Analyzed time spent printing and sending invoices.
Brannan Companies has many divisions playing an integral role in growth and development of Colorado’s Front Range. Brannan Sand and Gravel, founded in 1906, is an industry leader of the manufacturing and placement of Hot Mix Asphalt, as well as aggregate quarry and supply. Brannan Ready Mix, founded in 1997, is a division of concrete quarry and supply. Ready Mixed Concrete Company, acquired in 2018, is an added division of concrete supply as well as aggregate quarry and supply.
All of the Brannan Companies have greatly improved their AR process, allowing them to expand and scale their business. By implementing a solution that automates the invoice presentment process and allows customers to easily make payments online, from any device, Brannan has been able to build on the current customer relationships as well as add new ones, without increasing headcount in the finance department. With 65% of customers making payments using this new solution, and 100% of customers receiving paperless invoices, when Brannan acquired an additional ready mix company in 2018, it didn’t think twice about rolling out this solution to its new customer base.
The Starting Point
All of the Brannan Companies operate in a tough industry. With products that set within hours and, once poured or paved, can’t be returned, the businesses need to be able to make decisions quickly. Information such as customer standing and whether they’ve pre-paid or not need to be readily available. Brannan’s accounts receivable process was manual and time consuming though, which required additional internal costs to keep up. <br><br>All invoices were printed and mailed, with a secondary copy retained for Brannan’s files. In peak season, with more than 8,000 invoices per month, that averaged out to over 250 invoices per day. Not only did that process waste money – paper, envelopes, postage, etc. – but it wasted time.
With the amount of effort required to simply present the invoices, the AR team barely managed to have time to manage accounts. They needed to find a better way.
“With Versapay ARC, we have achieved our goal of 100% paperless invoicing.”
Brannan Companies implemented Versapay ARC®, a cloud-based solution that automates the entire invoice-to-cash process: presentment, collaboration, collections, payments
Printing and mailing thousands of invoices each month use to consume and strain resources but with ARC invoices are delivered via email and online customer portal.
ARC allows customers to self-serve via the customer payment portal which is accessible anytime, from anywhere and from any device. Where pre-payments use to require a phone call to the AR Manager, now they can be made at the customer’s convenience via the portal. This not only alleviates the time strain on Brannan’s finance team, but it also improves the customer experience.
By implementing Versapay ARC, all of the Brannan Companies have been able to expand and scale finance operations to meet the needs of the growing businesses.