Importance of Vendor Payables and Settlements in Construction

How to track Vendor Payables and Settlements in Construction?

Construction project work execution is a team effort .

There are multiple labours and vendors working together to execute a project.

And , lot of materials are used for construction work.

In order to retain the required materials , Supplier vendors will help the builders.

It is necessary to keep the payables within credit limit for all vendors.

1. At any point of time , As a Builder/Contractor , I have to know what is the outstanding payables to a vendor for a project site .

2. To maintain the healthy relationship with vendor to sustain our project work running continuousely.

3.This helps to prioritize the company spendings with other financial decisions.

Moreover , the amount paid to all vendors have to be maintained properly.

From the accounting perspective, It is necessary to know how much amount is paid to all vendors and also in each site.

At any point of time , the accounts team should be able to see the outstanding of vendors on a single click.

SiteExpensify helps to perform the above in a very simple way.