It is undeniable that technology has the potential to revolutionize the modern building sector. In addition to making day-to-day operations more efficient, new technical advancements have provided firms with new opportunities to establish a competitive edge and focus on strategic expansion. In the construction industry, technology is enhancing operational efficiency, safety and risk management, and the workforce, among other crucial issues. Technological developments have led to the construction industry's steady expansion, and the most recent, swift developments have spurred a revolution in construction technology that will shape the sector's future.

McKinsey claims that many businesses are falling behind, with some large projects exceeding their budgets by 80% and their timelines by 20%. It is challenging for construction businesses to simultaneously find skilled labor for their projects. To stay ahead of these growing issues, construction businesses are adopting new technology to gain a competitive edge. Constrafor enters the scene at this point.

Making the routine tasks in construction easier — Constrafor

One company that uses technology to streamline and manage financial and office operations for construction companies is Constrafor. Constrafor is a fintech and SaaS pioneer that was created especially for the building sector. As a result, it is transforming how GCs and subcontractors manage crucial back-office functions and financial activities, all while boosting efficiency and cutting expenses.

Constrafor is a construction procurement and financial services company that supports contractors' expansion. By automating essential back-office tasks and financial transactions, Constrafor's construction-first suite of SaaS tools and financial services boosts efficiency and reduces costs.

General contractors can handle contracts, COIs, invoicing and payments, and diversity procurement in one place with Constrafor's robust cloud platform, which streamlines and unifies subcontractor procurement and administration.

One of the quick and inexpensive receivables financing options the platform offers subcontractors is the Early Pay Program (EPP), which reduces the payment cycle, releases working capital, and allows them to take on more projects.

The picture-perfect procurement platform built for builders

General contractors may save administrative expenses, improve invoice tracking, and reduce project risks through better reporting and forecasting by automating and integrating procurement procedures using Constrafors' array of state-of-the-art cloud-based solutions. These solutions are especially designed to satisfy the unique requirements of the building sector.

• Contract Management - Maintain a record of and e-sign your supplier and customer contracts.
• COI Management - Automate COI collection and make insurance compliance easier.
• Invoice Management - Trade Partner Invoice Statuses: Easily keep track of, handle, and examine all in one place.
• Diversity Procurement - Find a wider range of trading partners and keep an eye on your MBE allocations.
• Payment Processing - It is easy for you and your trading partners to automate the payment process.
• AR Processing - Keeping an eye on your invoices will help you keep control of your accounts receivable.
• Prequalification simplifies - The prequalification process for general contractors guarantees the validation and verification of trade partners.

Innovative software for SaaS procurement—Constrafor's subcontractor financial services

Good cash flow management and reasonably priced receivables finance may allow you to free up funds for new endeavors. Constrafor's software and financial services give trade contractors the most economical financing options and robust analytics, allowing them to manage their cash flow and grow their business. 

Contractors may visualize cash flow, improve operational planning and management, and obtain insightful knowledge from A/R processing by utilizing their products. You may act and access cash faster using the Early Pay Program (EPP), corporate cards, and digital bank accounts. 

Constrafor's specially designed financial services enable specialty contractors to effectively manage cash flow and grow their companies. To obtain your money more quickly, use thorough insights and reports to examine cash flow. You may also benefit from invoice financing and banking solutions tailored to the construction industry.

• Early Payment Program (EPP) - Invoice financing options tailored to the construction industry that offer prompt and reasonably priced accounts receivable financing, cutting down on collection time, releasing cash immediately, and allowing you to take on more projects.
• AR Processing - Constrafor's AR Processing module helps subcontractors work more productively and efficiently, better plan and visualize their cash flow, and monitor the status of their invoices. 
• Deposit Account - Constrafor is now able to offer contractors FDIC-insured deposit accounts under a partnership with Stripe and Goldman Sachs, enabling them to efficiently handle their everyday banking requirements, settles their debts, and manages their cash flow. 
• Corporate Cards: Contractors can easily manage employee spending, automate bill payments, and use our corporate debit cards to buy supplies and materials.

Anwar Ghauche | Founder and CEO of Constrafor

“Access to the right information to hire qualified subcontractors.”