Transforming a construction companies financial operations

For over 15 years, a dynamic construction company has been at the forefront of major construction projects in the upper Midwest. Their focus on generating creative solutions using technology is one of the core values that has advanced their growth and reputation as a leader. From major public works to industrial and private development projects, their partners know they can rely on them for expert grading and excavation services that are both safe and successful. The company also uses technology to solve problems and improve performance in its business operations. Active suppliers and subcontractors may be involved in dozens of projects at any given time, increasing the complexity of accounting operations. Instead of adding staff, the company found a simple but powerful solution to drive efficiencies in their accounts payable (AP) process while creating greater control and visibility into cash flow.

With the delivery of physical check payments becoming even more unpredictable and the cost of processing checks increasing, the construction company partnered with Priority to address these immediate challenges and improve its overall cash management strategy. Formed Al, powered by Priority, was selected not only for the best-in-class technology but for the Priority team’s payments expertise and support which made integration seamless. The company didn’t need to change its banking relationship or accounting system to use the Formed Al platform, which operates with any existing ERP. The Formed Al integrated payables platform achieves the company’s goals at a strategic level by delivering:

• Efficiency through several different forms of payment in one batch
• Insights and analytics enabling cash flow optimization
• More value to suppliers through predictable payment schedules and rich remittance data

Formed Al delivers the flexibility to execute every payment type with a single payment instruction and manage payments on a scheduled or job-by-job basis. The Formed Al dashboard and intuitive reporting tools provide insights and transparency to support cash flow management, a critical benefit for all businesses, but especially construction contractors. Together, the construction company and Priority have created a payment strategy and adoption roadmap that enables them to gain buy-in internally and from suppliers by demonstrating value.