Customers in beta testing are saving hundreds
of hours each month
SAN
FRANCISCO, May 1, 2024 /PRNewswire/ -- Kojo, the
construction industry's leading materials and inventory management
platform, announced the launch of Kojo AP (accounts payable) today.
Kojo AP is a suite of features built specifically for commercial
construction accounting teams to address the final step in the
material management workflow: payments. Kojo AP eliminates many of
the manual data entry processes for contractors' accounting teams,
automatically catching mistakes on invoices and enabling vendors to
get paid directly in one system.
"Our customers tell us that getting a consistent, accurate view
of their cash flow is a constant pain point. Solving that has been
a key priority for us," said Maria
Davidson, founder and CEO of Kojo. "We built Kojo AP to
bring all materials-related financial activities into a single
system, so accounting teams and executives don't need to navigate
multiple softwares and processes just to pay their bills on time.
Now, they can spend more time focusing on the areas of their
businesses that drive revenue and growth."
Kojo AP builds on the launch of Automated Invoice Matching in
March 2023 and closes the finance
loop for commercial construction contractors, effectively
eliminating the need for contractors to use checks or other payment
methods. No other tool on the market digitizes every step of a
contractor's materials management process, from planning to
payment, in a single platform. Kojo customers using Invoice
Matching alone are processing over $1
billion in invoices with Kojo on an annual basis, and have
saved more than $375,000 on materials
orders since the product's launch.
Contractors can automatically import vendor invoices and sync
payment information into their accounting systems. Kojo AP offers
direct invoice integration with all major accounting software, and
currently supports direct payment integration with Quickbooks and
Vista. Additional payment integrations for ComputerEase, Spectrum,
and more are planned for the rest of 2024.
Kojo AP will be available to all customers starting in
May 2024, and has been in beta
testing with a select group of current customers since February 2024. Customers are able to:
- Save time: Streamlining hours of manual data entry gives
accounting teams a boost in productivity and allows teams to do
more with the resources they have. In addition, paying vendors all
in one place (directly in Kojo) provides a more accurate view of a
contractor's cash flow.
- Save money: Allowing contractors to pay vendors
according to payment terms to leverage discounts, combined with
Kojo's own rebate benefits, provides contractors additional
savings. Contractors can also save money by automatically catching
invoice errors, as well as eliminating the risks and costs
associated with using checks.
"We've been using outdated processes in this industry for far
too long, especially when it comes to paying suppliers," said
Phil Edwards, President at Jamar
Power Systems. "With Kojo AP, we have been able to digitize our
payments and streamline the accounting process so our same accounts
payable team can do their jobs even better."
Kojo's fintech expansion represents the company's mission to
provide an all-in-one materials management platform for commercial
construction. In 2023, Kojo also added an AI layer to its platform,
helping construction companies make better, more informed
decisions. The Kojo platform is trusted by more than 25,000
construction professionals to help them manage projects across 48
states.
About Kojo
Kojo is the construction industry's leading
materials and inventory management platform. Kojo enables trade and
self-perform general contractors to streamline every step in the
procurement and inventory management process from takeoff to
closeout. By connecting field, office, warehouse, accounting, and
vendors teams on one software platform, Kojo gives contractors
visibility into real-time materials spending and usage, helps them
source the best prices and availability across suppliers, reduces
material waste, and increases labor productivity. To learn more,
visit www.usekojo.com.
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SOURCE Kojo