Trayd has launched Trayd Accounting, adding financial management tools to its construction workforce and payroll platform. The cloud-based system tracks labor, material and equipment costs by project, employee, department and task code, giving contractors access to job cost and profitability data.
Features include work-in-progress reporting, AIA and time-and-materials billing, accounts payable and financial statements. AI-enabled tools also help assign contracts, purchase orders and vendor invoices to the appropriate projects and cost categories.
The platform is designed for contractors with up to 2,500 field employees, including union and open-shop workforces operating across multiple states. Early users include electrical contractors Ostrow Electric in Massachusetts and Prickel Electric in Kentucky.
Trayd said its customers have reduced average weekly payroll processing time from 14 hours to 27 minutes. Implementation of the accounting module takes approximately eight weeks.
