“Reconciling bills from several suppliers may be exceedingly time-consuming and onerous for many trade contractors,” the company said in a news statement on Tuesday (Feb. 21). “Finding sufficient backup might take hours, if not days, causing budgets to suffer.”
SubBase promises to address the issue of manual invoice reconciliation by automatically integrating all invoices into the platform, connecting documents with purchase orders and delivery tickets, and generating an automated log that allows clients to track bills in real-time.
According to the statement, SubBase users may then automate their procedures and assign bills to staff for approval or rejection. When the invoice has been accepted, SubBase instructs the company’s accounting personnel to sync it with their accounting or project management systems.
“Ordering building supplies is complex,” said SubBase founder and CEO Eric Helitzer in a statement.
“At least five people’s hands are touched by a single transaction. We’re working with some of the industry’s sharpest minds to better understand the current system’s inefficiencies and apply that information to provide the best experience for both suppliers and subcontractors.”
SubBase’s invoicing tool is being released at a time when 30% of construction companies are investing in technology to save time and money as they prepare for a recession.
According to the January/February issue of “B2B and Digital Payments”.
According to the survey, organisations are intending to integrate technology to accelerate payments, cut financing costs, and improve back-office procedures – solutions that address common construction industry concerns.
For example, Patricia Bonilla, owner and president of Miami-based Lunacon Construction, stated that payment troubles are prevalent in the construction industry and that she has learnt to prioritise obtaining payments for her firm.