Why does completing an AIA G703 take so much time?
AIA documentation is the accepted industry standard when it comes to contracts, pay applications, and even change orders. However, these documents can prove to be time consuming to fill out. Additionally, it is easy to make mistakes when filling them out. One of the more challenging parts of completing pay applications is the schedule of values, or the AIA G703.
But completing an AIA G703 shouldn’t take the time that it does. While AIA documents rarely change, technology in the construction industry has moved forward. Gone are the days of needing to physically mail documents, or even mail them back and forth. Even using programs like excel or google sheets can be time consuming. Even worse, these methods enable simple errors like incorrect math, dates or other information to slow down the entire process. That’s because those programs were not designed for the construction industry.
Save time & errors when using Construction Pay App software
While many companies end up using Excel spreadsheets to keep track of the data in pay applications, this isn’t the most cost-effective way. More than that, employees, contractors, and leadership end up wasting valuable time needing to communicate back and forth and update files manually. S
At Flashtract, we have designed our software just for construction companies. We know how difficult it can be to keep cash flowing and contact your busy workers with corrections or updates. We also understand that you want to spend less time worrying about billing, and more time building (it’s right in our slogan).
So much of the rest of construction billing requires an organized, accurate Schedule of Values. As such, it should be top priority to ensure the AIA G703 is correctly filled out. We’ve ensured that you can fill out your AIA G703 Schedule of Values in just a few easy steps, literally saving hours of unnecessary manual data entry.
How easy is it?
Because our software is built in-house, just for the construction industry, we’ve made this process as simple as possible. You can complete both an AIA G702 and AIA G703 in minutes. To show how easy it is to create, update and request approval for these forms, we’ve put together a quick tutorial video. You can follow along with the video, or the written guide below.
Step 1. Select the Project & Subcontract that needs the AIA G703
Select the project which needs an AIA G703 form. Flashtract’s dashboard will show all current projects. Additionally, there are helpful visuals that indicate how complete a project is. You will be able to quickly and easily see which projects have pending approvals. Select which project you want to work on to go to the next screen. Then, select the subcontract.
Step 2. Fill out the Schedule of Values
Next, fill out the schedule of values. This step essentially is the whole G703. In the past, this step may also have been very time consuming, particularly in complicated long-term projects. Luckily, with Flashtract, filling out the schedule of values for your AIA G703 documents has been automated and simplified. You can choose to manually input your line items, or import from a spreadsheet. Above, you can see how line items look in the software, as well as options you will have when it comes to billing against this schedule of values.
Step 3. Input Percent Completed for the Time Period
Now you can edit your line items. There are several ways you can choose to bill. You can enter a dollar amount for the period, or you can put in a percentage for AIA-style documents. Flashtract automatically calculates any remaining balances based on your input. Finally, save your edits.
Step 4. Generate the AIA G702 and AIA G703
Last, simply select “Review Documents and Submit Bill”. Flashtract will automatically generate both the AIA G702 and G703! Once you submit the documents, Flashtract will notify the general contractor of what items need to be approved.
You've generated AIA G703 & G703 Forms!
Pat yourself on the back! Your AIA G703 (and the AIA G702!) are accurately filled out. You can now easily submit the pay application. This process is much quicker than editing Google Sheets or Excel files. Unlike sending AIA G703 PDFs through DocuSign or email, these documents won’t get lost.
Better yet, once they’ve been approved, or edits are requested, Flashtract will notify you again.
With these features, you won’t miss deadlines. Reminders and notifications help avoid payment delays, just because something got lost in your emails or because you approved an older version of a file.
Get started with Flashtract
Not a Flashtract user yet? Flashtract makes it easier for subcontractors and general contractors to do their jobs. You can submit, review, and process pay apps and lien waivers. Our software was built specifically for construction and works alongside contractors’ existing technologies like accounting programs, ERP systems, and project management tools. Best of all, Flashtract is easy to use, quick to set up and fits into virtually any budget.