Accelerate Fund III invests in PayShepherd contractor billing technology, saving millions for big industry

Accelerate Fund III invests in PayShepherd contractor billing technology, saving millions for big industry

By Jen Schultz

Accelerate Fund III today announced investment into PayShepherd, a Calgary-based contractor billing solution that captures high volume contracts and timesheets for big industrial businesses, detecting overbilling and making contract history transparent for all parties. 


Large industrial businesses like pulp mills routinely have $30 million or more of contracted services in place, approved by different managers in different parts of facilities. Without a unified solution to monitor billing on those agreements, accounting and finance teams routinely overlook billing discrepancies and overpay on contracts despite best efforts to manually monitor accuracy. 


With PayShepherd, industrial customers require their hundreds of service providers to submit contracts and billing through the one system. PayShepherd standardizes contract formats and overlays analytics to detect overbilling or other payment issues in real-time. Along with enforcing accurate billing, the system speeds up billing approval and payment and displays for industrial businesses the amount the system has saved them in billing errors.


See the full story on acceleratefund.ca