Stampli, the leading financial automation platform centered on accounts payable, has officially become the first Sage Intacct “Fintech Plus Tier Marketplace Partner” recognition for AP Automation to have a validated specialty in Sage Intacct Construction (SIC). To give you some context, out of common accounts payable scenarios, many construction firms have more complex AP processes involving multiple entities, job costing, retainage, and other challenges. Hence, for providing their subcontractors and suppliers with the quick, accurate payments they expect, these firms often supplement their SIC setup with manual processing tasks that are often inefficient, error prone, overly reliant on paper, and create risks to essential supplier and subcontractor relationships. Fortunately enough, you can now automate your AP processes using the combination of Sage Intacct Construction and Stampli. In essence, with accounts payable at its core and AI embedded at every point, Stampli centralizes all AP processes, streamlines workflows, reduces errors, ensures timely payments to suppliers and subcontractors, as well as fosters better relationships. On top of that, the company’s recognition by Sage acknowledges its integration potential with Sage Intacct Construction, something which ensures complete data sync, a familiar environment for AP staff, and a rapid implementation process with no need for engineering or development. Talk about how Stampli solves the challenges in construction AP on a more practical note, we begin from its bid to remove paper clutter. Traditionally, AP teams have struggled with stacks of physical paper, making document management largely inefficient. However, given Stampli’s ability to centralize AP documents digitally, they can now cut back on their paperwork and streamline processing.
Next up, Stampli aids the overarching pursuit by reducing errors. As manual entry is more likely to be embroiled in mistakes, it makes a process like reconciliation extremely difficult. In response to that, Stampli automates data capture and entry so to not leave any room for a mishap. Then, we have the visibility aspect, which becomes important once you consider that decentralized paper processes often lead to poor tracking of project costs and lack of accountability. Here, Stampli effectively unifies all AP processes and documents in a single auditable view, all while supporting job costing for easy allocation of project-specific costs. Another area where the company has its utility rooted in is concerned with relationships. Simply speaking, inefficient AP processes have long damaged subcontractor and supplier relationships, but if you take Stampli into account, you can suddenly address that problem through simplified onboarding and managing vendor contracts, as well as through an improved payment timeliness and accuracy. Rounding up highlights is the role of retainage and cash flow. In essence, manual management of retainage amounts leads to disputes and cash flow issues. With Stampli, though, you can automatically syncs retainage amounts with Sage Intacct Construction, ensuring correct updates and preventing disputes.
“For any construction company, subcontractor and supplier relationships are critical to business success. Inefficient AP processes create major risks to these relationships, which is why companies with complex invoicing needs should pursue automation and efficiency,” said Dennis Stejskal, Head of Strategy at Sage Intacct Construction. “Sage sets a high bar for validating solutions to ensure best experience for our customers. We are confident in Stampli because of their robust support for Sage Intacct Construction-specific functionalities. As a validated Sage solution, Stampli’s AP automation platform reduces paper clutter, increases efficiencies in the contractor’s AP department, and significantly improves relationships.”
To further validate Stampli’s excellence, we can acknowledge the impact it has made for a company like Superior Masonry, based in Fort Mill, South Carolina, that specializes in commercial and residential masonry work. Upon integrating the solution, Superior Masonry was able to achieve a 93% reduction in the context of average invoice processing time. Apart from that, the company would go on to realize $10,000 monthly savings from improved vendor charge oversight. Not just that, it also saved more than 40-60 hours per week that would have been otherwise spent on completing various manual AP tasks.
