System and method for automatic financial project management

• US 7,685,013 B2
• Filed: 08/24/2007
• Issued: 03/23/2010
• Est. Priority Date: 11/04/1999
• Status: Expired due to Term

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Gendler, Joseph
• Primary Examiner(s): Jarrett; Scott L
• Application Number:
  US11/844,892
• Publication Number:
  US 20070288364A1
• Time in Patent Office: 942 Days
• Field of Search: 705/7
• US Class Current: 705/7.23
• CPC Class Codes: G06Q 10/06313 Resource planning in a project environment
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 10/103 Workflow collaboration or project management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems

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.

Claims

1. A method for monetary funds payment for construction projects, the method comprising:

establishing an application on a web server for monetary funds payment for a contract for a construction project, the construction project associated with a document collection that is maintained in an electronic database, the document collection having a plurality of electronic documents, each electronic document associated with an electronic notebook, each electronic notebook including associated categories comprising;

a comment category including general notes,

a status category including a status of the construction project, and

a published notes category related to a team working on the construction project;

providing access to the construction project through the web server to a construction entity;

receiving electronically via the web server, from the construction entity, a bid for at least a portion of the construction project, the bid associated with at least one associated document and stored in the document collection;

maintaining a state of the bid in a database table wherein the state of the bid controls an ability of the construction entity to perform a function on each of the plurality of documents;

maintaining a history of revisions to the bid such that changes in the state of the bid during the approval process is maintained;

determining an approval of the bid upon receipt of the information via the web server, comprising;

identifying an approval hierarchy comprising a series of approvers, wherein a requestor selects the approvers that comprise the approval hierarchy, the selection being made from a list comprising one or more approvers;

automatically forwarding a notice requesting approval of the at least one associated document associated with the bid from a previous approver to a successive one of the approvers upon approval of the at least one associated document by the previous approver in the approval hierarchy;

wherein the successive one of the approvers returns to the funding approval to the previous approver, the previous approver not being the requester, and

receiving the approval of the bid from the approval hierarchy;

providing a contract to the construction entity based on the approved bid, the contract defining tasks to be performed by the construction entity related to at least a portion of the construction project, the contract included in the electronic database;

receiving an invoice from the construction entity related to the contract, via the web server and using the application, after at least a portion of the project associated with the construction entity has been completed;

validating and approving the invoice;

charging the invoice against portions of a contract associated with the project; and

transferring monetary funds based on the validated invoice to the construction entity by one of crediting a Demand Deposit Account (DDA), issuing a check, and issuing a remittance using Electronic Data Interchange (EDI) via the web server and using the application.

2. A computer implemented system for monetary funds payment for construction projects, the system comprising:

a web server comprising;

a processor;

a memory;

an application for monetary funds payment for a contract for a construction project, the construction project associated with a document collection that is maintained in an electronic database, the document collection having a plurality of electronic documents, each electronic document associated with an electronic notebook, each electronic notebook including associated categories comprising;

a comment category including general notes,

a status category including a status of the construction project, and

a published notes category related to a team working on the construction project;

wherein the application is resident on the web server and executed at least by the processor, wherein the application comprises at least the following functionality;

providing access to the construction project through the web server to a construction entity;

receiving electronically via the web server, from the construction entity, a bid for at least a portion of the construction project, the bid associated with at least one associated document and stored in the document collection;

maintaining a state of the bid in a database table wherein the state of the bid controls an ability of the construction entity to perform a function on each of the plurality of documents;

maintaining a history of revisions to the bid such that changes in the state of the bid during the approval process is maintained;

determining an approval of the bid upon receipt of the information via the web server, comprising;

identifying an approval hierarchy comprising a series of approvers, wherein a requestor selects the approvers that comprise the approval hierarchy, the selection being made from a list comprising one or more approvers;

automatically forwarding a notice requesting approval of the at least one associated document associated with the bid from a previous approver to a successive one of the approvers upon approval of the at least one associated document by the previous approver in the approval hierarchy;

wherein the successive one of the approvers returns to the funding approval to the previous approver, the previous approver not being the requester, and

receiving the approval of the bid from the approval hierarchy;

providing a contract to the construction entity based on the approved bid, the contract defining tasks to be performed by the construction entity related to at least a portion of the construction project, the contract included in the electronic database;

receiving an invoice from the construction entity related to the contract, via the web server and using the application, after at least a portion of the project associated with the construction entity has been completed;

validating and approving the invoice;

charging the invoice against portions of a contract associated with the project; and

transferring monetary funds based on the validated invoice to the construction entity by one of crediting a Demand Deposit Account (DDA), issuing a check, and issuing a remittance using Electronic Data Interchange (EDI) via the web server and using the application.

3. A computer readable medium comprising computer readable code effective to perform the steps of:

establish an application on a web server for monetary funds payment for a contract for a construction project, the construction project associated with a document collection that is maintained in an electronic database, the document collection having a plurality of electronic documents, each electronic document associated with an electronic notebook, each electronic notebook including associated categories comprising;

a comment category including general notes,

a status category including a status of the construction project, and

a published notes category related to a team working on the construction project;

provide access to the construction project through the web server to a construction entity;

receive electronically via the web server, from the construction entity, a bid for at least a portion of the construction project, the bid associated with at least one associated document and stored in the document collection;

maintain a state of the bid in a database table wherein the state of the bid controls an ability of the construction entity to perform a function on each of the plurality of documents;

maintaining a history of revisions to the bid such that changes in the state of the bid during the approval process is maintained;

determine an approval of the bid upon receipt of the information via the web server, comprising;

identify an approval hierarchy comprising a series of approvers, wherein a requestor selects the approvers that comprise the approval hierarchy, the selection being made from a list comprising one or more approvers;

automatically forward a notice requesting approval of the at least one associated document associated with the bid from a previous approver to a successive one of the approvers upon approval of the at least one associated document by the previous approver in the approval hierarchy;

wherein the successive one of the approvers returns to the funding approval to the previous approver, the previous approver not being the requester, and

receive the approval of the bid from the approval hierarchy;

providing a contract to the construction entity based on the approved bid, the contract defining tasks to be performed by the construction entity related to at least a portion of the construction project, the contract included in the electronic database;

receive an invoice from the construction entity related to the contract, via the web server and using the application, after at least a portion of the project associated with the construction entity has been completed;

validate and approve the invoice;

charge the invoice against portions of a contract associated with the project; and

transfer monetary funds based on the validated invoice to the construction entity by one of crediting a Demand Deposit Account (DDA), issuing a check, and issuing a remittance using Electronic Data Interchange (EDI) via the web server and using the application.