Payables Lockbox is the perfect A/P solution for construction companies dealing
with a variety of issues:
- High invoice volume per project
- Invoice receipt at multiple locations
- Project managers working offsite from central office
A single construction project alone can potentially generate hundreds, if not thousands,
of invoices during its life cycle. Therefore, a construction management company
handling multiple projects at a time has a large task in just handling its entire
invoice volume. The Payables Lockbox service alleviates most of this invoice-processing
burden by receiving, imaging, sorting, and even performing data extraction
for the company, such as the project, vendor, invoice number, amount, and relevant dates.
This leaves the project manager and corporate with only the simple task of reviewing
the invoice image online and approving it for payment.
Aside from the sheer invoice volume a construction company must manage, the process
for routing the invoices to the appropriate people for payment is also difficult.
Invoices for a project will typically be received at corporate as well as on-site.
The routing of invoices from the various on-site locations to corporate can result
in invoices being paid late or even lost, which can cause significant late fees.
Payables Lockbox eliminates these issues by providing one centralized receipt location
where the extraction, sorting, and processing of invoices can be done for them.
Since there are a large number of materials and services generally required for
a project, it’s important for a construction manager not only to have insight into
what’s been spent on the project to-date, but also to what is outstanding and currently
in the approval process. The Payables Lockbox system allows a manager to easily
find invoices for a project that have already been paid, as well as those invoices
that are currently in the approval process or are being held for payment. When a
vendor calls and asks about the status of an invoice for payment, it’s only a matter
of seconds for a manager to find the answer in Payables Lockbox.