Contractors who have been around since long before the digital revolution know how tedious paper-based construction payment management can be. Not only is filling out and filing these documents tiresome, but countless hours are wasted when records need to be retrieved and updated for auditing purposes.
Luckily for today’s industry competitors, new construction software solutions include powerful automated systems that handle the payment process from end to end. With these tasks taken care of, contractors can focus in on the objectives that will drive their business toward success.
Pull ahead with payment automation
When a company starts signing contracts left and right, it can be easy to get bogged down in the paperwork that comes with these agreements. Executives can only add so many accountants to their back office staff – to expedite the document organization and payment process, a software solution is the only answer.
A press release from Textura recently pointed out the many advantages of a next-gen payment system, suggesting that these solutions can differentiate a firm from the pack. By letting managers leave paper behind, this technology can help to build stronger partnerships with subcontractors and clients already attuned to the digital standard. In addition, revamped construction accounting systems make compliance concerns a thing of the past.
“Textura-CPM has helped us stand out from our competitors,” said Mike Weber, president of Island Acoustics. “We are able to focus less on completing paperwork and more on our core business. We can stay on top of compliance and legal documents better using CPM.”
Cut costs in unexpected places
Although the cost benefits of construction document management software may not be immediately apparent to contractors, savings can easily snowball over time. The price of a paper-based payment system is hidden behind the walls of convention – eliminating this extra overhead can be a major boost to company budgets.
“We’ve even saved some money since we started using Textura,” said Tom Garcia, CFO at Safway Atlantic. “Not only do we spend less time filling out paperwork and are getting paid faster, we’ve also reduced costs by eliminating courier and document storage fees.”
Safe and secure
Bank Info Security recently noted that 60 of organizations faced actual or attempted fraud loss in 2013. With a secure, streamlined construction payment management platform, contractors can mitigate the risk associated with unstructured paperwork floating around the office. With advantages from operational, financial and security standpoints, it’s no wonder why companies are eager to adopt these solutions and gain an edge.