Built to Accelerate the Invoice-to-Payment Process for ANZ Contractors
Global construction continues to grow. And construction professionals are under increasing pressure to meet demand while making a profit. Over 90 percent of construction companies still rely on email and spreadsheets to manage a portion of their billing process. This leads to mistakes, missing invoices, and miscommunication. According to the 2018 Payables Insights Report, “Automating the invoice-to-payment process is one of the most important initiatives for organizations when it comes to improving.”
“The paper-based invoice-to-payment process quickly emerged as one of the most critical processes responsible for slowing down payments and putting companies at risk of meeting contractual obligations” says Geoff Lewis, Vice President of Product Management at Procore.
Over the last year, we’ve partnered with our customers in Australia and New Zealand to build an invoicing solution that’s tailored to meet the needs of local contractors.
Procore Invoice Management was designed to improve the collection, review, and approval of invoice processing. This product enables accurate billing for work completed, simplifies subcontractor billing management and streamlines communications across all billing stakeholders. It does so by shifting the invoicing process–which are often executed through spreadsheets and email–to the Procore platform, that all stakeholders have access to.
"The Procore Invoice Management product saves our project managers, contract admins, and payments team about 30 “man-minutes” per invoice per month, which is huge when dealing with over 40 contracts per project! It also lets us manage subcontractor progress claims and invoices in one system, rather than through email, spreadsheets, and other disconnected solutions." – Hass McCook, Systems Implementation Manager, DASCO
This product remedies the pain general contractors and subcontractors experience managing manual and error-prone invoice processing methods. Instead, it allows all relevant information—work complete, budgets and contracts—to be stored in the same place and easily leveraged to inform the invoicing process.
“We are excited to launch Procore Invoice Management for ANZ and will continue to deliver on our commitment of building a global platform that connects all industry stakeholders,” says Geoff.
Learn more about how Procore Invoice Management keeps projects moving, with faster payments.