Feature

Payment Schedules & Certificates

Digitise and automate payment schedules and certificates.

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Payment Schedules & Certificates

Digitise and automate payment schedules and certificates.

More about this feature

Payments in Mastt

Automate progress claims and payment certificates, manage retentions and other payment administration tasks without a single spreadsheet or word file:

  • Simplify Payment Claims & Certificates: Effortlessly track progress claims, certificates & payments against contracts & variations.
  • Automate Certificates: One-click to produce progress claims, payment certificates, tailored to your contract suite.
  • Charts and Visualizations: Visualize payments, contract status, for easy management and reporting.
  • Auto Reporting: Generate charts & dashboards automatically for stakeholders, reporting.

Learn more about Payments in Mastt below. 👇

What is a Payment Schedule ?

A payment schedule of payment certificate is a contractual document issued by a project manager or superintendent in response to a contractor's progress claim. It certifies the amount of money due for work completed to date, based on the contract terms. Payment certificates are crucial for ensuring that payments are made accurately and on time, and they help maintain clear financial records throughout the project lifecycle. This process is often aided by cost managers and quantity surveyors, and governed by the Security of Payments Act.

Challenges with Payment Schedules

Common challenges we see managing payments.

❌ Time Consuming: Setting up, maintaining & troubleshooting spreadsheets, entering progress claim data, producing payment certificates, schedules and other documents take a very long time.

❌ Previous Payments & Variations: Reconciling the contract, variations and previously paid amounts requires constant maintenance and is error prone.

❌ Complex Cost Tracking: Linking payment information from progress claims back to contracts, variations and budgets creates wild formulas that are error-prone and cumbersome to maintain.

❌ Incorporating Actuals: Manually integrating or updating actuals from an ERP system or other reports from finance/accounting departments is extremely difficult and boring.

❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.

❌ Compliance: Ensuring accurate financial reporting and compliance with regulations such as the Security of Payments Act is complex and never certain.

Progress claim and payment management before Mastt has typically been a nightmare of error and complexity, that only one individual understands.

Mastt Payment Solutions

💡 Simple Payment Creation: Easily create and submit progress claims, payment certificates, with Mastt’s easy to use system.

💡 Contract Suite Templates: Select from standard form contract suites to create and configure contracts, letters and retentions quickly, saving time + ensuring compliance.

💡 Automated Certificates: One-click to produce progress claim & payment certificates, tailored to your contract suite.

💡 Real-Time Tracking: Monitor the status of payments in real-time, providing transparency and accountability.

💡 Easy Drill Down: Access payment data quickly for detailed interrogation and faster decision-making, enabling deeper insights.

💡 Integrated Budget Tracking: Link progress claims directly to project budgets and milestones for accurate financial tracking.

💡 Comprehensive Registers: Maintain organized records of all progress claims, including supporting documents and approval history in automated registers.

💡 Compliance : Keep track of payment compliance requirements, such as legislative mandates, insurances, and retentions.

💡 Auditing: Maintain a log of changes for compliance and record-keeping.

Comment on differences between submitted & approved payments. Apply retentions easily.

Payment Features

Mastt's intuitive payment management tools simplify your workflow, making it easy to get started today.

🔷 Create Payments: Record progress claims, payments, retentions and more with detailed status control from submitted through to paid.

🔷 Submitted vs Approved: Record submitted amounts, approve or adjust them, and add comments before issuing a payment certificate.

🔷 Retentions: Apply retentions per progress claim in accordance with terms directly within contracts, specifying percentages and release conditions.

🔷 Certificate Automations: Instantly generate compliant payment certificates, eliminating the need for spreadsheets / word manual formatting.

🔷 Attach Documents: Attach key documents and artifacts directly to the payment for easy reference.

🔷 Certificate Templates: Select from standard form contract suites to create and configure payment certificates, letters and retentions.

🔷 Payment Register: Track all payments in a single, automated register that updates with variations and payments.

🔷 Charts and Visualizations: Utilize out-of-the-box charts and visualizations for all payment data.

🔷 Auto Reporting: Automatically generate reports and dashboards from your charts, streamlining your reporting process.

Mastt automates Payment Certificates, Recommendations & Schedules

Payment Best Practice

🟢 Always Read and Understand the Contract: Upload key information from the contract into Mastt to you follow payment clauses correctly.

🟢 Stay Compliant: Ensure variations and payments are managed in accordance with the contract, specified timings and any regulations.

🟢 Centralize Storage: Keep all contract documents in one secure location for easy access and retrieval.

🟢 Keep Record and Audits: Maintain a detailed history of key contract actions in registers.

Further Reading on Payments, Progress Claims & Certification

Check out our blogs on progress claims:

Step by Step Guides

Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.

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Andrew Benn, WSP Technical Director

"With Mastt, our client can see the status of the project anytime, reducing back and forth queries, and not having to wait until the end of the month to receive a monthly report."

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Rebecca White, RPS Program Manager

"Mastt has saved our team significant time and effort in managing the financials elements of 65+projects. The team now has total visibility over their individual projects as well as the overarching program of works."

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Erik Maasepp, Capital Insight Senior Project Manager

"Mastt takes away a lot of user error that spreadsheets bring. With Mastt, we are able to combine multiple projects into programs or portfolios for management level analysis and direction."

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CAPT. Dan Foley, Army Digital Transformation Manager

"Mastt is increasing the team’s tempo and productivity by enabling real time information across our portfolio of projects. This transparency is assisting us to make informed decisions, to identify opportunities and reduce the risk."

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Dan Atkins, Jacobs National Program Manager

"Mastt's ability to record critical financial information as well as program forecasted delivery and milestones put Jacobs in a favourable position to our clients."

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Mohammed Salameh, Compass' Associate Director

"Moving to Mastt is one of the best decisions my team has ever made. It’s cost-effective, easy to use, and a quick set up."

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Fergus Bruce, Project Manager at WSP

"A key factor in our decision to adopt Mastt is its user-friendliness. It had to continue to empower us to work smart, allowing us to consistently deliver excellence across multiple sectors and geographic regions."

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