Resource Monitoring Services is a way to assure lenders, surety bond companies, property owners, developers, contractors, and subcontractors that monies intended to pay bills for a specific project are used for that project and are not diverted for other purposes.
By definition, Resource Monitoring Services is an outsourcing of accounts payable on a per project basis. As a third party administrator, Resource Monitoring Services monitors the financial progress of the project and provides timely cost status reports that keep the contractor, lender, and surety bond provider completely informed. Additionally, Resource Monitoring Services is often used when a contractor is having difficulty obtaining financing or a bond.
By using Resource Monitoring Services, you can:
- Take advantage of the additional credit often available
- Minimize, and often eliminate, additional credit control requirements
- Streamline in-house accounting functions
- Evaluate the financial stress of a project through the reports provided with each draw
- Negotiate prompt payment discounts with your suppliers
For more info:Send a message to Bob Beattie