Companies and contractors may believe that using one general accounting software solution, such as Foundation, to manage their day-to-day operations is sufficient. However, many companies still rely on additional process-oriented solutions to run their accounts payable (AP), job costing, and financial reporting departments more effectively.
That’s why using AP automation solutions that fully integrate with Foundation is key, as it eliminates the need to manually enter or exchange data between the systems. This step saves your team time and also ensures greater accuracy.
Since there are many AP solutions that integrate with Foundation, finding the right one for your company is challenging. For that reason, we’ve put together a list of the top AP automation solutions below, detailing their pros and cons and who stands to benefit from each one. We also share why integrated, automated solutions are key to better construction outcomes.
Integrated AP automation solutions pull data from different systems, giving you a comprehensive view of your construction finances. And with features that sync data automatically, you’ll always have accurate, real-time information at your fingertips. These steps ensure accurate construction data flows seamlessly between your AP, job costing, and other financial departments.
Automation software also streamlines these processes by handling repetitive administrative tasks on its own — improving workflows and allowing your team to focus on more important tasks. It speeds up your AP processing and approval time while helping reduce duplicate or missed payments. You’ll gain greater visibility into project finances and performance so your construction company can make informed decisions.
When choosing an AP solution that integrates with Foundation software, you must consider several factors.
Document Flow is a cloud-based AP automation solution designed to help construction companies simplify and speed up their AP process.
hh2 designed their AP automation solution to meet the specific needs of construction companies, helping better connect your back office with the field. Document Flow lets you go paperless by automatically uploading invoices into your system as they appear. Along with centralizing your financial data, it allows you to create custom approval pathways to automatically route approvals and expenses to the right staffers at the right time.
Pros:
Cons:
Contractors and construction companies that want real-time access to invoices, purchasing documents, and other key accounting data.
AvidXchange’s AP and payment automation integrate with Foundation so you can process invoices and make secure payments faster.
Integrating AvidXchange with Foundation allows your business to eliminate manual data entry of invoices and payments. Other key features include flexible workflow options and purchase-to-pay AP process automation.
Pros:
Cons:
AvidXchange is a great option for contractors and construction companies that want to send or receive payments through their AP solution.
Another top solution is Corpay.
Corpay’s all-in-one AP solution allows you to automate more of your AP lifecycle on a single platform, from invoice processing through approval and payment, for improved management, accuracy, and efficiency. It even allows you to streamline purchase order requests and pay vendors to reduce bottlenecks.
Pros:
Cons:
Companies that want purchase order automation included in their AP solution.
WorkMax is a cloud-based time tracking and project costing solution acquired by Foundation software, ensuring seamless integration between the two systems.
This solution includes time-tracking features and payroll, billing, and expense management. WorkMax’s automation is designed to accelerate payroll and billing processing time while increasing accuracy. It also offers project cost management features such as document and asset tracking.
Pros:
Cons:
Consider WorkMax if you want modern time-tracking options or to automate job costing processes in addition to AP automation.
This cloud-based AP automation solution uses an intuitive interface to take advantage of the integrated platforms.
Stampli automates your AP process through its collaboration hub, which syncs invoice and payment data and offers communication tools. Its hub can also sync vendor lists, general ledger accounts, open purchase orders and line items, and custom coding fields. Stampli also offers integrated payments and vendor management options.
Pros:
Cons:
This solution is ideal if you want to be up and running with minimal training.
Want to see an AP automation solution in action? Book a demo of hh2 Document Flow to see how it simplifies your construction AP process and helps you stay in compliance.