The success of your general contracting firm requires accurate and efficient payment tracking and cash flow management. Those in the construction industry typically have to document and handle funds from multiple sources such as subcontractors, suppliers, clients, and other important stakeholders.
Given the fast paced nature of the industry, it is easy for your firm to fall behind in filing important documents and tracking cash flow accurately. When this happens, monitoring and tracking which invoices have already been sent, which ones have been settled, and which still need to be processed can become confusing and time consuming. It can also cause costly mistakes.
The easiest way to prevent this is to implement a construction management software, especially one that integrates directly with your accounting software, like PASKR. How will PASKR help you?
Ensure the right people are kept in the loop
To expedite payments, you have to make sure that your invoices are received by the right people in charge and that they are able to track this efficiently. PASKR helps identify which people are actually in charge of what and accurately track paperwork.
Using PASKR streamlines the whole billing process. Not only will it ensure that the bills are addressed to the correct person, but you also know that payments are delivered to the correct place.
Ensure the right payment forms are available and accessible
There are numerous transactions that take place once a project begins. To accommodate and track the multitude of vendors, clients, etc. that may be paying you, more than likely, your business uses multiple payment forms. This can cause problems when your suppliers or clients do not have easy access to these different forms.
PASKR can ensure that invoices are submitted using the correct forms, and because PASKR is a cloud-based software, it is easy for your partners and suppliers to access the forms, process your invoice requests, and submit them with the correct documents online.
The construction industry is a competitive and fast-paced business, and as much as you may like to manually oversee billing, you have to trust that an automated system can deliver even better and more accurate results.
PASKR helps you keep track of when checks are being released and how long invoices go through the approval process. Your billing submissions are optimized for the average payment life-cycle of your company.
Manage receivables on time, every time
When you are using PASKR to manage your payment tracking, everything is automated and transparent. You don’t have to use time and resources to manually chase money that’s past due. That time and resources can be used on other important aspects of your business which will help your business grow. With PASKR, you will be able to stay on top of invoicing, monitor payment delays, and regularly follow-up on account receivables.
Using construction-specific software designed to manage processes and improve automation gives your firm a clearer overview of how to further improve operations in your organization. PASKR helps you identify potential problems in your company’s billing or cash flow system before it affects operations, and with better efficiency and financial management, your construction firm will flourish and stand out from the competition.