Tracking multiple job costs – there has to be an easier way….

The construction industry is notorious for processing and handling huge volumes of transactions. And with that workload comes the issue of controlling costs, managing budgets and measuring profitability.

With so many projects on the go, purchase orders and corresponding invoices are in abundance, and allocating costs to the right project can be one heck of a challenge!

Add to that the issue of seeking approval of invoices from personnel working out in the field, collating incoming invoices from email and the daily post, and you know all too well that processing invoices can be time consuming and open to errors.

It’s why many companies in the sector are switching to automated invoice processing – a method of managing volumes of invoices swiftly, accurately and efficiently.

It’s an end-to-end process – from receipt of invoices into the business, through to key data extraction ready for posting to accounting systems such as Sage Construct. So, let’s take a look at this process in more detail and why it’s helping save time and money throughout the sector.

ABBY FlexiCapture is an invoice recognition software that accurately ‘reads’ the invoices, extracting key information such as supplier name, invoice amount, VAT code, nominal code and so on. Once all of the invoice data is approved and validated, the invoice is then ready for export into leading accounting software or bespoke accounting systems.

Incoming invoices via email will automatically enter the process, so there are no delays. And we can update your accounts system, (including Sage Construct) to record the invoices automatically at any stage of the process. Paper invoices are scanned, ready to enter the same process.

Line item recognition allows for direct matching of invoices with purchase orders. Comparisons can be made with delivery notes and any queries raised straight away. This facility adds a robust element of control to ensure job costs are tracked, and accurate financial management information is available.

Purchase orders can continue to be raised within your own accounting system, or you can choose to use our Zahara purchase order system if you prefer.

When ready, invoices are routed for approvals appropriately, via File Director, a document management system that provides a secure, compliant document suppository for all documents.

Integration is key to the success of the whole process. From raising purchase orders, scanning delivery notes, matching invoices with orders, updating accounts systems, through to raising queries, requesting credit notes, and paying invoices faster, the whole process is streamlined and under much greater control.

If you’d like tighter controls on costs, accurate profitability reporting on each project, and a smoother more efficient process for handling incoming invoices it may be worth a conversation.