Misconceptions About Funds Control
What is the first thing you think of when you think of “Funds Control”? If you’ve never used it before, funds control can seem confusing and intimidating. In the following article, CFAS will explain five common misconceptions contractors have about funds control.
The Project Will Be Slowed Down
The extra checks funds control provides will not slow the project at all. It’s actually the opposite. CFAS works hard to ensure the project is completed smoothly and efficiently. We understand how detrimental a stalled project can be, so we use our services to help lower the risks. With our monitoring and payment services, CFAS is able to keep the project on schedule and budget. By keeping the money on the job, we prevent delays.
Everyone Will Know You Have Funds Control
When a project under funds control is started, CFAS opens a bank account for the project in the company’s name. Funds control monitors the account, but all checks and pay orders are written in the company’s name. When your sub-contractors are paid, they are paid by you. CFAS makes sure the correct amount is being paid, but ultimately we’re not making the payment in our name, protecting your privacy.
Funds Control Requires a lot of Useless Paperwork
Like any part of the construction process, funds control does require additional forms. However, CFAS breaks down the purpose and process of these forms. After your first time using CFAS, the number of additional forms will decrease. All of this paperwork can save you time and money during the project.
You’re Going to Need to Hire More People
When first learning about funds control, the amount of work can seem daunting. Often Contractors believe they’re going to need to hire extra personnel in order to complete everything. However, CFAS works tirelessly to make the entire process as simple as possible. Our team is with you every step of the way making your job easier instead of harder.
Your Bond Provider Doesn’t Trust You
This is one of the biggest misconceptions about funds control, and it is completely untrue. There are many reasons a surety provider would want funds control, Factors such as the deteriorating construction market make funds control an invaluable resource for surety providers and contractors. Newer companies can benefit from the extra support CFAS provides a project, and even more experienced companies can utilize the unique services CFAS offers. Funds control keeps your money on the job, something that can get difficult in this market.