Common Issues Solved by Billing Software for Construction Company
Processing paper invoices and checks by hand can be slow and inefficient. It can be difficult to keep track of physical records as your company scales and begins working with more suppliers. Plus, the price of all those paper supplies will likely accumulate as your business scales, too.
Billing software for construction company is one possible solution. Construction billing software automates accounts payable, saving time and money for your team. You’ll likely see the benefits reflected in your cost to complete construction spreadsheet. You can even improve your relationships with suppliers by switching to an automated accounts payable system.
Accounts payable automation software can significantly reduce expenses for paying bills. You may not know how much money you can save by reducing or removing paper from your accounts payable process. These supplies may have a high cost, so disposing of them can result in significant savings for your business.
Automated accounts payable construction software can also make the accounts payable process more efficient. Employees can automate repetitive tasks instead of relying on automation, allowing them to focus on more valuable activities.
How to Choose the Best Construction Billing Software
Each type of construction company specializes in different areas and has slightly different requirements. AvidXchange’s accounts payable software for construction companies is versatile enough to work for many kinds of construction businesses.
Reducing choices is a good starting point. However, it is also important to consider your decision in relation to your company’s specific requirements. Here are some key features to look for:
- Project-Based Invoicing– Ability to create invoices tied to specific projects. Customizable invoice templates to reflect the company’s branding and details.
- Progress Billing– Support for progress billing methods to bill clients based on completed project milestones or stages. Automated calculation of progress percentages.
- Time and Material Billing– Capability to handle time and material billing for projects where costs are based on actual time spent and materials used.
- Integration with Accounting Software– Seamless integration with accounting software for accurate financial reporting.
- User Permissions and Security– User permission settings to control access and ensure data security.
- Reporting and Analytics– Robust reporting tools that provide insights into billing trends, outstanding payments, and overall financial health.
Types for Construction Accounting Software
Construction accounting software is designed to meet the unique needs of the construction industry, including managing project costs, tracking job progress, and handling complex billing and financial requirements. Here are some types of construction accounting software:
- Billing Software for Contractors– built specifically for small to mid-sized contracting businesses. Features include job costing, billing, and project management.
- Road Construction Accounting Software– Bill payment and invoice management tools for managing payments in road construction. Useful features include invoice tracking.
- Civil Construction Accounting Software- Accounts payable automation tools use for accounting and project management in large civil construction projects like bridges, water reservoirs, and more.
- Engineering And Construction Management Software– ERP and accounting software integrates with billing and payment systems. Useful features include financial reporting and resource management.
- Accounting Software for Roofing Companies– accounting software tailored specifically for roofing companies. Features include progress billing, material cost tracking, and subcontractor management.
Accounts payable automation can significantly speed up the accounts payable process without requiring you to give up control. AvidXchange’s automation matches your accounts payable workflow, so you don’t have to change 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 shows the progress of invoices as it automates the steps in the process. Accounts payable software ensures transparency and easy access to necessary information, boosting confidence in the accounts payable process.
Accounts payable software for construction companies can improve invoice processing and bill payment security. AvidXchange utilizes secure e-payment options to greatly improve financial security and reduce the risk of fraud.
Accounting Software for Construction Contractors
In construction software, many people are simply seeking essential tools such as dashboard templates. The same goes for accounting software for construction 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. To grow, you may need to change how you pay suppliers as you start working with more of them.
If handling bill payments manually becomes challenging, it is advisable to consider using accounts payable software. This software can help streamline the process and make it more manageable.
Switching to accounts payable software can alleviate the difficulties associated with manual bill payments. It offers a more efficient and effective way to handle bill payments. 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. You can use software like AvidXchange to access the system on the go. This software is helpful if you or your employees need to handle accounts payable tasks remotely.
Building Construction Accounting Software
Other kinds of construction companies might be searching for building construction accounting software. Automated software for paying bills can help companies by making things faster, cheaper, and easier to see.
The construction industry requires many different tools to keep construction projects on track. Construction companies use tools like EOT claim templates and civil construction templates to stay organized and complete important tasks.
Another tool like this is accounts payable software. As you grow, automating your company’s bill payment process helps you pay suppliers on time without the need for additional resources. Taking advantage of digital tools like these is one way to help your construction company run more efficiently.
Using accounts payable software for your construction company can improve relationships with suppliers. AvidXchange maintains a supplier network of over 825,000 suppliers. A supplier’s payment preferences are included in the AvidXchange software, making it easier to pay your bills correctly the first time. Suppliers do not need to do any extra work to accept payments via AvidXchange.
All In One Construction Software
Clearly, there are a lot of potential benefits to adopting automated accounts payable software for a construction company. Accounts payable software can introduce several improvements to your invoicing and bill payment process, including:
- More efficient invoice processing
- Lower accounts payable processing costs
- Better visibility into accounts payable workflows
- 24/7 remote access to accounts payable data
- Improved scalability
- Reduced risk of fraud
AvidXchange can integrate with other tools you use to automate accounts payable. However, it is not an all-in-one construction software. Over 220 possible integrations between AvidXchange and a variety of popular building accounting software solutions make bookkeeping for construction companies easier.
Construction companies use helpful resources like material schedule templates and new home construction checklists. However, you’ll likely find that accounts payable automation is one of the most useful digital tools for your accounts payable needs.
About AvidSuite for Construction
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. Explore construction billing software and the advantages of automating accounts payable for your construction company.
AvidSuite has specific benefits that make it stand out. (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.)