How Invoice Processing in the Construction Industry is Changing

Invoicing is what keeps your cash coming to you. It’s a record of a purchase agreement. Anything from supplier materials, equipment, and labor needs to have proper documentation. By having an efficient invoicing process in place, you can establish an obligation for payment and create an account receivable.

Typically, an invoice includes:

  • Date when services were performed
  • Name and address of both parties
  • Description of materials and tasks performed
  • Price and quantity
  • Terms of Payment

You can go about handling invoicing in your own way. Relevancy is key depending on the work that’s being performed.

Speedy Invoicing for a Modern-Day Construction Business

That being said, sending timely invoices does wonders for your business. You want to make sure you get those invoices out as quickly as possible to ensure you get paid on time.

Only 8% of contractors said that their customers paid on time. Creating accurate invoices and sending them out in a timely manner is critical to growing your business. If you want to grow your business, you’ll need good cash flow. Having a steady cash flow means you can effectively expand your business because you have the means to purchase the things you need to complete projects you have committed to.

Another bonus of sending out timely and accurate invoices involves building good relationships with your clients. When clients hire you for a project, they expect that job to be completed on time, with professional crews, that perform quality work. However, they also rely on you to provide accurate and timely invoices. You can’t expect to develop strong relationships with clients if you don’t follow through with the proper paperwork to complete the job.  

TRUX: Smooth Sailing for Handling Haulers

The growth of your business depends on payment from your clients. It’s hard to keep the doors open if you aren’t getting paid. But there are many ways to grow your business in modern construction. 

TRUX offers contractors access to a marketplace of haulers to scale your fleet for larger jobs. This enables you to get daily insight through GPS Tracking on third-party haulers, and visibility into job site operations. Plus, you can feel confident you can take on larger projects more frequently.

While TRUX doesn’t  send out invoices for you, you can use our software to handle your hauling needs. TRUX can ensure that your hauling needs are met and that you can track progress in real-time. Want to find out more? Click on the link below to schedule a call with one of our experts!

 

Schedule a Call

By Lisa Rodon | October 21st, 2019 | News, Press Releases

Related Posts

What You Can Do to Reduce Dump Truck Hazards

November 11th, 2019 |
0 Comments

What's Holding Back Dump Truck Driver Pay Scale?

November 4th, 2019 |
0 Comments

Leave A Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.