How to Transform Your Construction Accounts Payable Process

In 15 minutes, learn how modern construction software can turn your multi-step accounts payable process into a single, seamless experience.

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Do you ever wish you can speed up your construction accounts payable processes? Not only do paper and manual processes impact how fast your construction organization gets paid, but your clients and vendors are burdened with the challenges of approving and paying paper bills. You have to manually find and set cost codes, figure out who needs to approve the invoice and, after contacting the approver, an in-person meeting is needed in order to sign off on the invoice.

Move Over Coffee-stained Paper — There is a Better Way

There are at least six steps to a manual or traditional AP process and that doesn’t include the extra time and steps that occur with common mistakes such as double entry and using incorrect phases. What if all these steps could be transformed into one solution—saving your construction accounting team, project managers, customers and your vendors time thus improving your reputation?

82% of finance professionals said their company was targeted for payment fraud, according to the Association for Financial Professionals. 

With more and more construction organizations striving to better protect their organizations from payment fraud, it's no wonder that paper processes are being spurned in favor of digitization. And, as technology has advanced to further allow for integration of construction payment data and workflows, contractors are now able to more closely monitor their payment data in real time, ensuring accuracy, while simultaneously speeding up payment processes.

Furthermore, modern construction accounts payable solutions are creating new profit centers for contractors. By utilizing credit card services to pay vendors, contractors can take advantage of lucrative rebate programs — all while saving time and money associated with printing and mailing checks. This is turning AP departments from cost centers to revenue generators.

Construction Accounts Payable Software is the Way to Go

Today’s modern cloud technologies are allowing contractors to digitize their processes, removing manual processes like pen and paper, spreadsheets and email in favor of connected solutions with real-time data and workflows. What does that mean for the accounts payable process? It means faster, more accurate data available at your accounting team’s fingertips to keep the bills paid and ensure your company is not overpaying.

With real-time, data and connected workflows, things like AP invoice approvals can happen quickly from anywhere — not just the back office. Payment reviews, data entry and much more can be done without having to jump from system to system or rekey data from piles of paperwork. An organized, digitized library of vendors, customers, contracts and more can be at your disposal with the ability to look up information in seconds versus hours.

Simplifying Construction AP Management

In this on-demand webinar, Viewpoint Director of Product Management Michael Smith demonstrates the difference between manual accounts payable workflows versus a streamlined, integrated AP management process with Trimble Construction One. You’ll learn how Trimble Construction One can make AP management simpler by:

• Quickly finding customers and vendors in an integrated accounting system
• Utilizing a mass invoice upload feature
• Pulling correct tax code information from Vista
• Approving invoices in the office or on a project site with a mobile device

You’ll also see how an integrated AP solution can improve data capture and visibility making project forecasting accurate.

Learn how to steer clear of error-prone paper and manual processes and move into integrated, accounts payable workflows that can make invoicing, reviewing and receiving payment faster and easier. Watch the full Take 15 webinar below!

Watch the video below.