Submitting auditable construction invoices as well as their approval and payment process is subject to system discontinuities and manual tasks, making supply chain payment processes inefficient and error prone.
- Lack of comprehensive, automated and standardised approval and payment processes across the supply chain
- Non-compliance with the EU Payment Directive
- Double entries, late payments and/or ad-hoc or unauthorised partial payments
- Manual data transfer increases risks of miscalculations or missing data increase project budgets
- Discrepancies between invoice applications, approvals, claims and partial payments compromise commercial consistency
Common use of spreadsheets prevents flagging of key dates, collection of compliance documents and consistent, repeatable processes. They are not enabled to mirror internal approval guidelines relating to projects, contracts and invoice amounts.
Abuse or unauthorised and intransparent approvals and payments cannot be prevented, making a legally compliant, auditable documentation – especially for public contracts – almost impossible.
Lack of consistent, real-time data on progress, costs, total subcontracted amounts and outstanding or effected payments impede forecasting, leading to incorrect financial KPIs.
Textura-Construction Payment Management (CPM) offers improved cost control through early insight into the data behind applications, approvals, claims and unsurfaced liabilities, supporting efficient repeatable processes. CPM‘s supply chain payment workflows allow for fully digitised automated payment processes complying with internal approval guidelines and effecting a faster payment turnaround.
Over the past ten years, Textura has been defining ‘best practice’ in the global construction industry’s supply chain payment processes, helping over 80.000 global contractors realise cost-savings, efficiencies and supply chain relationship benefits through digitising supply chain payment practices.