Trayd has launched Trayd Accounting, adding accounting and financial management capabilities to its construction workforce and payroll platform.
The cloud-based system is designed to give contractors real-time visibility into job costs and profitability by tracking labor, material and equipment expenses by project, employee, department and task code.
Features include work-in-progress reporting, AIA and time-and-materials billing, accounts payable and financial statements. AI-enabled workflows also help code contracts, purchase orders and vendor invoices to the appropriate projects and line items.
The company said the platform is designed for contractors with up to 2,500 field employees operating across union and open-shop workforces in multiple states. Early users include Ostrow Electric, a Massachusetts-based electrical contractor, and Prickel Electric, a Kentucky-based electrical contractor.
Trayd also reported reducing average weekly payroll processing time from 14 hours to 27 minutes among its customers. Implementation of the accounting module takes approximately eight weeks.
