Purchase-to-pay, or P2P, refers to the process by which businesses request, purchase, and receive goods or services. P2P construction solutions guide construction companies through this process, allowing them to work more closely with vendors and take greater control of their finances. P2P involves many elements and procedures, but accounts payable, or AP, is among the most important. Accounts payable is the money owed by businesses to their suppliers. This is in contrast to accounts receivable, which describes the money owed to companies by their debtors.
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.
Join the 8000+ Businesses Enjoying AP Automation with AvidXchange
Watch our 4-minute demo of AvidXchange’s AP automation solutions. We’ll show you step-by-step how our solutions can digitally transform your entire invoice-to-pay process.
Construction invoicing software can help businesses manage their AP process. With invoicing software, you can automate manual, repetitive tasks, including routing your invoices for approval. Trying to manage each invoice by hand can be challenging, which is why using invoicing software can be so helpful, especially for large businesses that work with multiple vendors. Construction billing software can also be helpful for those who work in construction. This allows users to make electronic payments, eliminating the need for them to handle paper checks and cash. A paperless payment system can save you valuable time and money. In addition, it can help you avoid human errors and protect against fraud.
AvidSuite for Construction provides AP automation tools for the construction industry. This end-to-end P2P solution helps users automate processing and establish a stronger foundation for their accounts payable. AvidSuite for Construction offers three products (TimberScan, AvidPay, and TimberScan Forms Suite), enabling users to manage their AP process from every angle. With AvidXchange, you get real-time access to all of your items, including status and history data and payment methods. The software can integrate with your ERP, meaning that you can stay connected to and continue using your existing systems. This allows for greater flexibility and a wider range of AP options.
When planning a P2P project, it can be helpful to study a P2P business model to get a better idea of the steps involved in the P2P process. For instance, most models start with the buyer identifying their needs and defining what exactly they’re looking to purchase. Then, they start assessing their options, request quotes from available suppliers, and receive pricing terms and conditions. Should the buyer agree to those terms, their requested goods or services will be delivered. The supplier then issues an invoice, which the buyer receives and approves. Finally, the purchaser submits payment for their items.
This P2P model example includes the most important steps in the P2P process and provides a rough outline for how you might structure your P2P project. You might also consider getting P2P support from a trusted provider. AvidXchange’s solutions for construction make it easier for users to take control of their P2P process, allowing them to access detailed reporting, make payments, and electronically manage their paper-based data and forms. AvidXchange also integrates with over 200 widely used accounting systems. You can take advantage of the platform’s range of AP solutions without sacrificing your current system.
P2P is an important component of construction management. You need to determine how you’re going to procure goods and whom you’re going to purchase them from. It can also be useful to map out a timeline, beginning with your identification of needs all the way to the point of purchase and payment. Knowing how long the process will take can help you plan for any potential roadblocks you may encounter along the way. It can also be a good way to determine a budget. You might also consider putting a construction project manager in charge of the process for greater efficiency.
Construction management P2P solutions like those offered by AvidXchange can simplify your purchasing process from beginning to end, allowing you to automate invoicing and billing. With a P2P management solution, you can keep better track of your accounting items and maintain an open line of communication with your suppliers. There’s no doubt that P2P can be challenging, but a P2P solution can help things run more smoothly and allow you to get through your process faster and more efficiently. Properly securing goods can be a great way to establish and maintain an ongoing relationship with your vendors, opening the door to new opportunities down the road.
Construction software can help construction companies simplify their workflows. By browsing a construction software list, you can get a better idea of what’s out there. Different solutions and providers offer different tools, so it’s important to consider all of your options and determine your must-have features. Do you need something that can specifically help with invoicing, or are you looking for an all-encompassing solution? Finding the right software for your organization is critical to achieving business success. The purpose of a P2P solution is to make the purchasing process easier, so it’s important to find something that complements rather than complicates your existing workflow.
AvidXchange offers some of the top construction software solutions on the market, leveraging advanced capture tools, including OCR, to match POs and receipts. This allows users to more easily extract data from invoices. What’s more, AvidXchange offers secure vendor payment options to reduce the risk of fraud. You can get your suppliers paid according to their preferred payment methods and gain total visibility into your workflow. By gaining control of your process, you can quickly identify errors and work to resolve issues before they become even bigger problems.
To find the best invoicing app for your business, it can be helpful to make a checklist outlining your prioritized features. Whether you’re looking for the best invoicing software for construction or any other industry, you should consider your overall needs and which tools or features will be most able to meet those needs. For instance, if you struggle to remember to make payments, you might look for a solution that sends alerts and notifications for upcoming payments—or that even automates those payments for you. You might also think about downloading an app to help with your process. If you work in construction, you can try searching for the best construction AP app, assessing your options and determining what’s most aligned with your business goals.
AvidInvoice is AvidXchange’s invoice management software, helping businesses streamline their approval workflows via paperless processing. AvidInvoice can help construction businesses and those working in other industries to reduce inefficiencies while maintaining total control and full visibility into their invoicing process. With AvidInvoice you can design custom approval processes that are designed to meet the needs of your unique business. Using an invoicing solution like AvidInvoice can help you achieve your AP goals more efficiently.
Construction accounting software enables construction companies to streamline and automate their work processes. Platforms that are designed specifically for AP, like AvidSuite for Construction, help users manage their invoices and payments so that they can get their vendors paid on time. When looking for the best construction accounting software, you should consider various factors, such as budget, scalability, and included tools. All platforms are different, so it’s important to do your research to determine what exactly is included with each solution and what is going to best meet your business needs.
While finding the best software for construction accounting is no easy task, taking the time to thoroughly assess your options can pay off in the long run. Finding the right solution for your organization can save you time and money and allow you to manage your workflow better. Some software even fosters collaboration, allowing team members to work closely together to achieve common goals. Construction accounting software serves many purposes and can benefit your business in a number of ways. Platforms like AvidXchange even integrate with other accounting systems, giving users access to an even wider range of tools and features.
AvidXchange provides all-in-one construction software, allowing users to manage their entire AP process from a single platform. Whether you’re looking for invoicing software for construction, a bill payment solution, or anything in between, AvidXchange can help you achieve your accounting goals. TimberScan is AvidXchange’s construction invoice software, enabling users to streamline and manage their invoicing process. With TimberScan you get access to OCR and automated coding capabilities, custom approval workflows, and more. AvidPay is the platform’s bill payment software that is trusted by over 800,000 in-network suppliers. Like TimberScan, it allows for custom workflows and supports paperless bill payments.
AvidXchange’s construction suite also includes TimberScan Forms Suite, a document processing and management solution. Using this software, you can manage your credit-card expenses, time sheets, and more. You can also access seamless integration capabilities with TimberScan products. AvidXchange’s all-in-one construction software suite offers all the tools construction businesses need to manage their accounts payable items and ensure a smooth P2P process. You can replace manual data entry with OCR, saving your business time and helping prevent human errors from creeping into the system. Most importantly, AvidXchange enables users to send fast, secure payments, gain total visibility into their workflows, and maintain complete control while automating manual tasks.