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What High-Performing Finance Teams

Are Doing Differently

It’s easy to assume that digital transformation is “done” once you’ve adopted a few tools, an accounting system here, some project management software there. But a new report from  GCPay and Construction Dive paints a more honest picture of where the construction industry really stands when it comes to financial digital maturity. 

In a survey of 150 senior-level finance leaders from general contracting and construction firms, 88% said they were satisfied with their company’s digital transformation efforts. But the data tells a different story:

• Nearly 40% still rely on paper checks as part of their payment process
• 70% of finance teams spend 6+ hours per week manually verifying data
• Payment approval processes remain painfully slow, with multi-person, paper-based workflows

The takeaway? Many construction firms are confident, but not yet complete, in their digital journey. The tools are there, but the transformation often stops short of real-time visibility, automated compliance, and seamless integration.
 
This report lays out where gaps exist, what that’s costing teams in time and money, and how construction finance teams can push further, and smarter, into digitization. It also features real-world stories from GCPay customers like InnoConn, Flint Builders, and Cityscape Residential who have significantly shortened draw timelines and reduced risk using automation.
 
If you're still spending too much time chasing signatures, reconciling waivers, or mailing checks, this is your sign to reevaluate.

👉 View the Report 👈