Green building, Construction Management Software, post-Covid growth… the construction industry is no stranger to modernisation. For many businesses, though, their internal processes aren’t evolving in equal measure.
This is especially true of the banking practices used in the construction industry, which are typically reliant on time-consuming manual processes. AccessPay is committed to streamlining your banking operations, providing a bridge between your ERPs and banks while allowing for total cash visibility across the board.
Right now, we’re willing to bet the following rings true for your finance or treasury functions…
You may not realise this to be the case, but many in the construction sector are bogged down by their relationship with ERP systems.
For a start, it’s not uncommon to have more than one back-end system tying your workflows together. There isn’t necessarily anything wrong with this, but issues arise when the processes required for each differ, robbing your team of valuable time.
The more critical problem with ERP systems, however, is that they don’t natively connect to banks. This means that, without automation, you’re reliant on banking portal log-ins to conduct your banking operations, wasting hours of your day.
Construction-based finance and treasury functions often recognise the need for workflow modernisation, but lack the funding to commit to it.
Many businesses are planning a digital transformation process or ERP upgrade – but this doesn’t guarantee automation.
To achieve this, you would need a cloud-based solution that offers a whole host of packages and payment types, helping you with everything from Bacs and CHAPS to Host-to-Host and API capabilities.
Risk is a huge factor when conducting banking operations – especially if your company is undergoing a period of growth. This is especially true for the construction sector, which is currently the number one industry hit by ransomware attacks. In fact, GCHQ has issued advice specifically for small-to-medium construction businesses.
The more sophisticated the banking process, the more likely it is to fall victim to fraud, human error, or cyberattack.
By removing manual processes from your workflow and using a pure-cloud solution, you can drastically reduce the influence of cybersecurity concerns in your business.
FM Conway works in transportation, the built environment, and the public realm to help both communities and businesses thrive.
A family-run business for 60 years, FM Conway has both a storied history and a continuing desire for evolution and progress.
To the uninitiated, a construction company may seem unlikely to turn to a Fintech for help; like any other business, however, FM Conway has banking operations and payroll to handle.
Not only this, but the ubiquity of the challenges associated: time-wasting manual processes, the prevalence of human error in non-automated workflows, and an excess of patchwork solutions such as spreadsheets.
In fact, AccessPay is working with increasing amounts of businesses from the construction sector – a fact elaborated on by Matthew O’Brien, AccessPay’s Inside Sales Representative for the construction and manufacturing industries.
“Throughout 2021, AccessPay provided a helping hand in the construction industry by partnering with numerous businesses and further bolstering our understanding of the challenges the sector
faces”, he comments.
With over 3 years of experience working closely with the construction industry, Matthew understands the sector’s challenges in a way that few do.
Whether you’re a small business or multinational corporation with a turnover in excess of £1bn, he’s got the knowledge to help futureproof your banking and payment processes.
Given the sector’s fast-changing nature, there’s never been a more vital time to modernise your banking operations.
Thankfully, AccessPay is here to help.
We bring order to your finance and treasury functions, acting as the glue between your banks and ERP systems. With a fully-automated, cloud-based solution, you can wave goodbye to those pesky spreadsheets and tiresome manual processes for good.
Not only this, but our Cash Management solution provides total transparency of your business’s funds, compiling your balances from across the world. With AccessPay, you can see your global cash position, regain control of your banking operations through risk mitigation, and optimise your spending with the availability of richer data.