| | | | | This process covers contract creation, mapping the job structure to contract structure, bill presentation, billing rates and AR integration.CMiC's Approach to Contract to Billing: - Contract created with Owner including Schedule of Values, which is automatically created in the CMiC system
- Owner reviews and approves Schedule of Values
- Letters are issued to Subcontractors via CMiC Form Letters
- Additional Job Phases/Categories are setup, if required, from master template or copied from an existing project
- Generate WIP (Work in Place) using CMiC Form Letters
- Bill produced from information already existing in the system and sent to appropriate reviewers who can now make necessary adjustments
- Final billing issued to Owner for approval and payment
Major Efficiency Improvements:- Time saved producing revised bill
- Elimination of the requirement to manually re-key data from cost report to bill
- CMiC Imaging ensures all billing backup available as required
- Production of billing back-up albums
- Complete data integrity
- Reduced delay in generating revenue
- Reduction of potentially misplaced documents
- Single version of the truth with billing backup
- Reduced day sales outstanding
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