Best practices for creating and managing prompt payment in construction
July 15, 2021
We’ve all heard the old adage, time is money. Nowadays this may be truer than ever.
Many of us are working remotely, and staying productive through a global pandemic requires us to rely more and more on our cell phones, home WiFi and technology in general. Yet in this challenging construction market we are all in, cash flow is absolutely critical. Especially for small businesses.
This is not exactly news, but whether you’re a controller, project accountant, AP manager or job site project manager, chances are you’re still spending an inordinate amount of time relying on inefficient, manual processes that are nearly impossible to automate, don’t integrate with your ERP system and are anything but simple. Whether it’s chasing inaccurate lien wavers, error prone spreadsheets, or incorrect invoices from subs, these issues all add up to delays in payment applications from subcontractors.
Adopting technology to help can pay dividends, and it doesn’t have to be a costly investment with a steep learning curve. GCPay’s payment automation platform integrates with a company’s existing ERP system, eliminates paper-based workflows, manual processes and even supports double entry accounting practices.
Your time is valuable. Make the most of it by turning your focus on business growth, cash flow management, and overall profitability.
Join Mike Milligan, the global head of marketing at GCPay, July 15 at 1 p.m. ET for a 45-minute webinar and Q&A session. He will discuss best practices for handling new prompt payment regulations and modernizing your payment solutions in the rapidly evolving construction market.
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