Textura's CPM to Streamline Yates Construction's Financial Systems

By CIOReview | Thursday, September 24, 2015
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CHICAGO, ILL: Textura, a distributor of construction collaboration software solutions has declared that a construction service provider ‘Yates Construction’ will be leveraging Textura’s Construction Payment Management (CPM) solution, with the objective to bolster their subcontractor payment process and enhance compliance management activities.

Textura’s cloud based offerings increase productivity, minimize risk and enable construction professionals to collaborate effectively to process project lifecycle. Its solution centralizes, streamlines and automates preconstruction procedures. Textura delivers access to network that connects contractors and subcontractors, improving bid management. It also assists organizations in project lifecycle operations including conceptual estimating, design, field management, performance management Leadership in Energy and Environmental Design (LEED) management and payment management.

Textura’s CPM simplifies invoicing and payment activities by providing real-time in-depth insight and control across payment process status. It eradicates manual labor through online submission of electronically signed invoices and applications. To ensure timely payment and diminish errors, CPM allows contractors to collect up-to-date lien waivers from each subcontractor with the submission of invoice documents. It retains the lien waiver signature while payment is processed electronically and deposited into the subcontractor’s account.

CPM archives a wide selection of legal documents that suit the needs of general contractors and owners as well as enable them to create custom documents. It tracks, monitors and collects compliance documents.

Yates Construction service portfolio comprises Building Information Modeling (BIM), Construction Administration, Quality Control Management, Construction Management, Program Analysis, Pre-Construction Planning and Construction Phasing. Its projects spans multiple sectors from entertainment and gaming to manufacturing and retail.

Through the partnership, Yates Construction will utilize Textura’s CPM to boost up its pay application collection process, automate and streamline labor-intensive and manual activities. “Textura's payment management solution enables Yates Construction to improve tracking and collection of lien waivers, including sub-tier waivers,” says Brandon Dunn, CFO at Yates Construction. In addition, it will offer seamless flow of payment data between Yates Construction's financial systems.