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AP Automation for construction and real estate companies
If you work in the construction or real estate business, you know there are quite a few industry specific challenges for the finance department.
Businesses in both these fields manage large financial commitments with many transactions, one reason why there are extensive regulations to abide by. Whether it’s GDPR, 4MLD, PCI DSS or any other regulation, it’s essential to have everything in order for review by auditors and government authorities.
Construction and real estate businesses receive high volumes of supplier invoices compared to businesses in other industries. Many of these invoices are for large amounts and require the control and approval of several people before they can be paid.
AP Automation adapted to the construction and real estate industry
When Palette Software was founded in 1993 the streamlining of invoice processing was a top priority. Since ERPs performed poorly in the field of supplier invoice management, a proper solution for accounts payable automation was developed and launched in 1998. The first customer for this solution was in the real estate business.
Two decades later the solution has developed into a market-leading AP Automation software that’s offered as a cloud service under the name PaletteOnline. The solution is flexible and scalable to suit business needs that shift over time.
Today more than 3,500 customers in 40+ countries are using Palette’s solution for digital invoice processing. Many of these customers have automated more than just accounts payable. It’s common to have a fully automated process from purchase to payment – all supported by Palette’s solution.
Why do companies in construction and real estate choose Palette?
For a construction or real estate business there are many reasons for choosing Palette for AP Automation:
- Palette has a long history with customers in both of these industries
- The solution meets many specific requirements expressed by construction and real estate organizations
- The solution comes with connectors to several of the most common ERP systems favoured by the industry, i.e.: Vitec Ekonomi/3L, Fortnox, Hogia, MD365, Navision and Axapta
Functionality for businesses in construction and real estate
For over 20+ years Palette has been optimizing to the requirements real estate and construction companies need. Today Palette offers advanced functionality for projects, VAT and multi-company/subsidiary management.
Palette has a Purchase Order matching engine that automatically matches supplier invoices against purchase orders, goods receipts, contracts or an invoice reference. The web-based interface makes it possible to log in wherever you are – at the home office (no VPN connection needed!), on a business trip or at a construction site. Invoices can be approved directly in email or a mobile phone.
Customers can have an unlimited number of users and business entities – without any license fees.
The following functions and features are construction and real estate companies request – requests that the Palette solution meets.
- Approval workflow based on project
- Automated account posting
- Reverse tax obligation (construction VAT)
- Tax deductible VAT
Management of different business entities
- One user account for access to many entities
- Divestment of real estate
- Creation of new entities/real estate units
- Mobile interface
- Approval via email
Avoid fraud and false invoices
For construction and real estate businesses with activity in Sweden, we can offer an integrated service that helps you detect false invoices. All invoices in the AP solution are automatically checked against a register of companies with illegal or irresponsible activity. Invoices that are matched against this register will get a warning message and are put into a manual control workflow. Read more on our Swedish website
The overall objective with Palette’s solution is to reach a high ratio of “zero touch”. That means invoices are handled with no manual touch points thanks to digital data capture, automated PO matching and rules-based account posting.
Get to know more about AP Automation
Schedule a demo and learn how we can help you streamline your invoice processes.Schedule a Demo
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