Melbourne, Australia,, February 2, 2025 / Prnewswire / – A new report revealed Important challenges faced by the construction funding teams through Australia And New ZealandWith talent shortages, obsolete systems and manual processes at the top of the concern list. The results of Payappsa award -winning software solution faithful to thousands of Main entrepreneurs And subcontractors To simplify and normalize progress payment complaints, highlight the urgent need for digital transformation to mitigate the pressure on finance professionals and improve operational efficiency.
Directed among 125 finance professionals, the survey highlights talent shortages as the most urgent problem, 36% of respondents identifying it as their greatest challenge. This is aggravated by dissatisfaction with regard to manual workflows, in particular in the management of allegations of progress, with 37% of the financial teams expressing dissatisfaction with their current systems.
“Construction financing teams are invited to do more with less, while guaranteeing compliance with strict regulations such as payment security law Australia and construction contracts act in New Zealand“said Daniel GilesCFO of Payapps. “These ineffectures are increasing not only stress to teams, but also compromises the deadlines for the project and financial stability.”
Key results:
- Manual processes are hindering progress: A 41% of the teams are still based on manual processes for allegations of progress, leading to bottlenecks and delays.
- Risks of conformity: 53% of respondents find the payment deadlines for the meeting in stimulating regulatory executives, risking penalties and legal disputes.
- The adoption of technology is paid: The teams using Payapps are 81% more likely to comply with compliance deadlines and undergo less delays, which highlights the value of specialized digital tools.
The report also reveals that the adoption of digital tools considerably improves efficiency and satisfaction at work. Financial teams taking advantage of technology reports of technology devote less time to manual tasks, by freeing them to focus on strategic priorities.
A call for digital transformation
With pressurized financial teams to manage the growth of workloads and navigate in complex regulatory environments, the report recommends adopting integrated digital solutions. Tools like Payapps, which automate and rationalize the processes of progress for progression, are identified as essential to fight against ineffections and keep the best talents.
“This report is an alarm clock for the construction industry,” added Giles. “Investing in technology is not only a question of efficiency; it is a question of remaining competitive, to keep qualified professionals and to provide better project results.”
The full report, “Building effective financial teams in construction technology, “ is available for download here. The survey was carried out by Payapps and included responses from finance professionals for commercial construction companies in Australia And New Zealand. Payapps thanks their partners, including accounting times and accountants daily, for inviting subscribers to participate in this survey. We also sincerely thank our precious customers for their participation.
About Payapps
PAYAPPS – A Autodesk companyis a nailCollaboration tool based on D for the construction industry. It helps the main entrepreneurs and subcontractors simplify and rationalize complaints and approvals for the progress of the project, including contract variations. A simpler and faster digital process ensures greater transparency, increased precision, better compliance, reduction in financial risks, less dispute and more equitable results. Payapps considerably reduces the processing time for progress payments, helping to meet regulatory requirements. Compliance is improved and facilitates the verification of documentation integrated into the approval process. Our award -winning solution transparently integrates into a wide range of construction ERP and accounting software to help provide real -time data on all project requests and approvals of the project. Build better with Payapps
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Source Payapps
