System and method for automatic financial project management

Abstract

A system and method for providing project management tools to support construction, renovations, maintenance and other projects. The system automates the creation, processing and approval cycles of the numerous documents involved with each project. The system provides standardized work processes through processing templates. The system provides automated control and management of the process. The system allows project initiation and funding approval by clients throughout the corporation via a desktop browser coupled to a corporate Intranet. A software application embodying the present invention and its underlying technology are appropriate for a paper intensive area. It reduces the approval cycle of projects. It automates the creation, processing and approval cycle of documents by routing documents electronically for on-line approval.

1 - 67 . (canceled)  
     
     
         68 . A construction payment management system comprising: 
 a server that stores an application, the application receiving information from a participant in a construction project; and    a database server connected to the server, the database server storing the information of the participant, the application accessing the information of the participant in order to transfer to the participant a payment associated with the construction project.    
     
     
         69 . The construction payment management system of  claim 68 , further comprising a notification module.  
     
     
         70 . The construction payment management system  claim 69 , wherein the notification module is an inbox for timely communications of messages and documents to the participant.  
     
     
         71 . The construction payment management system of  claim 68 , wherein the participant is a vendor.  
     
     
         72 . The construction payment management system of  claim 71 , wherein the vendor is a construction entity.  
     
     
         73 . The construction payment management system of  claim 68 , wherein the information is an invoice relating to the construction project.  
     
     
         74 . The construction payment management system of  claim 68 , further comprising a web server, wherein the participant accesses the construction project through the web server.  
     
     
         75 . The construction payment management system of  claim 68 , wherein the construction project is associated with a document collection and the document collection is maintained in the database server.  
     
     
         76 . The construction payment management system of  claim 75 , wherein the document collection has a plurality of documents, each of the plurality of documents in the document collection being associated with a respective electronic notebook, the documents in the document collection being electronic documents, each electronic notebook including associated categories, for each electronic notebook the categories provided including: 
 a comment category that includes general notes;    a status category that includes a status of the construction project ; and    a published notes category, the method including publishing notes in the published notes category to a team working on the construction project.    
     
     
         77 . The construction payment management system of  claim 68 , wherein the received information is encrypted during transmission.  
     
     
         78 . The construction payment management system of  claim 68 , wherein the construction project being a contract and the document collection including contract documents.  
     
     
         79 . The construction payment management system of  claim 68 , wherein the construction project is engineering related.  
     
     
         80 . The construction payment management system of  claim 68 , wherein the construction project is architectural related.  
     
     
         81 . A method of managing a construction payment process implemented by a computer, the method comprising: 
 receiving by an application an invoice and a lien waiver from a participant in a construction project;    approving the invoice; and    transferring monetary funds to the participant.    
     
     
         82 . The method of  claim 81 , further wherein transferring monetary funds to the participant is achieved by one of the following: giving a credit to the participant's Demand Deposit Account (DDA), issuing a check, or using Electronic Data Interchange (EDI) remittance.  
     
     
         83 . The method of  claim 81 , wherein the construction project is associated with a document collection and the document collection is maintained in the database server.  
     
     
         84 . The method of  claim 83 , wherein the document collection has a plurality of documents, each of the plurality of documents in the document collection being associated with a respective electronic notebook, the documents in the document collection being electronic documents, each electronic notebook including associated categories, for each electronic notebook the categories provided including: 
 a comment category that includes general notes;    a status category that includes a status of the construction project ; and    a published notes category, the method including publishing notes in the published notes category to a team working on the construction project.    
     
     
         85 . The method of  claim 84 , wherein approving the invoice further comprising: 
 identifying approvers that comprises an approval hierarchy, the approval hierarchy being a series of approvers;    automatically forwarding a notice requesting approval of at least one electronic document, in the document collection, from a previous approver to a successive one of the approvers upon approval of the at least one electronic document by the previous approver in the approval hierarchy.    
     
     
         86 . The method of  claim 81 , wherein the construction project being a contract and the document collection including contract documents.  
     
     
         87 . The method of  claim 81 , wherein the construction project is engineering related.  
     
     
         88 . The method of  claim 81 , wherein the construction project is architectural related.  
     
     
         89 . A construction payment management system comprising: 
 a server that stores an application, the application receiving information from a participant in a construction project, wherein the information is encrypted during transmission;    an inbox allowing timely communication of messages and documents to the participant;    a web server, wherein the participant accesses the construction project through the web server; and    a database server connected to the server, the database server storing the information of the participant, the application accessing the information of the participant in order to transfer to the participant a payment associated with the construction project, wherein the construction project is associated with a document collection and the document collection is maintained in the database server, wherein the document collection has a plurality of documents, each of the plurality of documents in the document collection being associated with a respective electronic notebook, the documents in the document collection being electronic documents, each electronic notebook including associated categories, for each electronic notebook the categories provided including: 
 a comment category that includes general notes;  
 a status category that includes a status of the construction project ; and  
 a published notes category, the method including publishing notes in the published notes category to a team working on the construction project.