Break Free from Financial Bottleneck
Can you identify the bottlenecks in your company’s finance management? If you’re a small trades or construction operation, chances are, you have more than one bottleneck slowing down the efficiency of your financial processes. While you may not see their effects on a day-to-day basis, over time they could cost you hundreds of thousands of dollars. Like a slow leak in your finances, you might not notice until the damage is already done.
So, how do you identify the bottlenecks? And once you’ve found them, how do you fix them?
Outpave - Automate Your Finances
A lack of system automation is one of the main causes of financial bottlenecks in construction businesses. Employees spend hundreds of hours a month entering data and tracking expenses which should only require a few clicks of the mouse. Here are the top three places an automated finance management platform, such as Outpave, can eliminate your bottlenecks.
Accounts Payable
Your vendors and suppliers want to get paid. Unfortunately, there is a lot of information that needs to be gathered and organized before payments can be made. Financial data has to be entered into the system, errors corrected, expenses categorized, and finally approved (often by multiple people).
All that takes time and money. Drip. Drip.
But what if it didn’t? What if all the information you needed was readily available in a single platform dashboard? What if you could assign project invoices and allocate them to specific spending categories with a single click? What if you could authorize payments without all the back-and-forth emails? What if you could schedule payments to automatically go out before the deadline? What if you used Outpave? How much time could you save your accounts payable team?
Accounts Receivable
Now imagine the situation is flipped - and you’re the one who needs to get paid. Your accounts receivable clerk will spend hours combing through different systems and platforms to gather all the information about your customer’s bill. Then they will spend time manually inputting that information into an invoice. Finally, they will send that invoice to the customer and manually document when the invoice was sent. They will then rinse and repeat this process for EVERY. SINGLE. CLIENT.
Drip. Drip. Drip. The leak is getting bigger.
What if your clients don’t respond to the initial invoice? What if they need assistance in rendering payments? Who is going to have time to reach out to them? How are you going to ensure your cash flow stays balanced? How much time could automated invoicing with Outpave save?
Account Reconciliation
Now consider the expenses occurring in the field every day. Your contractors may need materials, specialized tools, or gas for the work truck. So they just pop over to the hardware store, or local gas station and run the company card. What happens to those receipts? Do they make it back to your accounting team? Or do they get shoved in a pocket and forgotten about? What if they do make it to your accountant? How much time is that person going to spend manually entering the data in multiple systems and waiting for allocation approvals?
The leak has become a geyser.
What if you could seal off that geyser? What if receipt collection took 30 seconds and automatically uploaded all the information into a single platform? What if expense allocation was just a click of the button and you set the card parameters to approve or decline expenses before they happen? How much easier would account reconciliation be with Outpave?
Get Started Today
If you’re ready to fix the leak in your finance management systems, schedule a meeting with Outpave today. Don’t forget to follow our social channels for more information about how we can improve your business operations.
