Introduction
This article covers each page within the Finance Assessment. Should you have any concerns about the integrity of Highwire’s data security measures, Highwire is ISO 27001 and SOC2 compliant, ensuring the highest levels of security. Please click here for more information.
To progress through each page, click on the Continue button. Information entered will be automatically saved as you proceed through the sections. If you cannot complete the information, you can return to the section anytime. You may track your progress through the Assessment taskbar at the top of your profile. Each unfinished section will also display a banner, shown below.
Prequalification is a critical process in the construction industry that helps project owners, general contractors, and other stakeholders assess the capabilities, financial stability, and performance history of potential contractors and subcontractors.
Highwire clients are eager for fresh prequalification data to stay on top of risk. To meet that need, some sections require either quarterly or annual updates. See the table below for a breakdown of these updates. You can find more information about these updates here.
| Data | Frequency of Updates |
|---|---|
| Work In Progress (WIP) | Quarterly |
| Work Not Started | Quarterly |
| Available Credit | Quarterly |
| Employee Headcount | Quarterly |
| Income Statement | Annually |
| Balance Sheet | Annually |
| Cash Flow Statement | Annually |
This video provides an overview of the Finance Assessment sections that are detailed in this article.
Financials
The Financials section is the first section within your Finance Assessment. The last three years of income statements, balance sheets, and cash flow statements are required. Upload all statements into the box shown below. This data will need to be updated annually and you can visit this help article for more detailed guidance.
Once the documents have been successfully reviewed by our team, the statement section will show ‘Done’ for each corresponding type of document within each year. If one or more of the statements are missing, you will see a ‘Missing’ label next to the corresponding statement and year in the table shown below.
Backlog
The Backlog section features two sections: Work In Progress and Work Not Started.
The Work in Progress section collects information about the projects that are currently underway. It includes details about the progress of each project and any associated Work-In-Progress (WIP) schedules.
This section requires quarterly updates of the information listed below:
- Number of Projects
- Original Value of Contracts
- Estimated Cost to Complete
- Costs to Date
- WIP Schedule
The Work Not Started section collects information about the backlog of projects that have not yet started. It includes backlog schedules and other relevant details.
This section requires quarterly updates of the information listed below:
- Number of Projects
- Value of Contracts
- Backlog Schedule
Banking
The Banking tab provides detailed information about credit and banking relationships. Available Credit will need to be updated every quarter. If you have a line of credit with your bank, check the box and enter the subsequent information. Include an upload of your letter of credit.
Legal
The Legal section includes two subsections with Yes or No questions: Litigation and Defaults. If your answer is “Yes” to any of the questions shown below, a box will appear below the question where you can provide more details.
References
The References section allows contractors to provide detailed reference information for past business interactions, helping to establish credibility and reliability.
Enter two sets of references: suppliers or subcontractors, and clients. Three of each the supplier or subcontractor and client references are required.
Surety
The Surety section is designed to collect detailed information about surety bonds and broker relationships, providing clients with insights into bonding capacity and financial reliability.
In this section, you will first indicate whether your company has a surety bond via the checkbox. If your company has a surety bond, complete the subsequent surety and broker contact information.
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