How to Master AECO Firm Finances with EVPay and Advanced Analytics

Marco D'Amico June 25, 2024

In the competitive landscape of Architecture, Engineering, Construction, and Owner (AECO) firms, efficient invoicing and accounts receivable (A/R) management are essential for sustainable growth and financial stability. Traditionally, these processes have been cumbersome, laden with manual data entry errors, invoice discrepancies, and delayed payments, thereby impeding overall operational efficiency and cash flow. However, the advent of innovative software solutions like EleVia’s A/R Management & Collections module and EVPay has brought about transformative changes in how AECO firms handle their invoicing and A/R management.

EleVia’s suite of tools and solutions offer a comprehensive approach to streamlining invoicing processes and managing accounts receivable effectively. By automating the collections process and eliminating manual tasks, EleVia ensures accuracy and efficiency in the invoicing process.

Through their EVPay functionality, AECO firms can automate the entire payment reconciliation process, significantly reducing manual intervention and errors. Real-time payment status updates provided by EVPay enhance transparency and accelerate the cash conversion cycle, ultimately bolstering financial performance.

Not only will they receive automated reminders and notifications, but EVPay facilitates proactive collections management, reducing outstanding payments and improving cash flow for AECO firms.

Keeping You Connected

One of the key benefits of EleVia is its ability to seamlessly integrate into your existing Deltek Vision®, or Deltek Vantagepoint®, environment, thereby simplifying payment tracking and reconciliation.

EleVia’s seamless integration with Deltek Vision®, and Deltek Vantagepoint®, adds an extra layer of efficiency and convenience for AECO firms. This real-time integration ensures that data flows seamlessly between EleVia and Deltek, eliminating the need for manual data entry or reconciliation. Whether it’s generating invoices, tracking payments, or managing accounts receivable, EleVia’s integration with Deltek streamlines the entire process, allowing firms to focus their time and resources on core business activities.

Moreover, this integration enables AECO firms to maintain accuracy and consistency across all financial transactions. By syncing data in real-time, EleVia ensures that information is always up-to-date and reflects the latest changes made in Deltek Vision® or Deltek Vantagepoint®. This reduces the risk of errors and discrepancies and enhances transparency and financial visibility for decision-makers within the organization. AECO firms can experience a smoother, more streamlined invoicing and collections process, ultimately driving greater efficiency and profitability.

EVPay in Action

Wilson & Company Inc., a distinguished player in the Architecture, Engineering, and Construction (AEC) sector, faced significant challenges in their payment processing and reconciliation procedures prior to integrating EVPay into their operations. Manual payment reconciliation consumed substantial time and resources, diverting focus from core business activities. Additionally, the manual nature of the process increased the likelihood of errors, leading to delays and inaccuracies in financial reporting. These challenges not only hindered operational efficiency but also posed risks to financial integrity and customer satisfaction.

Turning to EVPay proved to be a game-changer for Wilson & Company Inc. By automating the payment reconciliation process and seamlessly integrating with existing accounting systems, EV Pay drastically reduced manual intervention and errors. The real-time payment status updates provided by EVPay enhanced transparency and accelerated the cash conversion cycle, enabling Wilson & Company Inc. to reclaim over 40 hours per month previously spent on manual reconciliation tasks. Moreover, the streamlined process facilitated by EVPay improved overall efficiency, allowing the firm to redirect resources towards strategic initiatives and client-centric endeavors, ultimately enhancing customer satisfaction and driving business growth.

Master Your Finances Today!

In embracing EleVia’s EVPay and analytics solutions, AECO firms are not merely adopting software; they are embracing a new standard of efficiency and effectiveness in their financial operations.

EleVia’s seamless integration, automation capabilities, and insightful analytics redefine how these firms approach invoicing and A/R management. When using EleVia’s power suite of products in tandem with Deltek, AECO firms are optimizing their processes while laying the foundation for sustained growth and a competitive edge in their industry.

By centralizing invoicing, collections, and financial analytics on a single platform, EleVia empowers AECO firms to turn actionable insights into revenue streams, client payment behavior, and overall financial performance. Leveraging EleVia’s predictive analytics capabilities, AECO firms can enhance financial predictability, enabling proactive cash flow management and strategic decision-making. Are you curious to learn how the powerful combination of EleVia A/R Management & Collections and EVPay can transform your A/R process? Schedule a demo with one of our experts today!

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