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

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

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

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 Economics 42

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

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

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

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

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

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

JUNE 19, 2018

When it comes to invoice payments, speed thrills, like a fast-paced World Cup match. Creditsafe commissioned a study that ranked countries according to how quickly firms in each nation pay invoices. Thus, the Late Payments World Cup. As noted in SmallBusiness.co.uk , Brazil came in first, with payments days beyond terms (DBT) at 4.3

Invoicing 43

Invoicing Construction Retail Numbers 43

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 80

Auditing Leadership Construction Invoicing 80

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

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

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 Construction Invoicing 56

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 Prioritization Invoicing 121

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.

Construction 107

Construction Accounts Payable B2B Pharmaceutical 107

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

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

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

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

PYMNTS

NOVEMBER 12, 2020

businesses, for the first time in my lifetime, are spoiled for choice in terms of the funding that is being made available to them,” reflected Toni Dare , founder and managing director at invoice financing technology firm Pulse Cashflow Finance Ltd. For an invoice financier like Pulse Cashflow, the impact from those programs has been clear.

Marketing 64

Marketing Invoicing Finance Construction 64

PYMNTS

FEBRUARY 24, 2020

“While the tax-themed email attacks hit businesses in all sectors, we also saw financial firms and construction industries targeted disproportionately,” wrote Sherrod DeGrippo, who published the research on ProofPoint’s website last week. The construction industry targeting, in particular, is a reminder that no one sector is immune.”.

Construction 65

Construction B2B Accounts Payable Invoicing 65

PYMNTS

MARCH 30, 2020

While the move was welcomed, Construction Products Association Economics Director Noble Francis told the publication that it is unclear how the government would enforce this, and raised concerns that the construction sector is particularly vulnerable to the consequences of late payments.

B2B 89

B2B Marketing Construction Invoicing 89

PYMNTS

NOVEMBER 11, 2019

the average length of time it takes to pay an invoice is 37 days. For invoices carrying a value less than £10,000, processing does not begin by large buyers until about 35 days. Among the companies cited are Eurovia and McNichols Construction Services, according to PBC Today. In the U.K., In the U.K.,

Construction 40

Construction Transportation Invoicing B2B 40

PYMNTS

JULY 30, 2020

The company’s collection of AI bots for the AP process now include bots for cost allocation, fraud detection, invoice reading and inbox managing. ” Zycus aims to reduce existing AP operations expenses for very large companies that receive many yearly invoices by half, according to an announcement.

Accounts Payable 60

Accounts Payable SAP Invoicing Construction 60

PYMNTS

JULY 17, 2019

National Football League franchise the Oakland Raiders has been named in a lawsuit amid allegations of non-payment for construction on the team’s new stadium in Las Vegas. ” The case accuses Merrill of breach of contract by failing to make timely payments on its invoices. million for its work. .”

Construction 41

Construction Accounts Payable Invoicing Accounting 41

PYMNTS

SEPTEMBER 20, 2019

construction market is on track to reach $1.8 In order for construction firms, contractors and subcontractors to succeed in this market, projects must be completed on time and within a fixed budget. Keeping track of cash flow and spending will be essential for construction firms that are active in the growing market.

Construction 46

Construction Treasury Invoicing Budgeting 46

PYMNTS

DECEMBER 11, 2019

Kohli pointed to the added benefits of incoming cash-flow predictions, enhanced invoicing and reconciliation capabilities, and stronger engagement with a vendor’s client community. “My belief has been that a cross-border payment is actually a synthetic construct,” he said. and Turkey. ”

B2B 53

B2B Accounts Payable Invoicing Currencies 53

PYMNTS

OCTOBER 4, 2019

Labor has long maintained concerns about large businesses extending payment times to small business suppliers — sometimes as long as 90 days after invoicing. Drilling Down Into Construction. As reported, data from illion shows that late payments in the country stand at an average of just more than 10 days.

Construction 43

Construction Invoicing Numbers Finance 43

PYMNTS

FEBRUARY 3, 2017

AP automation firm AvidXchange is tackling some of the construction industry’s biggest supplier payments challenges, but it isn’t doing it alone. 2) that it is teaming up with GCPay, an online platform for construction companies to automate their subcontract management needs. The company said Thursday (Feb.

Construction 40

Construction B2B Invoicing Technology 40