In the construction industry, managing supplier invoices is a crucial part of accounts payable management. Traditionally, manually processing invoices involved a lot of paperwork, including printing, mailing and filing physical copies of invoices. This process was not only time-consuming but also prone to errors, such as lost or misplaced invoices, data entry mistakes and duplicate payments.
Manual invoice processing can also result in delayed payments, leading to strained supplier relationships and possible disruptions in the supply chain.
On the other hand, automated accounts payable offers several advantages over manual invoice processing. When you implement accounts payable automation, your construction company can streamline the invoice approval process, reduce errors and eliminate manual data entry.
Automated systems can quickly match invoices with purchase orders and receipt of goods, ensuring that all invoices are valid and accurate before they are approved for payment.
This process can save time and reduce costs by eliminating the need for manual data entry and allowing your AP staff to focus on more strategic tasks. Additionally, automated systems give you real-time visibility of the AP process, allowing your team to monitor and track payments, maintain compliance and improve cash flow management.
Overall, automating the accounts payable process can help construction companies streamline operations, reduce errors and improve supplier relationships.
Working smarter, not harder
At Lentune, we help construction companies streamline the way they handle project finances. Our clever software automates invoice processing, matching and approval all in one place.
When businesses first talk to us, their accounts payable system is usually tedious and frustrating. But after implementing Lentune, there’s a sense of relief that the process is finally streamlined and under control.
So, what makes such the difference between manual and automated accounts payable?
We have created an infographic that highlights the eight key functional differences between a manual accounts payable system and invoice automation software.
Transform your process
Lentune customers often rave about how automation has transformed their accounts payable process. If your business would also like to gain control of supplier invoices, get in touch with us to schedule a demo.
Looking to learn more about Invoice Automation and discover how it can transform your accounts payable? No worries, we wrote "The Ultimate Guide to Invoice Automation for Construction". It's packed with valuable insights that will show you why it's an effective solution for your business.