What problems is Oracle Textura Payment Management solving and how is that benefiting you?
We've solved the problem of errors in our subcontractor billings and in our owner billings. I actually had a new client (that we are hoping to get additional work from) tell me that they really appreciated the consistency and accuracy of my billings. We were able to provide a clean billing including Conditional Waivers that the owner decided they wanted with the package.
We've also solved the issue of subcontractors adding change orders to an invoice without approval. TPM will not allow for it. We are saving time since we no longer haven to audit our billings for these surprise change orders.
We can pay subs electronically after we have been cutting paper checks since the beginning of time. I've actually had subs request electronic payments in the past and we were not able to do it.
Waiver collection has been an issue before Textura. I used to manually request waivers every month through an email to every subcontractor. I would have to keep a log of the waivers I needed and then I would have to wait to receive them back. Sometimes that could take weeks. With TPM I'm getting every waiver I need 72 hours after payment is released and there's no more emailing or checking logs. Again, another time saver.
TPM is also saving our finance department time. Since Textura automatically posts are Accounts Payable record after approval, there is no longer a need to have finance post invoices.
In general the time we are saving on menial tasks like checking math, collecting waivers and posting invoices can now be spent on more important tasks like forecasting and cash management. In addition to the time we are saving on these types of tasks we are also saving time on our team reviews. There's no longer a need to have a review meeting with the team. Review collected by and hosted on G2.com.
