Studies Reveal Manual Processes and Talent Shortages Stifling Construction’s Finance Teams

Asian Aussie Business | A new analysis has identified substantial hurdles for construction finance teams in Australia and New Zealand, with skill shortages, obsolete technologies, and manual processes topping the list of issues. The findings of Payapps, an award-winning construction software solution trusted by thousands of main contractors and subcontractors to simplify and standardise progress payment claims, highlight the critical need for digital transformation to relieve financial pressures and improve operational efficiency.

The poll, which was conducted among 125 financial professionals, identified skill shortages as the most significant issue, with 36% of respondents citing it as their worst challenge. This is exacerbated by frustration with manual operations, notably in monitoring progress claims, with 37% of finance teams unhappy with their current solutions.

“Construction finance teams are being asked to do more with less, all while ensuring compliance with strict regulations like the Security of Payment Act in Australia and the Construction Contracts Act in New Zealand,” said Daniel Giles, the chief financial officer of Payapps. “These inefficiencies not only increase stress on teams but also jeopardise project timelines and financial stability.”

Key findings:

Manual methods Slow Progress: A shocking 41% of teams still use manual methods for progress claims, resulting in bottlenecks and delays.
Compliance Risks: 53% of respondents find it difficult to meet payment deadlines within regulatory frameworks, which can result in legal penalties and litigation.
Technology Adoption Pays Off: Teams utilizing Payapps are 81% more likely to fulfill regulatory deadlines and suffer fewer delays, demonstrating the importance of specialized digital solutions.
The survey also shows that using digital tools boosts efficiency and job satisfaction. Finance teams who use technology report spending less time on manual chores, allowing them to focus on strategic goals.

A Call for Digital Transformation.

With financial teams under pressure to manage increasing workloads and navigate complex regulatory settings, the paper recommends using integrated digital solutions. Tools like Payapps, which automate and streamline progress claim processes, have been highlighted as crucial to reducing inefficiencies and keeping top workers.

“This report is a wake-up call for the construction industry,” he said. “Investing in technology isn’t just about efficiency; it’s about staying competitive, retaining skilled professionals, and delivering better project outcomes.”

The full report, “Building Efficient Finance Teams with Construction Technology,” is available to download here. Payapps conducted the poll, which includes responses from finance professionals working for commercial construction companies in Australia and New Zealand. Payapps thanks its partners, Accounting Times and Accountants Daily, for asking subscribers to take part in this study. We also really appreciate our valued customers’ participation.

About Payapps.

Payapps, an Autodesk company, provides a cloud-based collaboration platform for the construction sector. It enables major contractors and subcontractors to simplify and accelerate project progress claims and approvals, including contract changes. A simpler and faster digital procedure results in better transparency, accuracy, compliance, lower financial risk, fewer disagreements, and more equitable outcomes. Payapps dramatically reduces payment processing time, allowing you to meet regulatory requirements. Integrating documentation verification into the approval process improves and simplifies compliance.Our award-winning technology connects smoothly with a variety of construction ERPs and accounting applications, allowing for real-time data on all project payment requests and approvals. Build Better Together with Payapps.

Source: Payapps.