CFO Simplified

NOVEMBER 12, 2024

Business – HVAC construction company Location – St. They were 6 weeks behind in invoicing. With between 500 and 2,000 AP invoices needing to be entered, the owners insisted that each invoice be matched to the job that they belonged to, so that project profitability could be measured.

Invoicing 52

Invoicing Construction CFO Education 52

CFO Simplified

NOVEMBER 12, 2024

Business – HVAC construction company Location – St. They were 6 weeks behind in invoicing. With between 500 and 2,000 AP invoices needing to be entered, the owners insisted that each invoice be matched to the job that they belonged to, so that project profitability could be measured.

Invoicing 52

Invoicing Construction CFO Education 52

CFO Simplified

NOVEMBER 12, 2024

Business – HVAC construction company Location – St. They were 6 weeks behind in invoicing. With between 500 and 2,000 AP invoices needing to be entered, the owners insisted that each invoice be matched to the job that they belonged to, so that project profitability could be measured.

Invoicing 52

Invoicing Construction CFO Education 52

PYMNTS

JANUARY 7, 2021

Payment processing technology developer PayJunction has rolled out a digital invoice function for companies that harness its virtual terminal offering, according to a Thursday (Jan. These workers can make an invoice, input particulars, connect it with a client’s work order or file and electronically send a request for approval and payment.

Invoicing 61

Invoicing Construction Securities Technology 61

PYMNTS

APRIL 23, 2019

Business management technology provider Sage is rolling out a new solution designed to help construction firms track the health of company finances and compare performance against industry peers. “This offering is our latest commitment to helping construction firms improve their financial health.” In the U.S.,

Benchmarking 46

Benchmarking Construction Finance Accounts Payable 46

PYMNTS

SEPTEMBER 17, 2019

Many B2B payments rely on invoices to communicate the payment amount expected and to reconcile the transaction. A recent partnership between consulting firm CGI and invoice payment solution provider Ordo aims to make invoice processing safer and more secure. Keeping Construction Payments Fraud-Free.

Construction 52

Construction Accounts Payable B2B Invoicing 52

PYMNTS

NOVEMBER 5, 2020

Construction companies need to ensure they can swiftly purchase materials and other supplies to complete their projects and maintain steady cashflows. These strains are prompting more construction firms to turn to faster, digital means of conducting their B2B transactions. How Virtual Cards Help Build Better Construction Pr ocurement.

Invoicing 64

Invoicing B2B Construction Accounts Payable 64

PYMNTS

NOVEMBER 15, 2017

The latest research in B2B payment practices within the construction sector isn’t good: Two-thirds of small- and medium-sized businesses (SMBs) surveyed by the U.K. Federation of Master Builders (FMB) said they aren’t paid within the typical 30-day invoice payment period, and it’s complicating cash flow management for industry players.

Construction 43

Construction Accounts Payable Invoicing B2B 43

PYMNTS

MARCH 8, 2019

A B2B transaction in an industry like construction, where what triggers a payment isn’t a single, simple invoice. It is perhaps unsurprising, then, that the construction sector is no stranger to delayed and late B2B payments. What’s more complicated than a B2B transaction? ” Rather, the true solution lies in data.

Construction 50

Construction B2B Invoicing Benchmarking 50

PYMNTS

OCTOBER 16, 2018

Construction FinTech has evolved to target an array of financial friction points, with delayed payments, a mountain of paperwork and a crowded supply chain of contractors and subcontractors adding hurdles in the financial supply chain.

Construction 64

Construction B2B Invoicing Finance 64

PYMNTS

NOVEMBER 14, 2017

No industry is immune to the problem of late invoice payments, which has become a particular challenge for companies in the U.K. More than a fifth of business “deaths” every year (nearly 58,000 businesses that go under every year) attribute their failure to late invoice payments, the report found. construction.

Construction 40

Construction B2B Invoicing Leadership 40

PYMNTS

JULY 10, 2018

Visit a construction job site and – along with the water coolers, chain link fences, portable toilets and tools – chances are you will come across stacks of papers, including plans, permits and invoices. The cost of late payments in commercial construction runs $40 billion annually, according to one recent industry report.

Construction 42

Construction Invoicing Budgeting Technology 42

PYMNTS

APRIL 25, 2019

However, according to Keith Holmes, VP of operations at equipment rental platform BigRentz , in the last several years, he has seen a significant shift from the purchasing model to the rental model among the construction companies that use the site. “We’ve seen a big shift. Rental Pains.

Construction 49

Construction Finance Economics Invoicing 49

PYMNTS

JANUARY 19, 2017

Corporate payments company Optal struck a new partnership to streamline B2B payments in the construction sector. 18) said Optal is collaborating with Open ECX , a digital transaction platform for the construction industry, via its WebContractor tool. General Manager Andy Downes said construction is a critical component of the U.K.

Construction 43

Construction B2B Reconciliations Invoicing 43

PYMNTS

APRIL 23, 2019

construction giant Carillion, the case continues to make headlines. The case pointed a spotlight on the construction industry’s struggles with timely vendor payments, and the financial consequences that delayed and late payments can have not only on a supplier base, but also on the corporate customer. construction sector.

Construction 49

Construction B2B Invoicing Accounting 49

PYMNTS

DECEMBER 1, 2016

write off $62 billion in unpaid invoice debt as losses every year. 28) concluded that 55 percent of companies in the construction subcontracting industry feel powerless to influence the payment terms of their contracts with larger construction companies. Late payments are considered an epidemic by some in the U.K.

Construction 52

Construction B2B Profit and Loss Economics 52

PYMNTS

SEPTEMBER 24, 2019

This boom in popularity is partly because the overall cost of solar panels and installment is going down, making them a more sustainable option for construction projects. But places like Home Depot, they’re not going to issue an invoice like that. Contractors] need to actually go to the store and [make] the payment.”.

Construction 40

Construction Invoicing Cost Management Treasury 40

PYMNTS

AUGUST 14, 2017

Berlin-based fintech Billie announced it will now offer small and medium-sized businesses (SMBs) invoice financing, following an agreement with internet technology and financial services provider Wirecard. Invoices can be easily uploaded with the result that the invoice amount is paid out in full immediately,” said Grobe.

Invoicing 53

Invoicing Finance Construction Sales 53

PYMNTS

FEBRUARY 9, 2017

A construction worker’s tool belt can carry a host of important instruments necessary to get the job done. For all the tools available across the construction trade, faster payments solutions are not among the most utilized by employers. Construction’s “chicken-or-an-egg problem”. Building a better construction payment solution.

Construction 48

Construction Invoicing Leverage Accounting 48

PYMNTS

DECEMBER 15, 2020

This shift is particularly apparent among businesses in technology, healthcare and construction industries. Interest in upgrading AR processes is particularly high for invoice delivery and payment acceptance capabilities — two key functions that have been particularly impacted by the pandemic. percent of healthcare firms and 26.3

Construction 111

Construction Healthcare Invoicing Advertising 111

PYMNTS

JUNE 13, 2018

One could be forgiven for thinking that in construction, timely payments are crumbling, while in music, transactions are slowing in tempo. In the latest Construction Payment Report 2018 , released this past week by loan software company Contract Simply , data shows that late payments are taking a toll.

Construction 40

Construction Invoicing Leverage Securities 40

PYMNTS

SEPTEMBER 21, 2016

To that end, Estep said, real-time payments and Same Day ACH are distinct, but complementary, in this construct. “That way,” Estep said, “faster payments sits over the top, and Same Day ACH or real-time payments are options underneath that. Both are about moving payments faster than they are today.”.

Construction 76

Construction Invoicing Banking Accounting 76

PYMNTS

FEBRUARY 17, 2020

Recent Bloomberg reports , for instance, highlighted the ongoing impact of the Sears bankruptcy on the retailer’s supplier base, which continues to await payment on outstanding invoices. That’s why it’s crucial to set out your payment terms, invoicing dates, and due dates in contracts from day one to eliminate ambiguity.”.

Construction 79

Construction Invoicing B2B Finance 79

PYMNTS

JANUARY 5, 2020

s Crown Commercial Service (CCS) announced that Britain’s biggest construction company Balfour Beatty would be hired, even though it was among major construction firms that were recently punished for failing to pay suppliers on time, according to The Construction Index.

Construction 52

Construction Invoicing Numbers Accounting 52

PYMNTS

NOVEMBER 2, 2020

The intuitive dashboard of Palette offers a full summary of vendor invoices as well as their status in the approval workflow in addition to outstanding payables. In separate news, Palette Software introduced AP automation technology that is meant for companies in the engineering and construction spaces, per news in August.

Accounts Payable 56

Accounts Payable B2B Invoicing Construction 56

PYMNTS

DECEMBER 7, 2020

This week's B2B Digest looks at how corporate finance scams come in all shapes and sizes, from employee expense fraud to invoice falsification. 12,600 was scammed from an Australian business via a fraudulent invoice , local reports said. But the BEC scam is not the only kind of business payments fraud plaguing firms today.

Invoicing 91

Invoicing Construction Corporate Finance B2B 91

PYMNTS

JUNE 3, 2020

Screwfix, IBM, Seddon Construction, Kier Highways and BT PLC were the five reinstated companies, according to an announcement. IBM was paying 55 percent of invoices in 60 days or less and is now paying at 90 percent, while BT PLC was paying 59 percent of invoices in 60 days or less and is now paying at 94 percent.

Invoicing 52

Invoicing Construction Numbers B2B 52

PYMNTS

SEPTEMBER 29, 2020

These legacy methods often reduce the speeds at which firms deliver invoices and follow up on overdue payments, as they are less efficient for prioritizing collections. The pandemic is also prompting a significant share of firms to change their payment terms and credit limits as well as adopt digital invoicing and payment methods.

Accounting 121

Accounting B2B Invoicing Prioritization 121

PYMNTS

JULY 31, 2019

She also noted that 160 retail fuel suppliers and 453 construction companies weren’t paying taxes either. The minister said that 1,600 hotels on a booking site were not registered with the proper tax authorities. Some hotels were shut down and only allowed to reopen after registration.

Invoicing 46

Invoicing Compliance Construction Economics 46

VCFO

JANUARY 18, 2024

Businesses that regularly contend with deferred revenue include subscription- or license-based businesses (like SaaS organizations or content streaming services), construction, professional services, or property management firms issuing rental agreements. As the points suggest, deferred revenue isn’t just an accounting issue.

Auditing 79

Auditing Leadership Construction Invoicing 79

PYMNTS

SEPTEMBER 18, 2019

construction market is on a roll, and recent data suggests it is unlikely to slow. Construction firms looking to succeed in this growing market and turn a profit must complete their projects on time, which means access to steady cash flows is crucial. It’s for a particular vendor for a particular invoice,” Phoenix said.

Construction 46

Construction Invoicing Accounts Payable Accounting 46

PYMNTS

SEPTEMBER 24, 2020

Construction companies rely on a variety of subcontractors and suppliers, but paying these partners can quickly become complicated for companies that use paper-based, manual methods to accept and manage all the documents that must be collected before issuing funds. Find the full story in the Report.

Accounts Payable 107

Accounts Payable Construction B2B Pharmaceutical 107

PYMNTS

JANUARY 13, 2020

PYMNTS’ examination of recent cases finds employees falsifying invoices, doctoring checks and faking out companies to steal money from employers. million since at least 2011 by generating fake invoices from legitimate vendors, and using company checks that were reportedly doctored to be deposited into her personal account.

B2B 89

B2B Invoicing Currencies Construction 89

PYMNTS

JUNE 8, 2020

now have more than $12,670 stuck in B2B receivables as they wait for their invoices to be settled. IBM, for instance, was paying 55 percent of its invoices in 60 days or less; it now pays 90 percent of bills within that timeframe. 38 percent of B2B invoices are overdue in the U.K. Sidetrade’s latest data reveal.

Invoicing 52

Invoicing B2B Construction Finance 52

PYMNTS

NOVEMBER 23, 2020

We see much more of a blending of financial services, invoicing and payments from the big players," she said in an interview, noting that even technology giants like Uber and Facebook, which hadn't initially entered the market as FinTechs, are stepping into this field. Take the example of a small construction business, Lapusneanu offered.

Finance 106

Finance Invoicing Cash Management Reconciliations 106

PYMNTS

JULY 1, 2019

In Scotland, analysis turns the spotlight on the construction industry, while new research from accounting company Xero points to the struggle that small businesses face when getting paid late. billion worth of invoices remain outstanding every year for Australian small businesses. In the U.S.,

Construction 44

Construction Invoicing B2B Accounting Firms 44

PYMNTS

NOVEMBER 25, 2019

The company has analyzed 10 million invoices spanning 24 billion pounds of spending by large companies. The findings show that suppliers billing less than 10,000 pounds annually do not have invoices processed until 35 days after paperwork is received. Thus, payment is late even before the invoice is approved. percent last year.

Invoicing 57

Invoicing Construction B2B Banking 57