B2B Payments

Centsoft Unveils AP Automation For Construction Industry

Centsoft Unveils AP Automation For Construction

To help project managers and administrators save time, Centsoft has unveiled an accounts payable (AP) automation technology for firms in the construction industry. The software company said firms in the construction industry have special needs in terms of processing vendor and supplier invoices, and its technology tackles some of the daily challenges that project managers and administrators encounter, per an announcement.

Centsoft connects with different enterprise resource planning (ERP) technologies like SAP Business One, NetSuite, Dynamics 365 and QuickBooks. Its technology automatically brings in vendor accounts, the vendor register and currencies.

Additionally, the infrastructure automates the procedure for processing the hard copy and emailed invoices that construction firms receive for their work. It then puts the invoice information into a dashboard. As a result, the lengthy and error-prone process of manually typing invoice information into the accounting system is removed from the equation.

With the offering, users can search for all invoice information instead of just the vendor name or “accounts used.” Those who are managing projects can view every invoice, while approvals can be given through tablet, laptop, desktop or smartphone around the clock.

The news comes as B2B FinTech firms continue embracing teamwork and information connections. One of the newest companies to do so was Centsoft, which unveiled a data integration with QuickBooks Online in February.

Michael Cichy, general manager of the Americas for Palette Software, the parent company of Centsoft, previously told PYMNTS that the value of cross-platform connection can be sizable for firms, especially in terms of time savings as manual data entry is eliminated.

Cichy said at the time, “Once an invoice is approved or matched, an automated process [that] injects those invoices into the accounting platform for downstream processes to take over — like vouchering, and aging prior to payment — become[s], for the most part, hands-off. This combination increases data accuracy and shortens payment cycles.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.