Managing payments, invoices, and compliance requirements in the fast-paced construction industry can be complex and time-consuming. By automating invoicing, lien waiver collection, and compliance tracking, Oracle Textura helps contractors, subcontractors, and suppliers facilitate secure digital exchange, reduce administrative burdens, and mitigate financial risks.
This article explores the key features, benefits, and impact of Oracle Textura on the construction industry, highlighting how it improves efficiency and fosters collaboration among project accounting teams and other key stakeholders.
What is Oracle Textura?
Oracle Textura Payment Management is a cloud-based, collaborative payment management solution designed to streamline the payment process for contractors, subcontractors, and suppliers in the construction industry. As part of Oracle’s construction and engineering solutions, Oracle Textura ensures faster payments, minimizes risks, and strengthens collaboration between project stakeholders.
Streamlining Construction Payment Management
The Oracle Textura Payment Management solution provides automated invoicing, lien waiver collection, and payment processing capabilities to streamline payment processes for construction projects and improve overall efficiency. By automating payment processes and enhancing visibility into downstream payments, Oracle Textura ensures accurate billing and timely payments across business units.
With Oracle Textura, organizations can improve payment accuracy and reduce the risk of late payments by eliminating inefficiencies and potential human errors from manual invoice calculations and related reviews, approvals, and compliance processes. Automated compliance workflows, secure document and lien waiver collection, and robust security controls empower users to mitigate risk and ensure compliance with regulatory requirements.
Key Features of Oracle Textura
Streamlined workflows
Leverage standardized and streamlined payment management workflows to eliminate inefficiencies and potential errors from manual invoice calculations and related reviews, approvals, and processes. Improve payment accuracy and reduce the risk of late payments for project owners.
Collaboration
Facilitate collaboration between owners, general contractors, and subcontractors to improve compliance management and deliver greater visibility into payment status data. Empower project owners and other employees to identify and resolve errors before they become more significant issues.
Payment management
Improve payment accuracy and timeliness by leveraging electronic payment capabilities and payment programs that ensure compliance with regulatory requirements and lien waivers.
Compliance and lien waiver management
Utilize automated compliance workflows, secure documentation, and lien waiver collection to improve governance controls over core financial functions and reduce overall risk.
Reporting and analytics
Drive more informed business decisions through advanced analytics, reports, and dashboards. Consolidate payment data from the Oracle Textura Payment Management solution to the existing data warehouse to augment enterprise analytics functionality and improve visibility.
Accounting system integration
Streamline data management and migration between Oracle Textura and other accounting systems to eliminate double data entry and automate processes associated with critical financial data.
Benefits for Construction Companies
- Streamlined Payment Processes: Automates invoicing and payment approvals, reducing manual effort and accelerating payment cycles.
- Enhanced Compliance Tracking: Ensures subcontractor compliance with automated lien waivers, insurance verification, and regulatory requirements.
- Increase Transparency: Provides real-time visibility into project finances, including subcontractor invoices and other project costs, improving communication and reducing disputes.
- Strengthened Collaboration: Centralizes payment and compliance data, enabling seamless coordination between general contractors, subcontractors, and suppliers.
Get Started with Oracle Experts
Whether you’re implementing a new Oracle Textura solution, optimizing existing enterprise applications, or migrating to the cloud, Surety Systems provides extensive knowledge and expertise in Oracle applications, databases, and cloud technologies to meet your unique business needs.
From initial planning and deployment to integration and ongoing system optimization, our senior-level Oracle consultants ensure a seamless transformation project and maximize your Oracle investment.
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