How to take charge of your construction payment process
How to take charge of your construction payment process
Abstract
The average day's sales outstanding (DSO) for the construction industry is 51 days, among the worst of any sector in the nation. The adoption of technology has allowed construction companies to drastically speed up their payment workflows. Some GCs pay their subcontractors on net 30 terms instead of “pay-when-paid.” This helps retain critical jobsite talent but requires a large amount of capital. Adequate capital is only part of the solution. Built’s solution helps all parties on a project take a more streamlined approach to project billing. Increased operational efficiency ensures GCs can take on more project volume and grow their business without taking on additional headcount or risk.