Construction companies can be crippled if they can’t collect payments, pay their workforce and deliver on their project portfolio.
Accounts payable is a critical business requirement and because of its high-volume nature, it can cause a lot of issues for construction companies. There are so many ways an invoice can fail – duplicate invoice numbers, invalid ABN, no PO number to name a few and it can be an admin nightmare when something goes wrong.
Understandably, it’s challenging to establish a streamlined invoicing process when many businesses rely on manual processes and multiple stakeholders and approvals to pay bills on time. Thankfully there’s a way to take the headaches out of invoicing.
Technology such as Software as a Service (SaaS) Enterprise Resource Planning (ERP) solutions can help to streamline the invoicing process and reduce the time and effort required to get paid for completed works. Automating invoicing tasks and seamlessly integrating invoicing with other systems can help to save time, reduce errors, and increase efficiency, freeing up staff to focus on more important tasks.
SaaS ERP systems can provide real-time visibility into project costs and billing, which can help construction companies more accurately track expenses and invoice clients for completed work, helping avoid invoicing errors and delays and facilitating quicker payments.
TechnologyOne, a SaaS vendor based in Queensland, offers an integrated software solution complete with intelligent automation to help the construction industry.
TechnologyOne Industry General Manager, Luke Fleming, said that without the right technology, processes, and systems in place, invoice processing can cause unnecessary headaches for construction businesses.
“Invoices can fail in a million different ways and late or unpaid invoices can cripple any business. Working with our intelligent automation engine the TechnologyOne team have developed an industry-specific solution that provides automation, control, and efficiencies within the invoicing process and management of exceptions to those invoices,” said Mr Fleming.
With AI capabilities, a SaaS ERP solution can be tailored to align with specific business processes and management styles. Following a set and forget like approach, during software implementation, rules can be designated by staff that the system follows through the use of automation technology, enabling the simplification of complex invoicing processes and the elimination of administrative work.
SaaS ERP solutions can help construction companies to improve invoicing accuracy, efficiency, and timeliness, which can ultimately lead to better financial management and greater profitability.
TechnologyOne offers a software solution built for Australian construction that offers more project visibility than a hi-vis vest.
For more information on how intelligent automisation can reduce your invoicing headaches from industry expert Luke Fleming and a live software demonstration, register for our Financial Management webinar at: https://ter.li/t0pmnp