Palette software has announced cloud-based accounts payable automation for engineering and construction companies.
Palette, a leading global SaaS firm, gives engineering and construction companies the ability to capture supplier invoice data quickly, process invoices with an automated approval workflow, and have a time-stamped audit trail with a searchable invoice archive.
Engineering and construction companies are looking to leverage technology to reduce the cost and inefficiency of their back office operations. Finance administrators are constrained by having to input invoices manually into the ERP, struggle with matching invoices to the proper engineering and construction projects, and lack an automated workflow to speed up approval processes.
Two major roles in construction and engineering firms benefit from automating the accounts payable function. The finance administrator’s workload is reduced because there is no need for manual signatures, paper files are eliminated, and invoice information is searchable.
The administrator can be confident that invoice approvals go to the right project manager because the approval workflow is programmed right into the system. Exceptions are handled through the system, giving administrators and approvers a faster way to resolve issues. As well, administrators can give auditors limited access to the search system so that auditors can view any invoices, project, or time period.
For project managers it’s easy to find items on previous invoices to see what they paid in the past and price compare. Project managers can find specific projects by their names rather than by GL account code numbers.
Palette has built-in communication so each and every invoice is trackable. Project managers can see each invoice and approvals can be made on desktop, laptop, tablet, and smartphone 24/7 – an important feature that reduces back-and-forth emails and missed payments.
Central to automating finance for construction and engineering is the elimination of paper processes and lengthy approval cycles.
“Palette helps engineering and construction companies process supplier invoices quickly and efficiently,” said Michael Cichy, Palette North America, “automating and streamlining the AP process with technology that is easy to use reduces the stress of trying to input and approve large volumes of supplier invoices every month.”
The Palette capture solution automates the process of capturing both emailed and paper invoices construction companies receive for their projects, making all the invoice data available in an intuitive dashboard. That eliminates manual keying of invoice data into the accounting system – a task that is time-consuming and error-prone.
Palette has international and US bank security standards in place for cloud solutions.
To find out more about Palette AP Automation for Engineering and Construction, visit https://www.palettesoftware.com/ap-automation-for-engineering-construction/
About Palette Software
Palette Software is a market-leading vendor of financial process automation for domestic and global engineering and construction firms. Palette solutions automate the connecting and matching of purchase orders, invoices and contracts, on-premise or in the cloud. Customers experience significant and measurable cost savings, productivity gains and operational excellence. Palette solutions are GDPR compliant and optimize financial management for more than 4,000 customers in 50+ countries. With 25 years of experience, Palette and its partners offer automation solutions for organizations of all sizes worldwide.
Release ID: 88972111