Imagine saving hundreds of thousands of dollars merely by tracking a single metric related to your Accounts Payable. 

It’s the kind of “love-your-data” epiphany that we live for at ProNovos, where our designers, developers and analysts continue to collaborate with contractors to take construction data visualization to the next level.

In a previous post, we explained how our new Accounts Receivable dashboard yields insights into the state of your AR.

Our new Accounts Payable dashboard rounds out contractors’ understanding of their cash position, said Bruce Orr, ProNovos founder and Chief Data Scientist.

“Understanding the state of your AP invoices is critical in any business, but especially in construction, where your payments to subcontractors and vendors typically are four to five times more numerous than the checks you have coming in,” he said. “Knowing exactly what’s happening with your AP department empowers you to be more decisive. You can communicate better with PMs, vendors and subcontractors and, ultimately, achieve greater efficiency and profitability as an organization.”

As noted above, for some contractors tracking a single metric—the deadlines for receiving discounts from vendors and subs in exchange for making timely payments to them—could add up to thousands or even hundreds of thousands of dollars in savings. 

“When those deadlines are out of sight, they’re more likely to be out of mind,” he explained. “Combining AP data with analytics can help you eliminate that problem. Your AP team will get those invoices paid on time, per your cash-management plan, to reap those incentives.”

Making timely payments also improves contractors’ relationships with their valued vendors and subcontractors. “They’re more likely to see you as a reliable partner,” Orr said.

When are your AP teams the busiest?

Our new AP dashboard also allows contractors to see when their AP departments are busiest. It’s an especially valuable capability for large, high-volume organizations. “The Processing Days section of our new AP dashboard puts your payment efficiency front and center,” Orr said. “You can use this information to eliminate bottlenecks and allocate your accounting resources more efficiently.”