Advantages of Automated Construction Payment

Automated Construction Payment

There aren’t many of us that use checkbooks these days, let alone “carry” them. Automating the workplace, including every construction payment, doesn’t mean you lose control.

Management company McKinsey says the principles of workplace automation are:

  • Activities – Forty-five percent of the activities employees carry out could be automated.
  • Creativity/emotion-focusing – Automation can free employees to do what we as humans do best: interpret customers’ and clients’ emotional needs to improve business. Creativity will prosper in an automated workplace.
  • High-level analytics – CEOs, etc. could save more than 20% of their time with automated analytics for reports and numbers-crunching.
  • Occupations – Automation will redefine jobs and business processes.

Take Control With Automated Payments

General contractors may have 20 or more projects. Each project can have 10 or more subcontractors. Automating payments gives your accounting team a more efficient way to process large volumes of payments.

Here are the advantages of an automated construction payment process:

  1. Accessible from multiple devices – Cellphones, laptops, tablets, back-office computers, your automated payment information is available 24/7 from home, office, or at the jobsite.
  2. Better audit trails – Your team can access, track, and report on any accounts payable requirement.
  3. Enhances working relationships – Your subcontractors will appreciate construction payment automation. It gives you heightened credibility and a reputation for dependable, fast payments.
  4. Helps subcontractors – The software can generate reminders to subcontractors to submit bills, insurance renewals, and allows them to “see” their payment status.
  5. Lowers miscommunications/mistakes – The software should be integrated with your accounting system for a smoother, faster, error-free process.
  6. Reduces the paper trail – Documentation (payment applications, lien waivers, routing, approvals), it’s all online and easily accessible.
  7. Saves time – It can eliminate boring, slow, low-value tasks. Nervous or money-stressed employees/subcontractors won’t need to “…pick up the check at your office” because it can be deposited within minutes.
  8. Simplifies lien waivers – You can standardize/simplify lien waivers’:
    1. Requesting
    2. Collecting
    3. Approving
    4. Tracking

Automated payments can enhance internal workflows and processes.

Construction Monitor can create customized, automated reports based on your business development needs. Take control of your future; contact us today.