Briq announces acquisition of Swipez, bringing automation to billing and accounts receivable
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Vantage Builders is a privately-owned general contractor in Massachusetts with offices in Florida and Rhode Island and plans to expand in other parts of the country. Their typical markets are commercial retail office fit-outs, and more recently, a large portion of revenue has been driven by cannabis dispensaries and cultivation facilities.
Despite having upgraded its ERP to the cloud-based Sage Intact, Vantage Builders still could not get key analytic data that the company needed from either Sage or Procore. Producing accurate financial reports — the job cost cash management (JCCM) report and the WIP — was a time-consuming and expensive process with the current systems they had in place.
“I didn't even have to tell Briq what I wanted. They knew exactly what I needed, and it meant I didn’t have to waste time and show them how the calculations work.”
— Peter Cusson
The Briq team worked with Vantage Builders to identify the various data points produced within the company that comprises the JCCM report and WIP and where they needed to pull data to build those reports. Then they prioritized which one would provide the quickest ROI for the Vantage team.
As the WIP is a more complex report, the Briq team worked on the JCCM first. This report is like a simplified WIP and provides information on the current cost status of a job and is used by the CFO daily.
It was a smooth process as the Briq team has the industry experience to know what a JCCM is, what is needed to build it, and how to automate the data from Sage and Procore into Briq to produce the report.
“Our cash position on projects has completely flipped using Briq.”
— Peter Cusson
By working with Briq, Vantage Builders was able to create the JCCM with information previously stuck in siloed systems. With their automated JCCM report, Vantage Builders can track the status of their projects and finances in real time. They never had access to anything like it before, and now they have visibility on everything as they need it: from over- and under-billing, revenue, cash position perspectives, and more.
Vantage Builders continues to work with Briq to automate their WIP report. This is a bigger report made at the end of an accounting cycle and used to analyze the current value of all ongoing projects, amounts billed, and remaining payments. But with all the groundwork done and the deep understanding Briq has of Vantage Builders, they are planning to go live this fiscal year. Once implemented, both of these reports will work hand-in-hand to give Vantage Builders a clear and detailed picture of all project financials, helping to improve accuracy and transparency across the company.
