Settle Platform Launches Advanced Purchasing Order Tool, Useful for Construction Firms

The software can help speed up bill pay and purchasing for Construction firms.

Source :

April 6, 2024

Author : Alex Bustillos

As a contractor, you understand that purchasing orders are as critical as building plans. Your billing, supply of goods, and profitability all depend on the purchasing order (PO). But as critical as it is for operations- it is often a document that spots errors, miscalculations, and delays.

San Francisco-based Settle, the leading cash-flow management platform, is trying to solve this issue and streamline the process through its latest tool. Settle introduced 

Automatic 3-Way Matching for Purchase Orders, a feature designed to meet the changing needs of hyper-growth e-commerce and CPG brands. This three-way matching solution simplifies cash flow management by saving accounting and operations teams valuable time and focusing on innovation to address inventory complexity.

This feature will automatically validate POs, goods received notes (GRNs), and bills by flagging inconsistencies, ensuring users are not overbilled.

The tool uses Settle's AI-powered auto-itemization and discrepancy reporting. Settle discovered that in 47% of situations, there were discrepancies between POs and their associated bills.

This latest feature is intended to avoid overpayments and invoice fraud, speed up payment cycles, improve operational efficiency, and reduce the risk of human error. It replaces the usual approach of using spreadsheets and splitting screens. As a construction firm, all these improvements can save you unnecessary headaches, reduce issues with delayed supply chains, and even obtain payment from various DOTs and other agencies/individuals. 

The tool allows for customization, allowing you to tailor templates to your company's logo and colors.

Settle's new feature, designed to grow with increasing PO volumes, allows firms to correctly and automatically confirm that products received match quantities ordered, saving valuable hours that can be invested in expansion plans instead. The company guarantees almost 99?curacy.

Settle's Purchase Order suite already allows users to upload and create bespoke POs in under 6 minutes, as well as save, manage, and organize their POs, all while effortlessly syncing with QuickBooks Online.

 Customers may streamline their AP documentation and workflows from purchase to payment without sifting through tons of paperwork.

"Our Automatic 3-Way Matching marks a significant leap forward in removing typical bottlenecks with extreme accuracy, efficiency, and control in cash flow management. It allows our customers to focus more on what they do best – growing their businesses," explained Alek Koenig, CEO and Founder of Settle.

Their AP and PO suites start at $79 per month. You also have a free version (limited features) and an advanced plan that offers customization and exclusive pricing.

Are you ready to say goodbye to PO-related hassle and reduce your billing cycle?

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Category : Construction Management Software Efficiency-Improving Technology

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