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  • 19 February 2020 15:39

Procore helps streamline contractual obligations in Australia and New Zealand with Invoice Management

Construction management software provider also enhances day-to-day productivity tools and extends commitment to subcontractors

SYDNEY, Australia – 19 February 2020Procore Technologies, Inc., a leading provider of construction management software, today announced Procore Invoice Management for ANZ, which includes a sliding-scale retention feature designed to help construction organisations address obligations under contract and security of payment laws in Australia and New Zealand (ANZ). In a raft of platform updates, Procore has also announced new enhancements to its Field Productivity product and increased its local commitment to Subcontractors.

Streamline processes with Procore Invoice Management

Procore Invoice Management supports head contractors with the tools to help tackle their biggest invoicing challenges, including: understanding contractual obligations and legislation; maintaining accurate billing; simplifying communication with subcontractors; and ensuring adequate cash flow to keep projects moving.

According to Procore’s How We Build Now 2019 report, 32 per cent of Australian construction organisations cited both keeping up with regulatory changes and managing subcontractor contracts and payments as top challenges for their business. Procore Invoice Management automates and simplifies invoice collection, review, and approval to get everyone paid faster and help avoid unnecessary project delays.

"Before Procore, our contract admins used to spend hours managing the tedious retention and deeds release process through spreadsheets,” said Hass McCook, systems implementation manager at DASCO. “Now all of the retention can be automatically calculated and withheld on each invoice through Procore. This saves us a few ‘man-weeks’ at the back of each project."

Under contract law and industry best practice in Australia and New Zealand, subcontract progress claims (commitment requisitions) are required to be adjusted by a retention holding. With the new Sliding-Scale Retention feature, Procore Invoice Management givest contractors and subcontractors the tools to help meet the job's contractual obligations, promoting contractor retention and project quality.

“One of the biggest pressure points for builders is ensuring subcontractors are paid in a timely manner, whilst also safeguarding contractor retention, project timelines and building quality,” said Tom Karemacher, Vice President APAC at Procore Technologies. “We’ve listened to our local customers, and made an effort to understand the mandatory contract requirements, to ensure Procore Invoice Management helps ANZ construction companies by streamlining the often arduous and paper-based invoice-to-payment process.”

Built for the ANZ market, Sliding-Scale Retention enables head contractors to:

  • Automatically withhold a percentage of each subcontractor invoice until the end of a project
  • Configure flexible retention settings on a sliding scale as milestones are reached in a contract
  • Manually override at the line item level, where retention should not be applied

As the back office is becoming increasingly digital, people are now also expecting to invoice digitally. Existing Procore Platform integrations with applications including DocuSign, Xero and MYOB help to streamline the digital invoice and billing management process from start to finish.

New enhancements to Procore Field Productivity

Procore has also announced enhancements to its Field Productivity product, including Individual Time Tracking, which enables each user to clock in or out of the jobsite from their mobile devices, which is then automatically logged on their timesheets. This new feature streamlines project time tracking, previously only managed by foremen and site managers.

Project teams can also now geofence their projects to ensure that workers are clocking in and out from within a certain radius from the job site. This provides greater accountability in the reviewal process of time entries.

Building Procore for Subcontractors in ANZ

Lastly, Procore has announced that it is expanding efforts for subcontractors in ANZ, increasing its team of specialised sales and solutions consultants to serve the subcontractor market from its Sydney HQ.

“Subcontractors form a significant proportion of the construction industry in ANZ, and Procore understands that they require a software platform that supports their needs and helps mitigate risk,” said Karemacher. “Subcontractors wear many hats, so the ability to streamline multiple functions, including financials, field productivity, and quality and safety, is vital to ensuring the efficiency and viability of their business.”

With Procore, subcontractors, such as electricians, plumbers, steel workers, concreters, and HVAC installers, have the ability to:

  • Compare field production reports to estimates in real time, to alter course as needed.
  • Integrate time tracking into payroll/ERP systems, to get paid on time for work done.
  • Communicate easily from site to office, to ensure everyone is working with the most up to date information.

“The user interface of the software is unlike anything I’ve experienced in construction,” said Brian Mobbs, CEO, Everclad. “It’s extremely user-friendly and very easy to navigate. The responsive, real-time support from Procore reduces downtime and increases productivity.”

To learn more about how the Procore Platform can help your business, contact the ANZ team for a demo.

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About Procore

Procore is a leading provider of construction management software. Our platform connects every project stakeholder to solutions we've built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at www.procore.com.

Media contact:

India Bednall

Espresso Communications for Procore

procore@espressocomms.com.au

+61 2 8016 2200

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