Switching to accounts payable software can feel like a giant step for any company, let alone a construction company. The construction industry is filled with processes that need to be maintained like project planning, cost management, contract administration, health and safety management, just to name a few. Changing how you run a very important section of your business can feel daunting and runs a risk that a piece of your puzzle might come loose and ruin the structure of your business. Accounts payable automation software has a lot of different benefits that will bring new, efficient, and effective ways to manage your financial process.
Countless hours are spent weekly by your finance team processing invoices, chasing up approvals that are still not submitted, and manually entering PO data into your system. It is constant, unrelenting, and dry work. The software can change your financial system from a manual, time-consuming process to an accounts payable automated dream. From inbox to approval, the number of touch points will be drastically reduced as the software automatically sends any supplier invoice received to the correct approver. This is just one process where whole steps will be cut out or greatly reduced. This leaves more time open for your team to cultivate long-term business plans that will grow profits.
2. Standardise and streamline your financial process
The construction industry has a lot of specific needs that are not like other fields. With accounts payable automation, you can customise and implement workflows that are designed specifically to suit your business. These needs can be created for the type and scale of work you are doing now but with the flexibility to change when your business grows. There is no need to keep your accounts payable automation software the same when your needs shift and grow.
3. Monitor, plan, and grow
Accounts payable automation software gives your business the opportunity to have it shift and grow just as your business does. This is done by tracking and monitoring the projects you are working on, making projections for upcoming ventures, and staying on top of all vendor POs and invoices. With this information, you can now have a bigger and more accurate picture of your business and where to put in the effort and money to continue to grow.
4. Improved accuracy
Even the best teams make mistakes. But human error when it comes to invoice processing can be costly and chew into more of the team’s weekly invoice processing time. Your team may even need to spend time unpicking errors that came in on the PO and invoice paperwork they received from other departments or vendors. With an automated accounts payable system in place, the information on invoices is captured in the initial stages of the processing and will quickly pick up on any discrepancies, saving your team time and your company’s bottom line as you no longer need to fund the sorting out of incorrect data entered into your systems.
5. Stay compliant
Managing all of your invoicing documentation is another great benefit of having accounts payable automation. The software easily links all forms, invoices, reports, statements and more that are involved with a specific transaction. This creates a searchable trail that is easy to manoeuvre and even easier to provide access to any auditor that comes across your path. Give the auditors access to only the information they need to investigate your file so they can get in, get out, and finish their inspection in record time. No more organising paperwork from dusty old filing cabinets. That is a ling of the past and automation is your present and future.
6. Fraud protection
Fraudulent invoices being sent to companies is nothing new. Accounts payable automated software can help to protect your company from paying counterfeit invoices. Multiple team members can be enabled to authorise approvals and release payments. With AP software, specific steps are required to be completed before an invoice is paid. Not having a single employee in charge of this means that multiple eyes are on the system. Combine that with the security settings in the software that need to be followed and the risk of paying phoney invoices is greatly reduced.
7. Real-time monitoring and location independence
As you know, being in the construction industry usually means you have multiple projects going on at different locations at the same time. With accounts payable automation software, you can check on your budgets, approve POs, and so much more and all while at different sites. This gives you and your staff the freedom to complete their to-dos wherever is convenient for them that day. No more wasting time going back and forth to the office. Accounts payable automation software gives you freedom and accuracy all rolled into one.
Although it may feel like a big decision for your business, AP software has a lot of benefits that you and your team will see right off the bat. It can and will transform the way your company does business and will be felt by both your employees and customers. Minimise the complexity of your accounts payable systems by optimising and streamlining all of your financial systems tailored specifically to your company’s needs. Start seeing more positive outcomes from your teams with accounts payable software and its direct impact on your bottom line. Once accounts payable automation software is implemented into your company, you will never look back.