Driving efficiency and cash flow at Coastal Construction Products
Coastal Construction Products increases payment processing by 40% with Billtrust’s Quantum solution.
HAMILTON, NJ.—January 24, 2017—Billtrust, the leader in Payment Cycle Management solutions, announces a 60% increase in operational efficiency for Coastal Construction Products through Billtrust’s Quantum Payment Cycle Management solution. The outstanding implementation resulted in accelerated cash flow, reduction of manual processes and overall cost savings.
Coastal Construction Products is one of the largest independent distributors of caulking and sealants, waterproofing, concrete repair, and fire protection products in the United States. With roots going back 40 years, they have worked with customers across the Southeast and the Caribbean, supporting them as they build or restore the buildings that define our world – state capitals, office towers, power plants, bridges and more.
Coastal Construction Products wanted to manage their increased invoicing and payments volume with a more efficient system, not by increasing headcount. Their current processes were still very manual, and they were receiving an average of 400 paper checks per day on their “heavy” days and 100 checks on “light” days. They needed a solution to manage the labor intensive AR process, and challenges like short pays and exceptions.
“Cash application can be such a horrible process – we needed to make it better. And Billtrust surpassed everything we thought it could do,” said David Heusel, Chief Operations Officer for Coastal Construction Products.
Working with Billtrust, Coastal Construction Products implemented the Quantum Cash Application solution. By leveraging the automation on everything from entering the payment into the payment journal, selecting the appropriate customer, matching the correct invoice, submitting to the general ledger and clearing the invoices, they now enjoy a seamless, touch-free process. The result is that 40% more payments are being processed on a daily basis.
Ann Palmer, Accounts Receivable Specialist for Coastal Construction Products, explains, “My favorite part of the system is that it’s so user-friendly. When I train someone new, they are baffled by how much they can do and how easy it is. And the Billtrust teams always provides an explanation for how we can self-serve more.”
Read the full case study. To learn more about how your business can accelerate cash flow, improve operational efficiency, and enhance customer satisfaction, visit billtemp.wpengine.com.
About Billtrust: Billtrust is the premier provider of Payment Cycle Management solutions, helping businesses accelerate invoice-to- cash. By integrating the three key areas of the payment cycle: invoice presentment, invoice payment, and cash application, Billtrust is committed to delivering a flexible solution to improve buyer satisfaction and DSO. Billtrust’s invoice-to- cash solution processes over $250 billion in receivables for leading companies.