Flashtract is a construction billing automation software that streamlines payment applications, lien waiver generation, and compliance tracking, reducing manual errors and financial risks for general contractors. By integrating with existing systems, it enhances cash flow management and provides real-time profitability insights, enabling contractors to maximize revenue opportunities.
Funding
$15M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
SCFounders
Product
Problem
General contractors face challenges in managing subcontractor billing, payment applications, lien waivers, and compliance, often relying on manual processes that are prone to errors and increase financial and legal risks. These manual processes lead to delays, impact cash flow, and hinder real-time visibility into project profitability.
Solution
Flashtract is a construction billing and payment automation platform designed to streamline payment workflows, reduce risks, and improve financial insights for general contractors. The platform automates the creation and management of payment applications, lien waivers, and compliance tracking, ensuring accuracy and minimizing manual effort. By integrating with existing accounting, ERP, and project management systems, Flashtract centralizes data, facilitates seamless communication between teams, and provides real-time visibility into project financials. The platform also offers secure payment management, including fully managed ACH and electronic exchange of unconditional lien waivers, reducing the risk of fraud and ensuring compliance.
Target Audience
Flashtract primarily targets general contractors in the commercial construction industry looking to automate billing processes, reduce financial risks, and improve project profitability.
Features
- Automated payment application processing with built-in math validation and document generation
- Lien waiver generation and management, including unconditional waiver exchange and escrow services
- Compliance tracking and automated alerts for expiring compliance items from subcontractors and vendors
- Secure payment management with fully managed ACH and secure storage of payment information
- Integration with popular construction accounting and project management software such as Viewpoint Vista, Sage 300 CRE, CMiC, and Procore
- Real-time reporting and analytics on project cash flow, compliance status, and AP/AR
- Lower-tier subcontractor and supplier tracking to ensure comprehensive coverage and cost savings