Construction Accounts Payable (AP) Services

Construction Accounts Payable (AP) Services

At Accuria Solutions, we specialize in delivering comprehensive Accounts Payable (AP) services uniquely designed for the construction industry. Our expert team ensures efficient payment management, vendor relationships, and compliance with industry-specific regulations, allowing construction companies to focus on what they do best—building.

Key Features of Our Construction AP Services:

• Vendor Invoice Management: We handle every aspect of vendor invoice processing, from receipt through payment, ensuring accuracy and timely disbursement.
• Subcontractor Management: Our team expertly manages subcontractor agreements, retainage, and documentation, minimizing project delays and ensuring all legal requirements are met.
• Expense Tracking: We meticulously track project costs and allocate expenses to the relevant construction phases, ensuring accurate budgeting.
• Compliance and Tax Management: Our services ensure full compliance with tax regulations, avoid penalties and simplify tax reporting.
• Payment Scheduling: We collaborate with project managers to align payments with project milestones, ensuring consistent cash flow throughout the project lifecycle.

Our Construction AP Process

1. Invoice Reception: We collect vendor invoices daily via email, physical delivery, or system portals.
2. Invoice Verification: Each invoice is cross-checked against project costs, materials, services, and contract terms to ensure alignment with Purchase Orders (POs).
3. Coding and Entry: Invoices are entered into leading accounting software such as QuickBooks, Timberline, and TimberScan, utilizing construction-specific coding for accurate classification by "Class" and "Job Cost."
4. Approval Process: Authorized personnel approve invoices, after which they are queued for payment.
5. Payment Scheduling: We create payment schedules, considering vendor terms (net 30, net 60, etc.), ensuring timely payments to maintain strong vendor relationships.
6. Record Keeping and Reporting: Comprehensive records of all invoices and payments are maintained, ensuring accurate reporting and an audit trail for future reference. Our regular reporting tracks project expenses and helps maintain budget control.

With over ten years of hands-on experience in construction AP accounting, Accuria Solutions brings accuracy, timeliness, and professionalism to every project, helping contractors and construction firms maintain financial stability and full compliance.