Benefits

The greatest benefit of the Voucher System for the Lender and Builder is a readily available method of making payments to subcontractors and suppliers. In its simplest form, the voucher book, which will be distributed at the time loan is funded, will act as the project checkbook and should be treated as such. A Voucher is written in exchange for goods and services rendered or subcontractor work on the construction project.

Paperwork and accounting are minimized for the Lender and Builder. The FACS system creates a complete accounting of all transactions for the construction project. This accounting can run in conjunction with the Builder's internal system and in many cases, takes the place of it.  When the work performed is complete and satisfactory a Voucher is issued for invoices received from subcontractors or suppliers. The Voucher is then submitted to FACS with the required backup and when approved is processed and status reports are then generated and made available to the Lender and Builder for their records.

1099 reporting and the generation of 1099 forms to certain subcontractors and suppliers are no longer the accounting burden of the Lender or Builder.  This burden along with all the regulatory reporting is done by FACS.  The Lender and Builder are relieved of this IRS reporting requirement when utilizing the FACS system, further saving both time and money.

To date, FACS has found no major material supplier or subcontractor that will not accept a voucher as a form of payment.  In fact, more often than not, a subcontractor or supplier would prefer a voucher as they can verify funds and guarantee themselves payment.  The turn-around time for payment is detailed in the construction disbursement schedule received at the time of loan closing.

The FACS voucher system is easy to use and understand. However, should there still be any questions, our professional and courteous staff is always here to assist you.

Copyright © 1997, 2007 Financial Analytical Control Services All rights reserved.

Secured Access Area

 Benefits

Corporate Office - 2 South Pointe Dr, Lake Forest CA 92630