REQUORDIT
Transforming Ap Automation In Construction Industry

Construction by itself is complex, simplifying the administrative part of it creates significant advantages and reduces headaches so Construction companies can focus on their core business, which is building. The industry will continue finding ways to automate and become more efficient to provide its services with a smaller workforce while working to train more qualified workers. Construction Companies who embrace this will grow fast. Those companies that can build a successful training practice will be far ahead of the competition.

Leaders in the construction space are demanding that solutions be easy to deploy and use. There is a movement to try and create role specific interfaces for each employee to log into to do their job. This focus on the people aligns with REQUORDIT’s passion for Maximizing processes.

“The industry has been trying to develop a solution for the past 25 years to automate as much AP processes as possible, without much success,” says Mark Buckley, the CEO of REQUORDIT.

We Maximize The Human Potential Of Our Clients By Completely Removing The Effort And Allow Clients To Work On High Value Tasks

REQUORDIT sets the Gold Standard of AP automation in the Construction industry by providing solutions that simplify the entire payment cycle, CAPTURING– APPROVING IN THE WORKFLOW – PAYMENT PROCESSING.

“We have architected a comprehensive solution that provides complete AP automation from Invoice capture to pay, with almost no upfront investment,” says Buckley.

REQUORDIT’s on-premise and cloud-based solutions focus on three areas: OCR technology, AP workflow, and payments.

Creating the best-in-class Alternative to Traditional OCR Engines

The development of OCR engines to read invoices has excelled in the last few years.

However, these engines still do not fully meet the needs of the construction industry.

REQUORDIT’s SAAS (Software as a Service), called CloudOCR, is a breakthrough approach to OCR. It provides production-level OCR capture capability to companies in less than one hour, without the need to train people to use the software. Users simply need to set up the account, identify the fields they want to capture, and start processing. Clients no longer need to train, correct, or put any effort into extracting data from multiple documents.

“CloudOCR is an affordable and easy-to-deploy alternative to traditional OCR engines,” says Buckley. “We Maximize the Human Potential of our Clients by removing the manual data entry work with high-quality results.”

Meeting/Achieving Accounting Efficiency

Automation of AP Workflow is another factor that enabled REQUORDIT to be on the success track for the past 25 years.

In the beginning, REQUORDIT offered clients a method to virtually code and approve invoices. Eventually, the company added the document management and contract management components to compliment the AP workflow, enabling businesses to seamlessly collect invoices from multiple job sites and know what liabilities were being processed. This helped clients to better manage approval processes, risk, and cash flow.

In addition to the above, CloudOCR has completed the SOC 2 auditing procedure that ensures it securely manages their customer’s data and their privacy. This only reaffirms REQUORDIT’s commitment to being a security-conscious business.

Today, REQUORDIT provides three types of invoice processing for the con¬struction industry—non-purchase order, purchase order 2-way match, and purchase order 3-way match. Each of these modules provides value to different areas of the op¬eration as there is no "one-size-fits-all" solution for the entire organization when it comes to construction.

For instance, one of REQUORDIT’s clients had multiple operational projects at the same time. The client needed accountants at every site to properly manage each project. It was costly, given that they were trying to enforce accounting practices across hundreds of people. REQUORDIT automated the AP workflow and centralized it to increase corporate visibility and allow for consistent financial controls.

Seamlessly Managing Cashflow

The last element of REQUORDIT’s comprehensive solution portfolio is its payments platform, CloudPAYit.

CloudPAYit provides a set of payment solutions that complete the full processing cycle for AP. REQUORDIT captures an invoice with CloudOCR, provides the indexed information to the REQUORDIT AP workflow, and then executes the payment.

The complete automation solution enables clients to process an incoming email invoice through CloudOCR, automatically, match in the AP workflow, and create the payment without human intervention. More importantly, everything is done securely and accurately with validated information.

REQUORDIT’s CloudPAYit solution can issue checks, ACH, Early ACH, and Virtual Cards. As a result, buyers and suppliers can seamlessly manage cash flow without impacting each other’s business processes, allowing getting paid earlier and in the preferred method.

CloudPAYit has direct integrations with OnBase—a single enterprise information platform designed to manage content, processes, and more—and can work with any ERP solution. By deploying clousPAY it,users can generate cash rebates that allow them to buy the AP automated solution and CloudOCR services.

One great success story of REQUORDIT’s, is a client who worked to streamline the their Accounts Payable process prior to CloudOCR existing. The workflow solution was working well and providing great value. Last year, REQUORDIT deployed CloudOCR without impacting operations or replacing the existing on-premise solution with amazing results.

"We Have Architected a Comprehensive Solution That Provides Complete Ap Automation With Almost No Upfront Investment"

“The change was met with strong resistance from the client’s internal AP team as they were used to the existing workflow. But when we launched CloudOCR, they became huge fans in one day,” says Buckley.

Maximizing Human Potential

What steers REQUORDIT ahead is its focus on maximizing human potential through solutions and providing complete relief from manually performing indexing, workflow routing, and payments. The company allows clients to focus on high-value tasks that directly impact their bottom line.

“The construction industry needs to find ways to automate and become more efficient. This is crucial to provide efficient services even with a smaller workforce,” states Buckley. “We see a bright future for construction companies and are ready to support them.”

REQUORDIT’s success can be attributed to the great internal culture that the company has built over the years. This has created a group of great people who like working together and strengthening relationships with clients. REQUORDIT works shoulder to shoulder with all their clients, always as a TEAM, in an ever-changing environment so they can improve and adapt the technologies as the world changes.