Overbilling: Over Half of Construction Projects Affected, New Report Reveals

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GlobeNewswire 2d ago

Overbilling: Over Half of Construction Projects Affected, New Report Reveals - GlobeNewswire

Quick Summary:

MELBOURNE, Australia, July 02, 2024 (GLOBE NEWSWIRE) -- A staggering 64% of construction projects experience overbilling, according to a new report released by Payapps, an award-winning construction software solution trusted by thousands of main contractors and subcontractors to simplify and standardise progress payment claims. This alarming figure underscores the need for tighter financial controls in an industry grappling with soaring costs due to labour shortages and material price hikes.

By automating time-consuming tasks like progress payment claims and greater visibility of contract variations, Payapps frees up valuable time for construction professionals to focus on strategic cost management initiatives".

Geoff Tarrant, Co-Founder of Payapps, emphasises the need for tighter financial controls and digital solutions to combat the issue of overbilling in the construction industry.