Financial management product allows General Contractors and Specialty Contractors to reduce billing errors while accelerating invoice processing time
This morning, we published a press release that highlights our Invoice Management product. We believe in this product's ability to further streamline the billing process for both GCs and speciality contractors. Below is the copy from the press release.
We are excited to introduce Procore Invoice Management, a product built to simplify the billing and invoicing process for the construction industry.
Procore Invoice Management was designed to improve the collection, review, and approval of invoice processing. The product enables accurate billing for work completed, simplifies subcontractor billing management and streamlines communications and visibility across all billing stakeholders. It does so by shifting the invoicing process, most commonly executed through spreadsheets and email, to the Procore platform, which all stakeholders have access to.
Procore Invoice Management remedies the pain general contractors and specialty contractors experience managing manual and error prone invoice processing methods by allowing all relevant information—work complete, budgets and contracts—to be stored in the same place in order to inform the invoicing process.
With the Line-by-line Approval and Rejection feature, users can approve, reject and comment on individual line items within subcontractor invoices in order to expedite the billing process. This results in faster payments.
With the Pre-fill Owner Invoice feature, users have the ability to compile all of their subcontractor invoices and backup in seconds.
“Our subcontractors and project management team are collaborating every single month on the owner invoice process. Now that we’re using Procore Invoice Management I’m no longer having to deal with billings for unapproved change orders, we’re losing less invoices, and it’s also simplifying the entire billing process,” said Sylvia Lamas, Controller, Tricorp Group.
Through a recent survey of Procore Invoice Management users, we’ve found that project managers are saving an average of 2 hours every week because they are tracking and managing their invoices in Procore rather than through email and spreadsheets—time they can now put back into managing the project.
Project managers are saving an average of 2 hours every week.
TruEdge Builds, another Procore customer, shortened their billing process from 2 weeks to just 10 minutes and now provides visibility into the payment status. “When one of my subcontractors asks me how much they have been paid on a job, I can pull up the information in 30 seconds or less,” said Erik Feld, Project Manager and Director of Technical Operations, TruEdge Builds.
With the Procore platform, products are integrated to streamline financial management processes all in one solution. Procore Invoice Management, when connected with Procore Field Financials, allows all of your approved invoices to be tracked so you can confidently forecast project cost and improve profitability. Additionally, customers can leverage partner integrations in the Procore App Marketplace to further accelerate invoice-to-payment processes by electronically signing and compiling invoices, certificates of insurance, and lien waivers.
“We built Procore Invoice Management to keep projects moving with faster payments. We are thrilled that this product is saving our customers time and money and excited about the positive response we’ve received from them,” stated Brandon Terry, Senior Vice President of Product, Procore.
Learn more about Procore’s Invoicement Management product to keep projects moving, with faster payments.