Automated Workflows for Contractor Accounting Software
Save Time and Reduce Errors when it Counts!
Automated workflows for contractor accounting software can help your company attain a more competitive position. There are many things that can impact and delay project deadlines- particularly when bidding on a project. Team members not following a strict process, approval delay, and inaccuracy of data compilation can make it difficult to take the right action before time runs out. Automated workflows can reduce time spent and errors made when it is crunch time.
When developing automated workflows there are a few things which need to be considered:
- Understand the base principles of automated workflow management
- Know the key elements of the systems
- Determine which workflow automation most benefits the organization
- Have a strategy for planning and managing the implementation of automated workflow efforts
- Understand the roles and responsibilities of each task in the automated workflow
Let’s talk about an automated workflow that is a common task performed with your construction accounting software: Accounts Payable (AP) workflows.
In most cases, AP workflows are manual processes with physical invoices sent and reviewed by accounting professionals. However, with an automated workflow, the processes in the accounts payable workflow can be substantially shortened – thus getting more efficient use out of your construction accounting software.
What are the construction accounting software benefits of automated workflows?
- Payable cycle is faster – get early payment discounts and avoid late payments
- The process is faster and less accounting staff time required – so you save money for the cycle
- Staff can focus on more important tasks instead of keying invoice data
- Better control and visibility of company financials
Without an automated workflow in place, your AP cycle is likely costing you more money than it should. Reducing manual document processing can help reduce cost per invoice by up to 80% in some Accounts Payable departments. The key is to have the workflow customized to your company particulars.
Call Ledgerwood Associates today to find out how we can help you to gain better control of your Accounts Payable, invoiced goods & services, shortened process time, and other automated workflow benefits for your construction accounting software.