As the construction industry continues on its digital transformation journey, with adoption of both field and office solutions, as well as improved analytics, the need to shape a digital integration strategy becomes even more essential. One thing to keep in mind during this technology evolution is that it doesn’t have to be all or nothing. Real value can be achieved by integrating something as seemingly simple as invoices and payments. Here are three benefits of that integration:
- Reduce Costs, Clutter and Compliance Risk: By bringing invoice and payment tracking together under one customizable dashboard, a general contractor can quickly review and approve invoices and then collate them into one package—all with one click. Outstanding approvals and payments are readily clear. Just as importantly, when data is visual in one source, a contractor can easily generate project level reports instantly.
- Securely Send Payments: Automatically and securely send and receive payments with links to ERP or accountings systems. By integrating and automating payments, a contractor can streamline disbursements.
- Conditional Compliance: In many cases, subcontractor payment is conditional to approved certificates of compliance. With an integrated invoice/payment solution, contractors can automate payment holds if compliance issues are detected.
Today’s invoice and payment solutions are designed to streamline workflows, and integrate data in a secure environment. The addition of machine learning and artificial intelligence algorithms, these solutions become proactive resources that harness data in a highly visual way that drives proactive resolution. Looking to integrate and automate your invoices and payments? Constrafor’s invoice management solution is purpose-built to help general contractor’s track and review subcontractor invoice and payment statuses. The solution includes the ability to generate project or contractor level reports, and then securely send and receive payments. It’s also built to connect with your ERP/accounting system to enable automated transfer of key financial data.
