Construction businesses are changing at a rapid pace due to technology and the lasting effects of the pandemic. Your business is probably experiencing significant digital transformations in several areas.
Boileau’s new process automation tool makes this process easier and aims to improve your business’s processes and decrease costs.
Management of the process and overall visibility on upcoming commitments, individual amounts and totals of invoices due in future payment runs along with the approval status of invoices all contribute to effectively managing cash flow.
Purchase Controls – Pre purchase information controls
Without control of commitments, businesses cannot understand upcoming commitments until the invoice is received and they are required to pay! This reduces any company’s ability to create meaningful projections of upcoming spend, while also eliminating control over costs.
Scale – Reduced effort
Manual processes run on an invoice volume to staff numbers ratio, with increased volumes and business growth forcing extra staff to be required. This does not provide effective methods to scale and often shows lack of redundancy when staff are on leave or move on from the business.
With businesses utilising both Construction based ERP to manage their work and a separate accounting package to manage the finances, key financial data is required to move between both systems. Without integrations in place the full picture required to be able to make better informed decisions lacking.
Paper based and manual processes often involve signing hard copy documents or email threads being used for approval. This does not create clear audit trails of who approved a document and when, meaning large amounts of time is spent when being audited to find documents and the relevant approver information. Spot audits for regulatory requirements pose a large company risk profile.
Paper based processes create the ability for processes to be expedited, when processes are not followed. This is commonly due to the process being difficult and cumbersome. Ability to expedite processes means compliance cannot be enforced and business rules can be ignored.al of $7 Billion in 2018.
Visibility and reporting are key to making informed business decisions, with paper-based processes, data is only made available once data entry has been completed at the end of the process, meaning decisions are made without visibility of documents currently in the process cycle.
Increase of both internal and external fraud
Without predetermined systems checks including ABN information, BSB and Account Numbers, business open themselves up to the possibility of fraudulent activity both by internally and external parties. The Association of Certified Fraud examiners found that businesses lost a total of $7 Billion in 2018.
Repetitive low-value tasks
Manual processes often require high volumes of low-value tasks, such as routing documents or performing data entry. Studies show that repetitive low-value tasks decrease employee engagement and reduce job satisfaction.
Lost and forgotten invoices
Manual processes are often managed via email folders with documents being routed for approval and review by email. Management of tasks through email often results in some things being missed or forgotten, creating delays in payments, and requiring accounts staff to follow up on documents for approval, extending process cycle times and costs.
Visibility during the Process
Often when a supplier enquires about invoice payment, the Accounts Payable team often must manually chase up invoice status and provide information back to supplier, this consumes not only the AP Team’s valuable time but also that of the approver.
Working in Multiple Systems Managing processes in multiple business systems such as a construction ERP and an accounting package requires matching documents and date from different systems to match documents. This also requires duplicate points of data entry and can often slow down processing of documents.
The ability for Site and Project Managers to check on the status of invoices is critical to management of actual to forecast project budgets.
Access to supporting documents
The Site and Project Managers commonly must look for supporting documents to make decisions to approve invoices. Manually checking for purchase orders or delivery dockets increases the time spent to approve a single document which again significantly increases process costs and is often seen as a major source of frustration for management and supervisors.
Lack of mobility
Paper-based approvals require Project and Site Managers to visit a central location which takes them away from their core income producing roles. This not only significantly increases process costs but is often seen as a major source of frustration for management and supervisors.
The relationship between Boileau and our organisation began back in 2012, when we were undertaking a review and upgrade of our server hardware and related software...Boileau showed an understanding of our business and future growth as well as options that would meet our needs.
We really appreciate the expertise and business recommendations made across our business units in terms of telephony, copiers and IT Solutions that integrate to provide real benefits to member of our team across Adelaide metropolitan and hills network.
With no stress, no inconvenience and very little effort on our part, Boileau Business Solutions has saved us money, greatly improved our efficiency and significantly increased the quality of our printing. I couldn’t recommend Boileau Business Solutions any higher.
I always like to ensure that good work is recognised and as such I pass on my sincere thanks to you and the team for the seamless transition of our new copiers. It all simply went flawlessly. Even the delivery guys were organised and prompt! We appreciate all of the assistance you’ve provided.
Boileau have been very proactive in showing us areas where we can operate more efficiently. They took time to understand our business processes and have shown us how we could integrate our systems. It wasn’t just about cost savings, the management of our workflow is simpler because of the single point of contact with Boileau.