4castplus Blog

4castplus Blog

23 23, 2020

Still Chasing Paper? Eliminate 4-steps From Your AP Invoice Processing

Many construction contractors still find themselves buried in spreadsheets and paper – and continue to struggle with slow and manual processes throughout the organization. This is especially true of construction Accounts Payable, as the challenges of approving and paying paper bills introduce a long list of labor-intensive steps that are an ongoing and expensive burden on the finance department. But what if you could eliminate most of those steps by letting your software system take on the weight of organizing and streamlining the accounts payable workflows? Current technology is enabling contractors to move to a software platform that removes the manual processes, paper, file folders and spreadsheets; and replaces all that with a highly connected, real-time workflow that reduces churn and inserts far superior financial controls to ensure what gets paid is correct.

 

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15 15, 2018

Vendor Accruals... Are You Keeping Track?

You thought you had your project all wrapped up when, SURPRISE, vendor invoices just keep coming in.  Whoops, things didn’t go as well as you thought. The costs on your project keep soaring, and you have to keep updating your project reports to your superiors.



Why Vendor Invoices Keep Coming In

This happens because vendors rarely invoice you at the time they completed the work, or delivered the materials.  The problem is, if you wait until vendors invoice you to show the cost on your project, then you’re in for a lot of surprises.

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18 18, 2015
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10 10, 2015

Vendor Management: Effectively Tracking Invoices, Costs and Budgets

Even the most organized and planned projects can have ad-hoc purchases that happen at the jobsite. In an ideal world, all vendor expenses would be controlled by issued purchase orders driven by a project budget. Vendor expenses should be recorded as an incurred cost against the original purchase order so that you know all of your budgeted costs upfront and you have full clarity around your accruals.

In reality, a project can have a substantial number of non-purchase order vendor expenses that need to be recorded and accounted for on a project. The right vendor management tools can provide you with full visibility into vendor accruals so that you have accurate project cost tracking.

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