trimble Obtained flash tract Additional construction costs, compliance and Add lien forgiveness capabilities to your connected construction technology ecosystem.
Trimble said in an article Wednesday (May 8) that FlashTract's technology streamlines the flow of payment and compliance information between construction general contractors and subcontractors. press release.
The technology, now branded as Trimble Pay, was originally Trimble Viewpoint Vista An enterprise resource planning (ERP) solution for construction, according to the release.
“By adding the ability to electronically manage these workflows with subwoofers through Trimble Pay, contractors can improve compliance and save two to three days of manual work per month by project managers and accountants. It helps keep projects on schedule and on budget.” Lawrence Smithsaid Trimble's vice president of construction management solutions in a release.
According to the release, Trimble Pay eliminates communication and document transfer between general contractors and subcontractors by electronically managing payment applications, lien waivers, and other compliance and billing documents.
Many contractors still manage these processes manually, according to the release.
“Since implementing our technology in 2019, we have gained a strong reputation for helping general contractors minimize legal and financial risk and increase efficiency,” said Flashtract Co-Founder and CEO. I am. Blair Chenault said in a release. “Joining Trimble will enable our team to evolve these capabilities to ensure contractors are paid on time and managing financial and compliance documentation does not hinder project delivery. Masu.”
PYMNTS Intelligence found: Contractor is investing in digital tools that enable faster payments and easier cash flow management.
According to , 33% of contractors plan to implement accounts payable (AP) and accounts receivable (AR) integration, and 31% plan to add instant bank authentication and virtual cards for supplier payments. I answered that I am.Improve cash flow in the construction industry with digital payments”, PYMNTS Intelligence and american express collaboration.
Another recent development in this field is optimal and agave We partnered in April, construction and real estate companies can incorporate AP automation solutions into their existing processes.
During February, construction/Launch landscaping software Attentiveness.ai Raised $7 million to expand into new business. The company's platform helps these companies save time and bid effectively on contracts using automated site measurement.
