Great new updates to Lien Waivers and Compliance, Subcontractor Onboarding, Payments, and Invoicing.
Lien Waivers and Compliance
Payment Requirements Navigation
Navigation links have been added on the Payment Requirements tab of each invoice and the Payment Readiness detail in the Payments tool. This allows both GC and subcontractor users to quickly access items that require attention, such as signing a first-tier lien waiver, submitting or reviewing sub-tier waivers, or viewing contract compliance items, all to help get invoices ready to pay.
Enhanced Reporting for Sub-tier and Contract Compliance Data
We have added contract compliance and sub-tier data to Enhanced Reporting, allowing you to create cross-tool reporting on these payment requirements. This includes updates to Payment Requirements in Enhanced Reporting to include these new data points.
Safety as a Compliance Document Type
After noticing that many users were adding Safety documents under the type “Other”, we added Safety as its own document type for Commitment Compliance documents.
Subcontractor Onboarding
Subcontractor Certification for Pay
Procore now offers videos and other training materials to get your subcontractors rolling with Procore Invoicing and Pay! We know that subcontractor adoption of these tools is critical to streamlining the payments process and improving cash flow.
These materials are designed to give your subcontractors confidence in the Invoicing and Payments processes. These materials should also answer most questions they may have in adopting these tools. Please share the link below with any of your subcontractors!
Procore Pay Payee Certification Course
Beneficiaries Tab only Shows Invited Vendors & New Change History
We heard your feedback on the centralized subcontractor onboarding experience on the Beneficiaries Tab. The Beneficiaries Tab now shows only subcontractors you have invited to Procore Pay. Subcontractors that may have been connected through other tools and features such as Bidding are excluded.
Additionally, you can track the progress of your subcontractor's onboarding status for Procore Pay in the Change History tab for each beneficiary. To learn more see View Beneficiary Change History as a Payor
What’s New: Payments
Remove Invoices from Disbursements
This allows you to remove invoices from disbursements prior to authorization. For companies utilizing a payment workflow, you will be able to remove invoices during workflow, and a reason for the removal will be required. In addition, you will also be able to cancel disbursements that are still in review.
Business Entities and New Process for Adding Bank Accounts
The new Business Entities experience makes it easier for customers with multiple funding accounts to link their operating accounts, and streamlines the process to add funding accounts by pre-filling information associated with your sweep account. It also allows us to replace the Modern Treasury form with our own bank account collection form, providing users with a consistent experience from start to finish.
Invoicing
Payment Due Date
Now, you can enter and track payment due dates on any invoice on a Pay-enabled project. This helps ensure that payments are made promptly and that you honor any terms in place.
You’ll now find the new Payment Details card on the invoice detail pages, from which a due date can be entered. This date is also available on the Subcontractor Invoice list in the company-level Payments tool. You can filter and sort the invoices by this date, helping you create disbursements for any payments due. This field is always optional and cannot be entered or seen by collaborators.
Budget Changes on Owner Invoicing
Users may now bring Budget Changes into their Owner Invoices and bill against them. This release is intended to help clients stop using Change Orders to reflect transfers of funds from contingency, allowances, or any other code, while still allowing the elevation of that information to the client via the Owner Invoice. See About Budget Changes on Owner Invoices
Group Row Billing on Owner Invoicing
This new release allows users to bill many line items with increased efficiency by taking the value entered into any Group Row, and smartly spreading it across the rows that make up that group. Currently available for Work Complete This Period ($) & (%), and Total to Date (%), more fields will be released until all editable fields are also editable on the Group Row.
See About Group Row Billing on Owner Invoices.
Workflows on Owner Invoicing
Procore’s new workflow engine is now available on the new Owner Invoicing experience. Assign review steps, apply conditional thresholds, and more to ensure all Owner Invoices have proper reviews before Approval.
