Kojo has announced the launch of Kojo AP (accounts payable) for construction businesses. 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 software 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, eliminating the need for contractors to use checks or other payment methods.
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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.
With Kojo AP, can do the following:
- Pay vendors all in one place (directly in Kojo), providing a view of a contractor's cash flow.
- Allows contractors to pay vendors according to payment terms to leverage discounts, combined with Kojo's own rebate features. Contractors can also catch invoice errors, as well as eliminate risks associated with using checks.
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"We've been using outdated processes in this industry for far too long, especially when it comes to paying suppliers," said Phil Edwards, president at Jamar Power Systems.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."
