Collecting
Contracting – Establishing Scope , Fee, Schedule and Payment Terms
Generating Invoices – Timesheets, Sub invoices, Drafts, Finals
Doing the work – Managing staff and sub-consultants and delivering output
Collecting Payment - Diligent, persistent follow-up
Paying Sub-consultants
Milestones (after invoice sent) 7 days – Accounting confirms receipt
Disciplined, consistent follow-up is required
30 days – Accounting sends duplicate invoice 37 days – Accounting follow-up with phone call 45 days – PM follow-up 60 days – Principal follow-up 90 days – Stop Work
Having a company policy and process helps
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THE PRINCIPALS ACADEMY 2022
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