Today’s construction industry is increasingly competitive, often facing shortages in everything from skilled labor to building material and supplies. Couple this with an accounting process full of unique requirements and procedures and having control over your cash flow is critical.
“The older business model for the construction industry has at its core an AP system that is cumbersome, outdated, and costly. It does not include a much-needed cyber safety net, money-saving efficiencies, or a way to increase revenue streams.
The innovation of an intelligent, user-friendly cloud-based, AP Automation system, such as the Yooz platform, is the best tool in the construction-business owner’s belt.”
- Cody Manning, NORAM Chief Sales Officer at Yooz
There are several challenges when it comes to construction, primarily due to distinct, industry-specific distinctive practices and challenges. For example, many times paying invoices is linked to payments received for each individual contract. Keeping track of these contract-specific payments – especially once completed and the next project started – can easily become an issue. In fact, delays or errors can create a cash flow and revenue issues affecting multiple trades.
Construction accounts payable software can help, providing an always up-to-date view into your AP status to help you maintain a positive cash flow. And, equally important, turn a profit.
The unique demands of construction have a broad range, including different projects at different locations, specific customer demands, unique (and often varied) billing options, and of course fluctuating prices throughout the entire supply chain. And that’s before any legal requirements, audits, or taxes.
The good news? You can have all of these factors yet still easily and flawlessly manage your invoice workflow thanks to automated invoice processing. It can truly be a game changer for construction invoice processing in companies of any size.
Inflation affects everyone but for the construction industry the effects on pricing, wages, and supply chain can affect each project differently. This is one reason why construction payment automation (and automated invoice processing in particular) is important to ensure that a thin-margin engagement doesn’t turn into a losing proposition.
Complete the form below to learn more about AP automation with Yooz and one of our automation experts will reach out to you shortly.