Miter Launches Accounts Payable for Contractors

Miter, the workforce and expense management platform built for construction, today announced the launch of Miter Accounts Payable, giving contractors one system to capture invoices, code them to jobs and cost codes, route approvals, and pay vendors, all connected to the system that already runs their payroll and job costing. The launch addresses a familiar gap in construction finance: most contractors can say what they bid a job at, but few can say, in real time, what that job is actually costing them, because its two biggest inputs, labor and vendor bills, live in separate systems. 

For most contractors, accounts payable sits in a standalone AP tool that never sees the labor side of a job. Invoices arrive by email and get keyed in by hand, coded to the wrong job, or paid twice. Because labor, the largest cost on any project, lives somewhere else entirely, no one sees a job's real margin until the books are reconciled weeks later, long after there's time to do anything about it.

Miter Accounts Payable makes real-time job costs visible. Because it runs on the same platform as Miter's payroll and time tracking, vendor bills and labor costs land on the same job ledger, and a contractor can finally see a job's true labor costs and vendor spend together, while the job is still in progress.

“Contractors kept telling us the same thing: their bills were in one system, their labor in another, and they couldn't see a job's real cost until it was over," said Justin Kuang, product manager for Spend at Miter. "We already run their payroll and time, so putting AP on the same platform just made sense. Now spend and labor land on the same job while there's still time to act."

Miter Accounts Payable includes capabilities built for how contractors manage vendor spend, including:

• Invoice intake: Forward any invoice and Miter's AI drafts the bill, then splits it across jobs and cost codes line by line, each carrying its own job, cost code, cost type, and GL account. 
• Routed approvals: Each line item routes to the project manager who owns that work, with coding and payment approvals kept separate, and likely duplicate or fraudulent invoices flagged before a check goes out. 
• Automatic payment sync: Miter pays vendors by ACH or check and syncs every bill to the connected ERP. Because Miter also runs payroll, recurring obligations like benefits, 401(k)s, garnishments, and insurance remittances generate as AP bills automatically. 

"Miter Accounts Payable is one of those rare products that kills two birds with one stone,” said Connor Watumull, co-founder and CEO of Miter. “First, Miter AP saves a ton of time in the back-office by automating invoice intake, approvals, money movement, and more. Second, Miter AP gives project teams real-time insight into job costs and project profitability. Best of all, Miter AP often replaces a third-party vendor, allowing customers to run more of their business on one integrated platform at lower cost."

Miter Accounts Payable is now available to Miter customers. Contractors can request a demo or visit miter.com/expense-management/accounts-payable.