Building & Construction
Use automation to streamline the approval of incoming invoices; reducing costs, compliance issues, and delays.
Do your Site Supervisors and Project Managers have to come into the office to approve building invoice?
Would automated matching and approval workflows reduce your costs?
Calculate your savingsDoes your team relate to these common frustrations?
No Visibility
Paper based processes inherently lack visibility as key data from the documents is not entered into systems until very late in the process. The ability track paper through the process also allows for a complete lack of compliance.
Upcoming commitments and obligations, along with the status of invoices can all contribute to an inability to correctly manage cashflow.
Lack of Mobility
Paper based approvals require approvers such as Site Supervisors and Project manager to take time out of their day to visit head office. This often leads to slow approval process which can lead poor supplier relationships and issues with contractor legislation.
Duplicated Effort
With most in the construction industry utilising industry-based applications to manage their business and then a specific software for finance, data is often required to be entered into both systems.
Matching of key purchasing data within the construction platform also increases the existing process costs.
Compliance
Paper based processes create the ability for processes to be expedited, when processes are not followed. This is commonly due to the process being difficult and cumbersome. Ability to expedite processes means compliance cannot be enforced and business rules can be ignored.
Reclaim lost time with an Automation Solution
While finance processes all include intangible associated costs and risks, Key process analytics will allow for fact-based projections of existing and future cost comparisons. Data driven analysis of both your current process costs along with the reduced future to be process costs allow you to make informed decisions on your automation journey.
Paired with intangible benefits as increased visibility and clear audit trails, this will demonstrate where you will see the greatest value from automation.