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In construction, reporting isn’t easy. Errors can increase as each step of creating a document creates room for data-entry problems. Those same errors can cause delays in getting information. That outdated information makes for imperfect forecasting and estimates. The whole process can present multiple challenges for any construction business.
Catamount Constructors wanted to find a surefire way to overcome these challenges. That’s when they found Briq. Briq is a financial automation platform that specializes in automating reports, eliminating double data entry, and building more efficient financial workflows for construction companies. Using Briq, Catamount was able to increase the speed, accuracy, and efficiency of its key financial processes. Let’s explore how they did it by going over the three essential Briq features that Catamount used to evolve their business.
Forecasting
In order to make the best business decisions, companies need to stay equipped with the right information. However, forecasts are a complicated process. Before Briq, the team at Catamount would send out a number of spreadsheets to each of their PMs. The PMs would fill out the forms with data from their systems, return them to the accounting team, and then that information would have to be consolidated and verified for reporting. All of that data would be moved manually to create a forecast. The process left the business with a one-month lag in information.
“By the time we got it finished, we were already thirty days past…the data was just old.” — Paul Crandall, CFO, Catamount Constructors.
Catamount has automated the entire process using Briq’s forecasting tools. Automated workflows remind PMs when it’s time to input data directly into Briq and keep information moving in a timely manner through the pipeline. Briq then pulls information from all of Catamount’s financial systems to eliminate excess data entry and brings that information into a forecasting workbook. With all of the data in one place, Briq generates accurate, timely forecasts for Catamount that can refresh information daily. Now, they’re working with the most up-to-date forecasts for effective decision-making and business insights.
Custom curves
Standard project forecasts are useful, but they don’t always tell the full story. There’s a wealth of information in every construction company that’s often left untapped. Previous projects can reveal trends for certain project categories and key areas that need to be focused on in the future. It can help spot fee erosion before it even occurs. This information is often left unused due to the difficulty associated with bringing it all together. Creating multiple custom forecasts based on specific parameters of previous projects can be a huge undertaking for a team of any size.
That’s why Catamount Constructors lets Briq take care of it for them. Briq is able to connect to all of your business's data sources and use that data to create custom forecasting curves based on your company’s needs. Catamount Constructors uses this feature alongside their standard cash flow forecasts. Now, they have an initial project forecast, a custom curve forecast, and a running forecast based on live project updates for maximum financial clarity at every level. Each of these reports is kept accurate, on schedule, and fully automated with Briq.
“It’s allowed us to track progress, and identify erosion early…it’s really helped us out quite a bit.” — Paul Crandall, CFO, Catamount Constructors.
Dashboards
Financial visibility isn’t just about available data. It’s about being able to understand and parse the meaning behind the data as effectively as possible. Sprawling documents and software with pages of unsorted information doesn’t create true financial visibility. For data to be useful, it needs to be both accessible and displayed in an easily understood format.
Catamount Constructors uses Briq to consolidate and visualize their data with ease. Briq’s dashboards allow you to track key metrics across the project and business by synchronizing all of your data with Briq’s AI analytics. Catamount Constructor now tracks project milestones, change orders, forecasts, and RFIs all on Briq’s intelligent dashboards. This has united their data and given leadership a clear picture of company financials at every level.
“From an executive team standpoint, we've really been the users of this so far…now we have a sheet that we can look at in a quick five-minute glance and see where some risk areas are from a financial standpoint, or from an operational standpoint.” — Paul Crandall, CFO, Catamount Constructors.
Looking to the future
While the features listed above are game changers for Catamount Constructors, it’s still only the beginning. Briq isn’t just a forecasting tool, it’s a financial automation platform for the whole business. Paul Crandall notes that Catamount Constructors is looking to expand more of their operations onto Briq, such as Spend Management, labor planning, and more. For Catamount Constructors, it’s become the financial platform from which they can run their business.
“If we could prevent one earnings erosion a year, or even on a large project, say we avoided a two million dollars loss on a job. The technology that we've invested in is more than paid for many, many years.” — Paul Crandall, CFO, Catamount Constructors.
If you’d like to learn more, you can download the full webinar here.
