If there is one thing that is specific to the construction industry – they process a lot of invoices. The nature of the business utilizes multiple subcontractors/vendors, all of which submit their invoices for payment to the general contractor. When these invoices get submitted, subcontractors expect payment almost immediately. The volume and speed of this accounts payable cycle puts a lot of pressure on the AP department to receive, process, and pay invoices in a rapid fashion.
In an industry where mobility, and an on-site workforce, require flexibility in invoice submission, DynamicPoint has stepped in with its Invoice Automation solution, EasyAP365. Invoices can be submitted in various different options, including using contractors’ mobile phones, a vendor portal, or the more traditional email submission. If invoices are being received by project managers, a check request process can be put in place such that they can be submitted in a consistent format.
The EasyAP365 platform also offers job costing integration with leading ERP systems. AP, or reviewing project managers, can specify job and task details, as well as compare invoices to existing job budgets.
The resulting process, more streamlined and managed, looks something like this: