Imagine how much time you could save by eliminating back-and-forth document transfers. Picture a world where you don’t have to organize documents for each draw, or manually compare spreadsheets to PDFs. If you use the right construction loan management platform you can simply upload documents and let the platform automatically organize and classify documents for you.
Leveraging Optical Character Recognition or OCR, these platforms analyze draw packages with hundreds of documents in seconds. Each document is organized in one location, and attached to relevant line items. This allows your team to easily check invoices, budgets, lien waivers and pay applications without breaking stride. No emailing, no digging through outdated spreadsheets, and significantly less data entry. Many solutions today even combine artificial intelligence and machine learning to get smarter each time you use them.
Why is Rabbet building integrations with every major accounting software? Development management and accounting are distinct and important activities for any real estate developer. Like drywall and paint, both are... Read More
To finance slow payments, the estimated overhead included in subcontractors’ bids is 2.75% and 5.81% for general contractors. This year’s report uncovered that slow payments to subcontractors and general contractors will create $136B in additional costs for the US Construction Industry in 2021.
