the Levelset features that are more effective than a basic notice service.
Automated lien rights documents
Job Radar & Payment Profiles
Expert mechanics lien filing services
Hands-on customer service
Ready to move your finance team into the 21st century?
Learn more about how a full lien rights management solution can help you manage notices, improve cash flow, and fuel business growth.
Start collecting payments faster
Schedule a call with our team to learn how you can get paid faster with Levelset.