Payday, come sooner
Just thinking about the end of the month crunch induces headaches. Bring payment applications online and get used to faster processing and more timely payments.
I remember the feeling I used to get at the end of the month when the bills came in and I had to write checks, manage my books, and pay for bills the traditional way by mail. Then slowly, my electrical company moved payments online followed by my property management company. Just like that, I didn’t feel the gnawing urgency anymore.
Much of these costs are lost to transaction time and unreliable auditing because of the fragmented nature of the construction industry. The typical process for payment is so staged that it encourages inefficiencies.
The cloud will expedite the process and foster honest practices. Online management is the wheel that a caveman discovers: you don’t immediately see the benefits but once you get used to rolling it, the gains don’t stop.
Through BuildingBlok’s and my own experience, we’ve picked out a few things that have made billing so much easier now than B.C. (Before Cloud):
B.C. I had to remember due dates or manually set calendar reminders on the computer that I can easily ignore. There are online platforms that allow you to set up emails to remind you.
Now, there is no need to store your paper bills in a file cabinet where it piles up. Plus, online platforms help you keep your bills organized. You won’t need to buy new folders and labels and group them by hand anymore.
Some online systems will also generate financial reports to keep you informed on your progress and spot discrepancies.
The above improvement also means that updating records back and forth on different mediums is now a thing of the B.C. I do not need to copy numbers over to my books anymore.
Different parties can now look at the same item at the same time (or not, it’s up to you!). Goodbye to printed copies sent via snail mail.
If a billing has been altered B.C., you had to play Sherlock Holmes. Now there are cloud-based tools that maintain an audit trail.
As we’ve experienced these ourselves, we understand the struggles that dealing with payments can present.
Are there other issues that you've struggled with on a regular basis? Let us know!
We love hearing your feedback and the team is always listening to our members as we roll out new features in the BuildingBlok app suite.