SubBase Debuts Invoicing Tool as Construction Firms Invest in Tech

Supply chain software firm SubBase has introduced an invoice reconciliation tool for construction firms.

“For many trade contractors, reconciling invoices from multiple vendors can be incredibly time consuming and tedious,” the company said in a news release Tuesday (Feb. 21). “Tracking down proper backup can take hours if not days, and as a result, budgets fall behind.”

SubBase says it solves the problem of manual invoice reconciliation by automatically streamlining all invoices into the platform, pairing documents with purchase orders and delivery tickets and creating an automated log that lets customers track invoices in real time.

From there, the release said, SubBase users can digitize their workflows and assign invoices to staff for approval or rejection. Once approved, SubBase notifies the company’s accounting team to sync the invoice with their accounting or project management systems.

“Ordering materials in construction is complex,” SubBase founder and CEO Eric Helitzer said in the release.

“One single purchase touches the hands of at least five people. We are working with some of the top minds in construction to deeply understand the inefficiencies of the current system and use those insights to provide the best experience for both vendors and subcontractors.”

The debut of SubBase’s invoicing tool comes at a moment when 30% of construction firms are investing in technology to save time and costs in preparation for a recession.

That’s according to the January/February edition of the “B2B and Digital Payments Tracker®,” a collaboration between PYMNTS and American Express.

That report found that companies are planning to add technology to speed payments, reduce financing costs and streamline back-office processes — solutions that address routine headaches in the construction industry.

For example, Patricia Bonilla, owner and president of Miami-based Lunacon Construction, told PYMNTS that issues around payments are omni-present in the construction world and that she has learned to make receiving payments a priority for her company.

“We are focused on innovation and [getting] more work,” Bonilla said.

Technology is also helping contractors find the equipment they need to do their job. Kevin Forestell, CEO and co-founder of construction equipment rental marketplace DOZR, told PYMNTS’ Karen Webster in September 202 that B2B buy now, pay later (BNPL) is the answer here.

The extended terms that come with BNPL help companies overcome the gap between the time they must pay for their equipment rentals, typically within 30 days, and the time when they get paid for the work they did, often 30 days or 60 days later — with as much as 40% held back until the job is finished, Forestell said.

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