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Invoice Tracking Software for Contractors and Construction Firms
At GoPayables we consistently work to streamline the accounting part of a construction firm with cutting-edge technology since we feel they need better tools to keep up with the trends. Our goal is to help them succeed by providing them with more time to focus on their craft with our cloud-based construction invoice tracking system.
Forget about creating estimates and invoices on paper that take hours to complete. It is time to welcome GoPayables, a complete solution that enables all types of contractors to quickly produce estimates and invoices.
Reduce Costs and Increase Performance with Our Construction Invoicing Software
Reduce costs and increase performance with our construction Invoicing Software that completely integrates into your systems and aids businesses in streamlining and optimizing the entire AP process, from payments to purchases.
- Increase productivity: GoPayables aids in maintaining accessibility for your entire workflow. It provides you with real-time information on payment status, supplier connections, and spending patterns, which significantly boosts business productivity.
- Project management tools: It allows you to access your business projects on your PC or mobile device so that you’ll be able to respond to your customer or lead quicker than the competition by keeping everything in one location.
- Improve vendor relationships: Along with being costly, manual invoice errors can damage your relationship with vendors. Therefore, an automated approach to invoice management frees AP teams from the constant stress of double-checking their calculations and putting out fires, allowing them to focus on strategic productivity and building long-term supplier confidence.
- Invoices management: To avoid costly complications, it is advantageous to run each invoice through a program that transforms it into a standard format. This makes it simpler for you to read, analyze, and complete data entry with the help of automated construction invoice imports.
- Bid collection: With a single platform for developing bid packages, identifying the strongest offers, and converting offers into subcontracts, bid managers may cut down on processing times.
What is Billing or Invoice in Construction?
A contractor, subcontractor, or supplier will give their client an invoice when payment is due for work completed A construction invoice or billing gives a detailed account of the labor and supplies delivered during a specific time period, usually one month. The amount owed is calculated based on the work specified in the contract, including any change orders.
Generally, a construction bill will comprise the following:
- Date of creation of the invoice
- Both parties’ names and addresses
- Details of the products and services
- The cost and quantity of certain products and services
- The payment conditions
Construction Invoice Best Practices
- Send Invoices on Time: While being reasonable send your invoices out as soon as you can because it will get worse the longer you wait. Furthermore, if invoices are sent late payments will not only be delayed but can also cause uncertainty. Thus, the rule of thumb in the construction sector is to make sure the client receives the invoice while the job is still fresh in everyone’s memory.
- Keep Invoices Concise yet Thorough: The rule of thumb is to make sure the consumer is aware of what they are purchasing. It’s wise to include just enough details to back up the demanded payments while avoiding obtrusive information that makes the invoice complicated.
- Keep Track of Everything: In the construction industry, documentation is essential. Thus, it is recommended to save all project-related invoices and timesheets to keep an organized record of everything about the invoice with the help of the best construction invoice tracking software.
- Quick but Fair Payment Terms: Include payment terms in your contracts and provide this information in your invoices to ensure you get paid on time and in the correct amount. This will help in developing trust and a cooperative connection with your consumer.
Why do you need an Invoice
Tracking System for your Construction Business?
- Contractors can save time, money, and resources by using a reliable construction invoicing system, which also ensures accuracy when invoicing clients.
- Contractors may stay organized and boost their revenue by optimizing their accounts receivable with an effective invoicing procedure.
- Through analytics and statistics produced by their invoicing system, businesses can better comprehend the financial health of their company.
- Contractors can handle more projects without overburdening their current crew by automating numerous processes and giving supplementary data that goes straight into your accounting system.
GoPayables: Invoice Tracking Solutions for Contractors
With GoPayables’ automated invoice tracking solution, you can manage all of your contracting responsibilities while keeping track of supply costs, billable hours, and invoices, because it was developed while keeping in mind the needs of contractors and construction companies.
- Construction Project Tracking: By centralizing estimates, invoices, images, files, comments, and contact details for each project, time can be saved for each project tracking.
- Subcontractor Billing: It streamlines the collection, evaluation, and approval of subcontractor bills to assure payment and maintain the pace of the projects.
- Financial Reporting and Analytics: It utilizes simple charts and graphs to keep track of your financial flow. It offers a summary of past-due, unpaid, and unsent bills, outstanding quotes, and tax year sales with just one click to make informed decisions.
- Easier Payment Collection: All-in-one tool for sending invoices, accepting payments, and viewing cash flow. Since GoPayables automatically matches the payments to invoices, there is no need to reconcile accounts and you can receive information about payment statuses in real-time.
Our GoPayables Construction Invoice System Workflow
You can develop a fully automated accounts payable process that involves the following four steps by deploying GoPayables, an invoice processing automation software:
APPROVAL OF INVOICE: The approval process can be finished in a few clicks. A bill for the work done over the previous month is uploaded to the invoice management system provided by the subcontractor to the contractor. You have the option to accept, reject, or put the invoice on hold.
INVOICE MATCHING: This feature enables the ingestion of invoices from any source, including email and email attachments, portals, and EDI (Electronic Data Interchange), and it will automatically match the invoices with data obtained from finance applications connected to purchase orders.
INVOICE SETTLEMENT: One of the most endearing aspects of invoice automation is the ability to electronically and automatically settle the bill. Once the match is made, the invoice will be put up for payment in the retailer’s Accounts Payable system, enabling payment when it is due. The contractor checks the invoice for accuracy and confirms that the amount charged matches the cost of the work completed by the subcontractor.
INVOICE TRACKING: Automated invoice processing software can be integrated with your current CRM or accounting software to make managing your finances easier and quicker. It is simple to keep track of any abnormalities and take immediate corrective action because the data is integrated across all of your systems.
FAQs
Yes, a number of invoicing software enable interface with different kinds of software, such as accounting, billing, and procurement tools. Businesses may automate using GoPayables without having to completely retrain their staff because it connects with their current accounting and business processes and integrates quickly with popular ERPs like Oracle NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics 365 Finance, and others.
You don’t need to be an accounting expert because the invoicing app is user-friendly and developed with minimal complexities. However, you do require basic accounting knowledge to interpret things.
From the site engineer to the accountant, secretary, and all other stakeholders of the company can use the construction invoice management software. They can digitally upload invoices, review them to see if it complies with a purchase order, and can get a consolidated invoice of several projects as well.
Rather speak with a human? No problem! Give us a call at (888) 216-8880. We’re here to answer any questions you might have.