Managing the financial aspects of ongoing works is critical for both contractors and project owners. Running Account (RA) bills are periodic bills raised for the work completed up to a specific date, ensuring regular cash flow and smooth financial management throughout the project lifecycle. TactCPM simplifies and streamlines this process, ensuring accuracy, compliance, and efficiency.

Complex manual billing process driven by quantities of BoQ, Workitems, linked to RFI measurement and so on.

Key Features of Automated RA Bills Generation & Billing Invoicing:

1. Automated RA Bill Generation:

• Real-Time Integration with Work Progress Data: The RA bills are automatically generated based on real-time work progress data, linked to the work orders, Bill of Quantities (BOQs), workitems.and RFIs. The system continuously tracks the percentage of work completed and calculates the payable amount accordingly.
• Dynamic Calculation of Quantities and Rates: The solution dynamically calculates the quantities of work executed and applies the agreed-upon rates from the contract.

2. Comprehensive Billing and Invoicing Module:

• Seamless Billing Workflow: The system provides a seamless workflow for creating, reviewing, and approving RA bills. It automatically compiles all relevant data and generates invoices that are ready for submission to clients or project owners.
• Customizable Invoice Templates: Users can customize invoice templates to match their specific billing requirements, incorporating client-specific terms, formats, and branding elements. (Enhancement)
• GST and Tax Compliance: The billing module is fully compliant with GST and other tax regulations, automatically calculating and applying the correct tax rates, ensuring compliance and reducing the risk of financial discrepancies.

3. Tracking and Reconciliation of Payments:

• Automated Payment Tracking: The system automatically tracks payments against RA bills, updating the status in real-time. This helps in managing cash flows and identifying any outstanding payments.
• Reconciliation Tools: Provides robust tools for reconciling payments received against RA bills, identifying discrepancies, and ensuring that all transactions are accounted for accurately.

4. Approval Workflow and Digital Signatures:

• Streamlined Approval Workflow: The automated system includes a multi-level approval workflow to ensure that RA bills are reviewed and approved by relevant authorities before they are finalized and submitted. This reduces the risk of errors and unauthorized billing.
• Integration of Digital Signatures:Supports digital signatures for approvals and billing, enhancing security, authenticity, and reducing paperwork. (Enhancement)

5. Advanced Reporting and Analytics:

• Financial Reporting: Offers advanced financial reporting tools that provide insights into project costs, billing efficiency, cash flows, outstanding payments, and overall financial health.(Enhancement??)

6. Compliance with NHAI and RVNL Standards:

• NHAI & RVNL-Compliant Billing: The system ensures full compliance with NHAI and RVNL billing standards and formats, reducing the risk of non-compliance and associated delays in payment approvals.
• Automated Generation of RA Bill Formats: Generates RA bills in formats required by NHAI, RVNL, or any other relevant authorities, ensuring ease of submission and faster processing.

Unique Selling Proposition (USPs) of RA Billing

• Improved Accuracy and Efficiency
• Enhanced Cash Flow Management
• Reduced Administrative Overheads
• Better Compliance and Reduced Risk
• Greater Transparency and Accountability