How it Works
The traditional invoicing process takes approximately 30-90 days to go through departments, managers, and approvals. This process is more prone to errors, disputes, and time consuming. The reverse invoicing process cuts the time by more than half – a
more proactive process than the traditional invoicing method. The DRAXware Reverse Invoicing solution gives owners control, highlight and remove disputed items and the ability to map work breakdown structure.
Our ‘reverse’ invoicing process
What makes this process work?
It Gives the Owners Control
Project managers often complain of feeling like they work for the contractors rather than the contractors working for them. By having contractors enter their work in the owner’s system, field managers can review transactions
daily or weekly while they can still remember what happened on site. This way, the owners can control what is approved for invoicing. The invoice is just a summarized version of what’s already been agreed to and more of
a formality than a whole additional process requiring tons more effort and reconciliation.
It Can Highlight and Remove Disputed Items
Single transactions can be rejected during the timesheet attest stage long before the invoicing stage. This allows the rest of the transactions to flow through the system and be invoiced and paid. Sometimes a code is missing, doesn’t match, or is incorrect, and in these situations, having a system that can quickly highlight the disputed item/code is invaluable. By quickly highlighting exceptions, issues can be dealt with as soon as they arise. The owner can reject just the transaction in question and approve the rest of the contractor’s information through to be paid. Owners are able to streamline and improve the accuracy of their invoicing process and contractors can be paid faster and more accurately. Zero time spent on invoice reconciliation.
It Has the Ability to Map Work Breakdown Structure
Ideally, the contractor uses a same subset of codes as the owners, but this rarely happens so the ability to map structures and compare what are ‘apples’ in the owner’s world to the ‘apples’ in a contractor’s world helps immensely. Either direct entry, file upload, or Excel template entry is available for the contractors. Keep the data entry easy and you have a higher chance of the information being right!