Schedule of Values (AIA G703)

The Schedule of Values (AIA G703), often referred to as SOV, is a crucial financial document 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, thereby providing transparency and detailed tracking of progress. This structured breakdown is essential for accurate billing and payment processing. When paired with the AIA G702 Payment Application form, it ensures that billing aligns with the actual progress on-site. By utilizing the SOV, contractors and subcontractors can submit payment requests that reflect the percentage of work completed. As a result, the process becomes more transparent and disputes are less likely.

Key Features

Detailed Breakdown: Cloud PM's SOV feature allows you to list all work items with their corresponding values. This ensures comprehensive project representation and improves billing clarity.
Accurate Billing: In Cloud PM, the SOV and AIA G702 payment applications are already linked. This built-in connection keeps billing consistent and aligned with completed work.
Progress Tracking: Easily monitor the percentage of work completed for each item on the SOV. This helps you maintain a clear and accurate view of your project’s financial health.
Flexible Presentation Options: You can display Products and Services individually, or organize them into Groups and QuickBooks Bundles. When using Groups and Bundles, individual line items and costs are automatically hidden from the printed SOV. This provides a clean, professional document that fits your client’s needs.

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

Enhanced Transparency: By breaking down the contract amount into detailed line items, you offer all stakeholders a clear view. This makes AIA G702 submissions easier to evaluate and approve.
Improved Cash Flow Management: When your billing is timely and accurate through the SOV and AIA G702 forms, you can manage cash flow more effectively. Consequently, you avoid delays and financial surprises.
Risk Mitigation: Aligning your SOV with actual project progress and AIA G702 forms helps you identify discrepancies early. Therefore, it minimizes the chance of billing disputes.
Efficiency in Documentation: Cloud PM makes it simple to generate and update your SOV. As a result, you reduce administrative work and potential errors when working with AIA G702.

Best Practices

Regular Updates: Keep your SOV current to reflect the latest project status. This improves the accuracy of AIA G702 submissions and avoids misalignment.
Consistency: Since the SOV and AIA G702 are already integrated in Cloud PM, reviewing both regularly ensures that your billing process remains smooth and error-free.
Stakeholder Communication: Use the SOV to communicate billing details and progress. This way, stakeholders stay informed and can approve payment applications with confidence.

Elevate Your Billing Process with Cloud PM

Managing payment applications and progress billing shouldn't be a hassle. Cloud PM simplifies the 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!