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EleVia Software Announces Compliance Readiness for New Payment Process Laws
Solution will ensure firms are compliant to the new contractor payment laws
Minneapolis, MN — Today, EleVia Software announced solution readiness to help architecture and engineering firms across North America deliver prompt payments to make sure that contractors, subcontractors and workers are paid on time to meet new compliance requirements. EleVia Payables Approval & Tracking (PAT) solution provides Deltek clients with the solution to consistently meet these new payment requirements with built in automation, alerting and tracking.
Several U.S. states and Canadian provinces have compliance requirements in place or in the works, which makes this a universal challenge for A&E firms across North America. New prompt payment and adjudication processes will come into effect in Ontario province on October 1, 2019 with the new Ontario Act. These new processes include contractor and subcontractor seven-day payment time requirements as well as the right for contractors and subcontractors to charge mandatory interest on late payments beginning when the amount is due.
For most organizations, the current process to track and alert payment is manual, labor intensive and has potential for error with no safety net to verify data. With EleVia PAT, Deltek users will now be able to:
– Automate alerts to run on a daily basis to inform when specific consultants need to be paid due to compliance requirements
– See at a glance via color coding if the consultants are nearing or going over their contract remaining
– Speed the approval process by showing the PM the contract side by side with the incoming invoice
– Create two vouchers for partial pay and retainage with a click of a button
“To meet the new compliance requirements, A&E firms need to enhance their payment processes and systems” stated Ron Noden, Executive Vice President of EleVia Software. “Not only will EleVia’s automation and tracking ability help firms be compliant to the new laws, it will keep contractors happy and strengthen their reputation in the industry.”
To learn more, visit www.eleviasoftware.com/compliance where you can learn how EleVia is prepared to help you comply with the new payment regulations or join our upcoming compliance webinar.
About EleVia Software
EleVia Software develops, delivers and supports software to extend the value of the Deltek Vision® and Deltek Vantagepoint® ERP systems. EleVia Software products elevate and enhance key financial and operational processes for architecture, engineering and professional service firms. EleVia Software products improve cash flow, automate tasks, improve productivity, reduce operating costs, and provide valuable insight into project performance and profitability. Flagship products include EleVia Electronic Invoicing, EleVia Payables Approval &Tracking, EleVia A/R Management & Collections, and EleVia’s latest innovation, Field Services Suite, which drastically improves an organization’s ability to manage their field teams. For more information, visit www.eleviasoftware.com.