Palette Software has announced Accounts Payable Automation for Engineering and Construction Companies, giving these organization the tools to reduce the time and expense of manual processes
CHICAGO, IL / ACCESSWIRE / August 11, 2020 / Palette software has announced cloud-based accounts payable automation for engineering and construction companies.
Palette, a leading global SaaS firm, gives engineering and construction companies the ability to capture supplier invoice data quickly, process invoices with an automated approval workflow, and have a time-stamped audit trail with a searchable invoice archive.
Engineering and construction companies are looking to leverage technology to reduce the cost and inefficiency of their back office operations. Finance administrators are constrained by having to input invoices manually into the ERP, struggle with matching invoices to the proper engineering and construction projects, and lack an automated workflow to speed up approval processes.
Two major roles in construction and engineering firms benefit from automating the accounts payable function. The finance administrator's workload is reduced because there is no need for manual signatures, paper files are eliminated, and invoice information is searchable.
The administrator can be confident that invoice approvals go to the right project manager because the approval workflow is programmed right into the system. Exceptions are handled through the system, giving administrators and approvers a faster way to resolve issues. As well, administrators can give auditors limited access to the search system so that auditors can view any invoices, project, or time period.
For project managers it's easy to find items on previous invoices to see what they paid in the past and price compare. Project managers can find specific projects by their names rather than by GL account code numbers.
Palette has built-in communication so each and every invoice is trackable. Project managers can see each invoice and approvals can be made on desktop, laptop, tablet, and smartphone 24/7 - an important feature that reduces back-and-forth emails and missed payments.
Central to automating finance for construction and engineering is the elimination of paper processes and lengthy approval cycles.
"Palette helps engineering and construction companies process supplier invoices quickly and efficiently," said Michael Cichy, Palette North America, "automating and streamlining the AP process with technology that is easy to use reduces the stress of trying to input and approve large volumes of supplier invoices every month."