A new strategic alliance is due to automate the payment management system in the construction industry. Payapps Limited and Autodesk will bring their innovative solutions to the UK, Ireland, Australia, New Zealand, and North America, offering customers real-time accounting and faster payment cycles during the construction process.
“Construction companies are looking for ways to increase profitability through cost efficiencies and reduce risks by implementing improved compliance processes. The adoption of back-office technology is becoming more critical to automate what has been historically very time-consuming and error-prone manual processes in managing subcontractor billing. By partnering with Autodesk, we are extending the technology benefits to customers of both companies to help improve their accounting and AP processes,” said Geoff Tarrant, Executive Chairman of Payapps.
Payapps provides contractors in ANZ and UKI with solutions that improve the entire subcontractor payment management process from the inclusion of schedules of values all the way through to electronic payment. Meanwhile, in North America, it will be GCPay that will provide general contractors with the same benefits and will also manage the lien waiver exchange with their subcontractors through electronic payment processing. If construction companies digitise and automate the payment process, as well as implement real-time payment exchange, they can decrease risk and take steps to improve profitability.
“The payment process in the construction industry is a tedious and administratively burdensome one for both general contractors and their trade partners,” commented Sidharth Haksar, Head of Construction Strategy and Industry Partnerships at Autodesk. “By collaborating with Payapps, we’re able to empower Autodesk Construction Cloud customers to benefit from automating a very spreadsheet-driven workflow to reduce payment cycle time and eliminate potential errors as well.”
Autodesk Build, the comprehensive field and project management solution that is part of Autodesk Construction Cloud, currently integrates with many of the same leading ERP systems in North America as Payapps does with its GCPay solution. Through these integrations, Payapps and Autodesk feed and receive data to and from those ERP systems, for real-time accounting and payment management. As part of the strategic alliance, Autodesk and Payapps will work together to identify additional integrations that will benefit each other’s common customer base.
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