Accounting is a primary component of running any type of business, and construction is no different. Since each construction project varies in scope, materials, and labor costs, having specific financial data helps your accounting team manage each project’s unique circumstances and ensure your finances are accurate. That’s why you should look into automating your AP process with construction invoice automation software.
Since construction is unlike many other businesses, with fluctuating project costs and employees spread across job sites, it’s important to have accounting tools in place to track finances and manage accounts in real-time.
What is Construction Invoice Software?
Construction invoice software helps your team manage money coming in and out of your business. It allows your accounting team to control many basic accounting features digitally to maintain real-time visibility into your finances and minimizes the risk of errors or duplicate payments.
By automating many processes and providing supporting data that feeds directly into your accounting system, you can manage more projects without overwhelming your existing team. Plus, you can find integrated software that suits your company now and one that scales as your business grows in the future.
Since many construction companies are already using technology like Quickbooks to manage their finances, implementing construction invoice software alongside your accounting system unlocks many key features that build efficiencies and help generate more revenue for your business without affecting your existing systems.
Construction Invoice Software Benefits
Some of the beneficial tasks construction invoice software can help with include:
- Bid requests, estimates and proposals
- Purchase orders
- Vendor logins
- Payment processing
- In-house communication
What’s The Best AP Software for Construction?
When you’re looking for construction invoice software, you want something designed with your business in mind. PaperTrl can save you and your team thousands of hours a year by eliminating the time-consuming tasks of manually managing invoices, projects, and budgets. With automated construction invoicing, you can reduce the labor needed to manage vendor AP and focus on what’s most important – managing your business.
- Project-based accounting – Process vendor bills quickly and accurately while getting visibility into project costs for future bids.
- Vendor management – A vendor portal makes it easier for you to manage vendor relationships and ensure on-time or early payments.
- Online payments – Reduce fraud by switching from high-risk check payments to online payment methods like ACH and credit card. Online payments also eliminate manual approval processes and gives you more control on which invoices you pay and when.
- Cash flow management – With construction invoicing through PaperTrl, you can improve your working capital by optimizing your payables.
- Improved visibility – Since your workforce is distributed over multiple job sites, workers and managers can remotely access purchase orders and receive goods in real-time.
- Audit trail – Paper documents are easily lost, especially when managing projects across multiple locations. PaperTrl construction invoice software makes it easy to keep track of electronic records and detailed project financials.
Construction invoice software streamlines the entire AP process from purchasing to payments, which can minimize human error, cut costs, and speed up bill processing – all of which are essential when managing a growing construction company.
Automate Your AP Process with PaperTrl
PaperTrl is a fully integrated, cloud-based AP automation software solution that helps companies who manage third-party vendors simplify and streamline the AP process from purchasing to payments. Our construction invoice software is simple enough for growing organizations yet powerful enough for complex enterprises. Learn more about PaperTrl and contact us for a free demo.