3 Ways to Improve Your Construction Back-Office Productivity

Insurance Invoices & Payments
July 9, 2021

If you find yourself searching through multiple spreadsheets, long email chains, and an overcrowded mailbox, it might be time to embrace automation software designed for the Construction industry.

Many of the most tedious day-to-day, back-office tasks can be quickly and easily automated thanks to machine learning and AI. Free up your time and improve accuracy, increase your own productivity, and improve your bottom line.

Keep reading for 3 construction management processes you can automate with software like Constrafor. The best part – Constrafor is free for Subcontractors, no commitment required.

1. Automate COI Tracking

COIs are necessary for your protection, but often a time-consuming task to manage. By automating COI tracking, you can update multiple insurance products at once, upload multiple documents, and share your COIs quickly with GCs. Online tools like Constrafor make it easy to manage several documents and insurances in a single upload. Plus, it’s stored in the cloud, so your documents are accessible anywhere.

Take advantage of the latest AI to parse through your insurance documents and autofill the most important information so you can say goodbye to manual entry. Plus, with the right tool, communications with GCs are automated, so you never have to deal with long email chains and tedious back-and-forth again. Plus, Constrafor will automatically notify you when your insurance is set to expire.

2. Manage Invoices Digitally

If you manage invoices on a separate platform, maintain work orders on another, and use a third system for accounting, mistakes are bound to occur. Invoicing mistakes can greatly impact a business’s cash flow, negatively affecting other projects.

Instead, automate invoice management with software that cross-references data for accuracy, alerts you of outstanding invoices, and reports and tracks all statuses. With Constrafor, once you share an invoice with your GC, we will automatically notify you when it is approved and the payment is deposited in your account.

3. Receive Payments Electronically (and early!)

Protect your cash flow, and find a tool with integrated invoicing and payments and streamline your workflow. With the right software, you will be able to submit an invoice, track approval status, and monitor direct deposits, straight to your account via e-transfer.

With Constrafor, we take things a step further by offering our Early Pay Program. For approved invoices, you can access your funds sooner than your net payment terms with a GC. Once your invoice is approved, Constrafor will deposit the full amount into your bank account within 48 hours. We charge .5% of that invoice amount, weekly until the invoice is paid in full. There are no hidden fees and you have full control over which invoices are paid early.