Cooper Construction boosts efficiency and reduces risk with Flashtract
Cooper Construction is a commercial general contractor based in Birmingham, AL using Flashtract to Increase productivity and mitigate risk with streamlined and accurate billing, timely payments, and automated compliance tracking.
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About Cooper Construction
Jim Cooper Construction Company was founded in 1991 by Jim Cooper, a 1981 Civil Engineering Auburn University alum with a passion for construction and a drive for excellence. As a design/build contractor with in-house architecture, their culture is fueled by that same passion and drive to build, and to build well.
CFO, Cooper Construction
Challenges
Cooper Construction faced numerous challenges in managing its subcontractor pay applications, lien waivers, and compliance requirements. The company relied on an excel-based process that was prone to errors and lacked control, leading to significant time waste in resolving these issues.
In addition to the operational challenges, the company also faced difficulties collaborating effectively between its accounting team, project managers, and subcontractors. The siloed nature of project billing data across email inboxes made it difficult for leadership to gain meaningful insights into the company's performance and make informed decisions. These challenges were hindering the company's growth and affecting its bottom line, and it was clear that a change was necessary.
Solution
Cooper Construction automated their process with Flashtract’s solution to streamline approvals, eliminate subcontractor calculation errors, simplify lien waiver collection, and streamline compliance tracking.
With the help of Flashtract’s implementation team, who handled all of the subcontractor training, Cooper Construction successfully rolled out Flashtract’s software in under one month. The quick implementation allowed Cooper Construction to reap the benefits of the software and transform its operations in a matter of weeks, providing a significant return on investment.
Results
By implementing Flashtract, Cooper Construction has significantly streamlined its payment application process.
The technology has eliminated errors and missing paperwork, which reduced processing time from 5 days to less than 1 day. The team is able to collect, track, and manage all lien waiver collection across all active projects. The accelerated processing has a domino effect of benefits, enabling the team to close out monthly cost reports faster and recognize subcontracted costs earlier in the month. Additionally, faster processing has enabled Cooper Construction to pay subcontractors faster, enhancing vendor relationships and solidifying trust.
