Schedule of Values (AIA G703)

The Schedule of Values (AIA G703), also known as SOV, is a vital financial document used in construction projects. It breaks down the total contract sum into individual work items, ensuring every aspect of the project is accounted for. Each item on the SOV corresponds to a specific task or phase of work, providing transparency and detailed tracking of progress. This structured breakdown is crucial for accurate billing and payment processing, especially when paired with the AIA G702 Payment Application form. By using the SOV, contractors and subcontractors can submit payment requests that align with the percentage of work completed, ensuring transparency and reducing the likelihood of disputes.

Key Features

Detailed Breakdown: The SOV in Cloud PM allows you to list all the work items with their corresponding values, ensuring that every aspect of the project is accurately represented.
Accurate Billing: Link your SOV directly with the AIA G702 payment applications, ensuring that billing is always up-to-date and aligned with completed work.
Progress Tracking: Track the percentage of work completed for each item on the SOV, helping you maintain an accurate overview of the project's financial health.
Flexible Presentation Options: You can choose to display Products and Services individually or organize them into Groups and QuickBooks Bundles. When using Groups and Bundles, the individual line items and costs are automatically hidden from the printed SOV, offering a streamlined document that suits the specific presentation needs of your project or client.

Benefits of Using Cloud PM for Schedule of Values (AIA G703)

Enhanced Transparency: By breaking down the contract amount into detailed line items, you provide clarity and transparency to all stakeholders when submitting the AIA G702 form.
Improved Cash Flow Management: With accurate and timely billing through the SOV and AIA G702 Payment Applications, you can better manage your project’s cash flow.
Risk Mitigation: Early identification of discrepancies between the SOV and the AIA G702 helps in reducing the risk of disputes.
Efficiency in Documentation: With Cloud PM, generating and maintaining an SOV is straightforward, reducing administrative burden and errors when paired with the AIA G702.

Best Practices

Regular Updates: Ensure that your SOV is updated regularly to reflect the current status of the project and align with AIA G702 submissions.
Consistency: Maintain consistency between the SOV and the AIA G702 form to avoid confusion and errors.
Stakeholder Communication: Use the SOV as a communication tool to keep all stakeholders informed about the financial aspects of the project and support payment applications with the AIA G702.

Elevate Your Billing Process with Cloud PM

Managing payment applications and progress billing shouldn’t be a headache. Cloud PM makes it easy to transition from the Schedule of Values to AIA forms and QuickBooks Online, saving time and reducing errors. Watch our video below to see Cloud PM in action and discover how it can enhance your construction billing process!