AP (accounts payable) is a critical component of your company’s 2023 management because it impacts your income and profits. There are three accounts payable construction trends impacting our industry this year. In a small business, the person who pays your vendors, subcontractors, and collects tax info for your tax professional is your accounts payable department.
This is a good year to tighten your purse strings and streamline back-office workflow. AP construction software-as-a-service AvidXchange* says reducing redundant, time-consuming workflows frees staff to explore strategic initiatives, like business-building to increase profits.
1. Invest in AP Technology
Your business relationships depend on accurate, timely billing and payments. Subcontractors pick the most profitable projects with the least amount of risk. And they go with general contractors that treat them well and pay quickly.
2. Attract, Retain Talent
The labor shortage isn’t going away this year or next. Maybe it’s time to evaluate how to complete projects and work processes with fewer employees.
Reducing repetitive and manual tasks with automation is the future of construction. AP automation allows office workers in particular to become mobile and can reduce overhead.
3. Bid IIJA Projects
To get your share of the Infrastructure Investment and Jobs Act (IIJA), you’ll need to better-manage volatile expenses, including materials, labor, and interest rates. And if you anticipate an increase in work from this funding, you’ll need greater efficiency in invoicing and payment processes.
Software Saves Time, Talent
Software saves time and work: Your staff will be engaged and company-committed when you encourage them to participate in business development initiatives. Software investments are among the biggest construction trends this year. Choose wisely.
Business development is our specialty. Construction Monitor software takes a mountain of building permit data and filters it into manageable, actionable information. We don’t sell the software; we sell the customized data. This week, we analyzed over 51,000 building permits for U.S. and global companies that need specific construction-related demographics.
Our information pinpoints trends, leads, competitive advantages, and potential alliances. We can share how to use what you want and need. Get a free sample of our Construction Monitor Weekly Edition.
* Our blog is for informational purposes. We don’t endorse nor recommend any software brand.