Dive Brief:

• Software that automates construction payment processing and related steps can integrate with accounting software and cut back on a lot of paper-pushing for construction companies.
• Ryder Construction, based in New York City, first used a product called Textura CPM—Enterprise because a client wanted its project handled that way, and the experience prompted Ryder to make it standard operating procedure.
• The software is designed to process billing, progress claims, collect lien waivers, track statutory declarations and sub-tier waivers, manage compliance, and issue payments.

Dive Insight:

Ryder found that it saved staff hours that had been used matching up payment requests with the bookkeeping system and entering data manually. Advocates for the automated process say that it also gives contractors much faster insight into the status of jobs.