Building a Better Future with Automation

Industry Insight: Construction

 

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Overview

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’re Having ERP Troubles

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.

You Want to Modernise

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.

Cybersecurity is Your Main Concern

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.

Case Study

Founded in 1852, Willmott Dixon have always been forward thinkers.

A privately-owned contracting and interior fit-out group, leaving a lasting impact in communities is at the heart of what they do.

The team at Willmott Dixon are also driven by a strong sense of purpose that their activities should deliver long-term societal benefits – a fact reflected in many of their ambitions, such as being a zero-carbon in operation company by 2030.

To achieve these ambitious targets Treasury Manager Graham Busolini knows that their internal processes must play a key part.

After coming across AccessPay, Willmott Dixon realised that there was a place for them in the 4th Wave of Banking, allowing them to continue helping communities across the United Kingdom with increased efficiency.

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Chat to Our Construction Expert Matthew O’Brien

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.

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Why AccessPay?

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.

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