Nearly every kind of business has a need to pay bills owed to suppliers. As you are probably aware, construction companies are no exception to this rule. For construction companies and businesses of all different types, a manual accounts payable process leaves a lot to be desired.
Unleash your team’s efficiency with AvidXchange’s suite of accounts payable solutions and say goodbye to filing cabinets and lost invoices. Accounts payable process automation with AvidXchange frees your team from the manual AP tasks that are slowing down your business, all while giving you greater control over your spend management with the click of a button.
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Processing paper invoices and checks by hand can be slow and inefficient. It can be difficult to keep track of physical records stuffed in filing cabinets as the company scales and begins working with more suppliers. Plus, the price of all those paper supplies will likely keep adding up as your business scales, too.
Billing software for construction company is one possible solution. Construction software programs designed to automate accounts payable processes are handy tools capable of saving your accounts payable team a considerable amount of time and money. You’ll likely see the benefits reflected in your cost to complete construction spreadsheet. You can even improve your organization’s relationships with suppliers by switching to an automated accounts payable system.
AvidSuite for construction is a powerful collection of accounts payable automation tools designed by AvidXchange specifically for the construction industry. Your organization can use AvidSuite for construction to streamline your accounts payable process from end to end. Let’s take a closer look at billing software for construction companies and how automating your accounts payable process can benefit your construction business.
AvidSuite for construction can help all kinds of companies automate their accounts payable processes, no matter what type of construction they specialize in. For example, AvidXchange’s bill payment and invoice management tools can be used as road construction accounting software. If you’re seeking construction software to help with managing accounts payable for a road construction project, AvidSuite for construction companies could be a good match.
Here are a couple of examples of the specific benefits that make AvidSuite some of the best accounting software for contractor work and construction companies. (Keep in mind that AvidSuite does not include “accounting software” of the kind that will help you manage your business’s finances. Instead, AvidSuite tools integrate with your accounting system to streamline invoice processing and bill payments to suppliers.)
One of the primary benefits of accounts payable automation software is that it can reduce accounts payable expenses, potentially by a significant amount. You might not even realize how much money could be saved by eliminating or reducing paper materials from your accounts payable process. In truth, the costs of these supplies add up, and getting rid of them can save your business a lot of money in the long run.
Automated accounts payable construction software can also make the accounts payable process more efficient. Many of the repetitive manual tasks that keep employees from more strategically valuable activities can be automated instead.
There is a wide variety of types of construction software available online. Many people wonder which software is the best one for automating accounts payable processes. Usually, the answer depends on what kind of construction company the software is for. For instance, the best accounting software for roofing companies may look a little bit different than the best accounting for contractors because each of these types of construction companies specializes in other areas and thus has slightly different needs. AvidXchange’s accounts payable software for construction companies is versatile enough to work for many different kinds of construction businesses.
You might begin your search for the best accounts payable software with a Google query like: “top 10 construction management software applications.” This search would likely turn up list after list containing examples of accounts payable software like AvidSuite for construction or Sage construction accounting software. This method of narrowing down your options is an excellent place to start, but it’s also important to consider your decision in the context of your company’s unique needs. A top 10 list can give you great insight into how different construction software brands stack up against one another, but not much insight into how they’ll meet your specific needs.
Another kind of software that would probably show up on a comprehensive construction software list is engineering and construction firm software. Here are a few more reasons accounts payable automation tools can be some of the best software for contractors, engineering firms, and other kinds of construction companies:
Accounts payable automation can significantly speed up the accounts payable process without requiring you to give up any control. AvidXchange’s automation can match your current accounts payable workflow, so you don’t need to redesign the whole system. The automation can simply keep your preferred workflow running smoothly and efficiently.
You can also use construction management software for builders and contractors to improve visibility into the accounts payable process. AvidXchange’s software enables an unobstructed view into the status of invoices as the automation carries them through the steps in the process. With accounts payable software, you can feel more confident that your accounts payable process is fully transparent and that the information you need is always easily accessible.
Yet another benefit of accounts payable software for construction companies is that it can improve the security of your invoice processing and bill payment system. AvidXchange utilizes secure e-payment options to greatly improve financial security and reduce the risk of fraud.
When it comes to construction software, many people are just looking for essential tools like construction dashboard templates. The same goes for simple accounting software for contractors. Complicated accounting tools for large construction firms may not be exactly what you need.
AvidSuite for construction could be one of the best accounts payable automation solutions for contractors in the construction industry. Here are a few ways construction contractors could benefit from automated accounts payable software:
Accounts payable automation makes it easier to scale your business. If you have a relatively small construction business, you might be alright handling your accounts payable needs by hand for now. However, if you have any plans to expand, there’s a good chance you will need to rethink your accounts payable strategy once you start working with more suppliers. After it starts to become challenging to manage all your bill payments manually, it could be a good time to upgrade to accounts payable software. Construction software designed for accounts payable automation can process increasing numbers of invoices without reducing speed or accuracy.
You can also benefit from 24/7 remote access to your accounts payable information. If you or your accounts payable employees need to be able to handle accounts payable tasks on the go, you can use software like AvidXchange to make the whole system remotely accessible. AvidXchange is a cloud-based system that allows you to view payment data and other accounts payable information whether you’re onsite or in the office.
Other kinds of construction companies might be searching for building construction accounting software. Automated accounts payable software can also provide some valuable benefits for companies like these, including the benefits that we’ve already mentioned, like increased efficiency, reduced expenses, and improved visibility.
In the construction industry, there are many different tools that are required to keep construction projects on track. For example, an EOT claim template and civil construction templates are examples of some of the tools and resources that construction companies use to stay organized and complete essential steps.
Another tool like this is accounts payable software. By automating your company’s accounts payable process, you can streamline your ability to pay suppliers on time without needing to sink more and more resources into accounts payable functions as your business grows. Taking advantage of digital tools like these is one way to help your construction company run more efficiently.
One more advantage of using accounts payable software for your construction company is that it can improve your relationships with your suppliers. AvidXchange maintains a supplier network of over 825,000 suppliers. All of these suppliers have their payment preferences already baked into the AvidXchange software, making it easier than ever to pay all your bills to suppliers on time and using their preferred method. Suppliers do not need to do any extra work to accept payments via AvidXchange — AvidXchange continually and proactively enrolls new suppliers.
Clearly, there are a lot of potential benefits to adopting automated accounts payable software for a construction company. Accounts payable software can introduce a number of improvements to your invoicing and bill payment process, including:
Even though AvidXchange is not all-in-one construction software, it can integrate with the rest of the tools you use to provide seamless accounts payable automation. There are over 220 possible integrations between AvidXchange and a variety of popular building accounting software solutions that make bookkeeping for construction companies easier.
Of course, there are many other kinds of resources, like a material schedule template or a new home construction checklist, that are useful for construction companies as well. However, it’s very possible you’ll find that accounts payable automation is one of the most useful digital tools for your accounts payable needs.