Late payment has become a systemic problem in Ontario’s construction industry. Over the last ten years, the average age of receivables in the construction industry has increased, with payers in all sectors routinely paying late, creating problems for all concerned. Many construction companies are struggling to meet the new legal requirements which only allows 14 days to dispute an invoice because of the way in which invoices and claims are processed.
Accounts Payable automation for Construction should be a big cost savings and process efficiency opportunity for any organization. Many organizations are still trying to handle incoming invoice through PDFs or even the mail while there are plenty of accounts payable automation benefits construction companies can adopt. This means lots of manual effort and very little visibility on supplier invoices for the finance team. Accounts Payable automation should be an area of focus for many organizations. Reports have found that the average cost of processing an invoice is $22 USD. Here are a few of the benefits of automating the accounts payable process for a construction company.
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