Kojo Expands Fintech Offering To Modernize The Payment Process For Contractors

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.

Learn more about Kojo AP here.