AIA billing is a standardized method of construction billing using a percentage of completed contract method. This is also known as Progress Billing.
The purpose of AIA billing was to standardize the job related paperwork sent to architects, and others, by construction companies and contractors.
It consists of two forms:
G-702 Application and Certificate for Payment
G703 Continuation Sheet
The AIA(American Institute of Architects) has a detailed listing of contract documents and you are able to access these forms by viewing the following urls:
The G 702 form is a summary or cover sheet:
The G 703 Continuation Sheet
The preparation of these forms is both time consuming and complicated. Errors and Change Orders, Incorrect Payment Applications are common problems associated when filling out these documents.
Many clients try to do this process using Excel or Word. This is problematic as the aforementioned software does not keep track of changes. One formula error and you are not getting paid. If the architect or general contractor kicks out the G-702/703 you could delay payments by months. Many General Contractors only pay once a month so if you miss the deadline, you have put your cash-flow into a tail-spin.
We recommend automating this process. Our extensive research has found that www.knowify.com has provided a platform to track all of this information and push the information into your accounting system automatically. No double entering information. Human error is minimized.
When setting up this program it is important to partner with an expert such EWBizservice.com which has proven expertise in both AIA billing and Accounting.
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