The construction industry in North America is booming—and there’s no end in sight given the drastic shortage of housing in so many jurisdictions. For some construction companies, however, the ability to scale up their operations to meet demand is compromised by the friction inherent in their manual accounts payable processes. Today, we will look at two Canadian construction companies that found a way to eliminate this friction by transitioning to accounts payable automation using the SparcPay app: Spalding Construction, based in Toronto, Ontario and True Pacific Construction, based in Squamish, BC. The experiences of these companies are instructive for all construction companies considering ways to improve the efficiency of their business accounts payable program.
Spalding Construction: The challenge
Spalding Construction is a family-owned business with growth aspirations that had been saddled by tedious manual accounts processes that had been in place for over 30 years and were typical of many companies in the construction industry. Spalding was manually processing over 200 invoices monthly, a burden that was growing heavier. Time that could have been devoted to productive pursuits was being spent on the cumbersome task of entering bills and subsequently writing, signing and mailing cheques to square accounts. The operational friction was hurting the bottom line.
Though it was challenging to overhaul a system that had been in place for over three decades, it became evident that changes were needed to align with the company’s vision to scale the business. Spalding made the decision to transition to cloud-based accounting (QuickBooks Online)––a step in the right direction––but it was imperative that they also find a solution to their accounts payable challenge.
The Solution
SparcPay proved to be exactly what Spalding needed––a fully digital and paperless accounts payable platform that was integrated with their new cloud accounting software. The top-ranked SparcPay app was also less expensive and offered an ultra-user-friendly experience compared to the alternative of using the system their bank offered. Above all, the greatest benefit of SparcPay’s accounts payable automation was that it enabled Spalding to scale without adding administrative time and labor costs.
The Results
Who better to speak to the benefits of SparcPay’s construction accounts payable software than the president of the company, Tim Spalding, who notes that:
“SparcPay certainly has lived up to its reputation as a top-ranked accounts payable application. The other options were expensive and complicated, so we’re glad we found the perfect solution to streamline our operations. Not only did we accomplish our goal to automate and go paperless, we also found the perfect partner to scale with!”
True Pacific Construction: the challenge
True Pacific is a booming construction company in BC that, like Spalding Construction in Ontario, was struggling with the paper invoices flowing through their office and the administrative time spent entering them. Issuing cheques to pay those invoices was another time-sucking task in and of itself, as having different bank accounts associated with different projects meant constantly going to the printer to switch cheque stock. It became apparent that they needed to streamline their workflow, but the challenge was finding the right application that would not require them to adjust their existing structure.
The solution
After extensive research online for vendor payment automation, True PacificConstruction decided to use SparcPay’s end-to-end accounts payable app that seamlessly integrated with their accounting software. SparcPay’s mobile-friendly experience gave them the ability to review and pay bills anytime, anywhere…even from their phone. In an industry where hand-written paper bills are still prevalent, the SparcPay system has provided True Pacific with a digital and paperless workflow.
The Results
In the words of Susanne Chia, True Pacific’s business support manager:
“SparcPay is an essential tool we use to help our business flow smoothly. It was so easy to set up and their customer support is always available if I have any questions. SparcPay has streamlined our workflow tremendously and we especially love that it is remote-friendly!”
The takeaways for construction companies
SparcPay saves hours of administrative time per month previously spent entering bills and subsequently writing, signing and mailing cheques to square accounts.
SparcPay is less expensive than using the bank’s cash management system and eliminates the cost of purchasing cheque stock unique to each project.
Although the SparcPay app is revolutionary in many respects, it is not intimidating and disruptive because it is simple to implement and easy to use.
Contact
Click here to learn more about how the SparcPay app can enhance the bottom line of your construction company, no matter how big or small. We’re empathetic, enthusiastic and friendly and are keen to partner with you to help you capitalize on the opportunities at hand.