CHICAGO--(BUSINESS WIRE)--Credit, Collections & Accounts Receivable Software leader Bectran, Inc. has released an integrated lien filing and monitoring solution designed to streamline the accounts receivables collateralization process. This solution automatically organizes and transmits contractor job information directly to lien service providers, eliminating the need for manual processing. A lien is a legal right to claim assets in the event of default and used by lenders to secure their exposure on construction building projects and thus mitigate default risk.
The traditional lien filing and monitoring process is an intensely manual and time-consuming experience. Currently, credit analysts manually enter construction project job data into a lien tracking service, putting businesses at risk of inconsistencies and data entry errors. These errors can result in setbacks in the lien collection process, putting assets at risk and potentially causing cash flow issues. More so, manual lien management is prohibitively more time-consuming and expensive for companies with a high volume of projects that qualify for lien collateralization.
The Bectran lien filing and tracking solution was developed to digitally transform the legacy lien management process and significantly lower the costs and risk of lien management to corporations. This solution empowers businesses to fully automate the lien filing and monitoring process in real-time. The Bectran solution provides full visibility into the project lifecycle, offering a complete view of business’s secured interests for full compliance with internal audit requirements.
Supporting Quotes
“Bectran’s lien filing and monitoring solution was developed to help businesses proactively manage the credit and performance risks inherent in construction projects financing. Integrating lien notice tracking into the Bectran Contractor Job Sheet Management system has enabled our customers to automatically aggregate and transmit all contractor, sub-contractor, and sub-sub-contractor data with one click, delivering significant gains in process efficiency and productivity,” said Louis Ifeguni, CEO of Bectran.
Additional Resources and Availability
The Bectran Lien Tracking Solution is now available to our customers. For more information on the Bectran Contractor Job Sheet Management Solution, visit https://www.bectran.com/contractor-job-sheet-system.html.
Source version: https://www.businesswire.com/news/home/20220519005736/en/Bectran-Unveils-Automated-Lien-Filing-and-Tracking-Solution-to-Streamline-Lien-Management-for-the-Construction-Industry
