Why Your Construction Business Needs to Say Goodbye to Paper Checks

Introduction:

As the owner of a construction company, you are no stranger to risk and uncertainty. Managing a construction business requires a keen eye for detail, strong leadership skills, and the ability to adapt to changing circumstances.

But there is one risk that you may not be aware of: using paper checks to make payments. While paper checks may seem like a simple and straightforward way to pay your vendors and employees, they can actually be a major liability for your business. In this ebook, we'll explore the risks and inefficiencies of using paper checks and how Viewpoint Spectrum ePayments can help you mitigate these risks and improve your business's financial performance.

Chapter 1: The Risks of Using Paper Checks

• Security risks: When you issue paper checks, you are essentially giving someone else access to your company's operating checking account. If a check gets lost or stolen, it can be cashed by someone who is not authorized to receive payment. This can expose your business to fraud and financial loss.
• Payment delays: Paper checks can easily get lost or delayed in the mail, which can cause payment delays and disrupt your company's cash flow. This can be frustrating for your vendors and employees, and it can also have a negative impact on your business's financial performance.
• Administrative overhead: Issuing and tracking paper checks can be time-consuming and labor-intensive. Your accounting team may need to spend hours each week printing, mailing, and reconciling checks, which can take them away from more high-value tasks. This can increase your business's administrative overhead and reduce your team's efficiency.

Chapter 2: The Benefits of Viewpoint Spectrum ePayments

So, how can you mitigate these risks and improve your business's financial performance? One solution is to switch to Viewpoint Spectrum ePayments. This comprehensive electronic payment system is designed specifically for contractors and offers a range of benefits, including:

• Improved security: Viewpoint Spectrum ePayments uses advanced encryption and security measures to protect the integrity of your transactions. This helps you avoid the risks of fraud and errors that are inherent in manual payment methods, such as paper checks.
• Faster payment processing: Viewpoint Spectrum ePayments processes payments faster than manual methods like paper checks, which can help improve your company's cash flow and get your vendors paid faster.
• Reduced payment delays: Electronic payments are less prone to getting lost or delayed in the mail, which can help reduce payment delays and improve your company's overall financial performance.
• Reduced administrative work: By eliminating many of the manual processes associated with issuing and tracking paper checks, Viewpoint Spectrum ePayments can help reduce the workload of your accounting and financial management team. This can free up time and resources for other priorities, and can help you demonstrate your efficiency and effectiveness as a construction business owner.

Chapter 3: Case Studies: Success Stories from Viewpoint Spectrum ePayments Customers

In this chapter, we'll share some real-life success stories from contractors who have switched to Viewpoint Spectrum ePayments. These case studies will give you a better idea of the types of benefits that you can expect to see after making the switch.

Case Study 1: ABC Contracting (Me being data security compliant)

ABC Contracting is a mid-sized construction company based in California. Like many contractors, ABC was struggling with slow payment processes and a high volume of administrative work. The company was issuing hundreds of paper checks each month to pay its vendors and employees, which was costing time and money in terms of printing, postage, and bank fees.

To improve its cash flow and streamline its payment processes, ABC Contracting decided to switch to Viewpoint Spectrum ePayments. The owner of ABC Contracting was hesitant to make the switch at first, as he was used to signing all the company's checks personally and was concerned about letting go of that control. However, he knew that he needed to find a better way to manage the company's payments.

To convince the owner to make the switch, the CFO at ABC Contracting prepared a presentation that outlined the risks and inefficiencies of using paper checks and how Viewpoint Spectrum ePayments could help mitigate these risks and improve the company's financial performance. She also provided case studies and testimonials from other contractors who had successfully made the switch to Viewpoint Spectrum ePayments.

In the end, the owner of ABC Contracting was convinced and gave the green light for the company to switch to Viewpoint Spectrum ePayments. The results were impressive. ABC Contracting saw a significant improvement in its cash flow, as electronic payments were processed faster than paper checks. The company also experienced a significant reduction in payment delays, as electronic payments were less prone to getting lost or delayed in the mail. In addition to these financial benefits, ABC Contracting's owner also saw a reduction in administrative work, as the company was able to eliminate many of the manual processes associated with issuing and tracking paper checks. This allowed the financial management team to focus on more high-value tasks, such as analyzing and optimizing the company's payment processes.

Overall, the switch to Viewpoint Spectrum ePayments was a win-win for ABC Contracting, improving both its financial performance and the value of its financial management team.

Case Study 2: XYZ Contracting (Me being data security compliant)

XYZ Contracting is a large construction company based in Texas. Like many contractors, XYZ was facing increasing pressure to improve its payment processes and reduce administrative overhead. The company was issuing hundreds of paper checks each month to pay its vendors and employees, which was costing time and money in terms of printing, postage, and bank fees.

To address these challenges, the CFO at XYZ Contracting decided to switch to Viewpoint Spectrum ePayments. Like the owner of ABC Contracting, the owner of XYZ Contracting was hesitant to make the switch at first, as he was used to signing all the company's checks personally and was concerned about letting go of that control. However, he knew that he needed to find a better way to manage the company's payments.

To convince the owner to make the switch, the CFO at XYZ Contracting prepared a presentation that outlined the risks and inefficiencies of using paper checks and how Viewpoint Spectrum ePayments could help mitigate these risks and improve the company's financial performance. She also provided case studies and testimonials from other contractors who had successfully made the switch to Viewpoint Spectrum ePayments.

In the end, the owner of XYZ Contracting was convinced and gave the green light for the company to switch to Viewpoint Spectrum ePayments. The results were impressive. XYZ Contracting saw a significant improvement in its cash flow, as electronic payments were processed faster than paper checks. The company also experienced a significant reduction in payment delays, as electronic payments were less prone to getting lost or delayed in the mail. In addition to these financial benefits, XYZ Contracting's owner also saw a reduction in administrative work, as the company was able to eliminate many of the manual processes associated with issuing and tracking paper checks. This allowed the financial management team to focus on more high-value tasks, such as analyzing and optimizing the company's payment processes.

Overall, the switch to Viewpoint Spectrum ePayments was a win-win for XYZ Contracting, improving both its financial performance and the value of its financial management team.

Chapter 4: How to Discuss AP Payment Automation with your Employees

If you are the owner of a construction business and are hesitant to switch to Viewpoint Spectrum ePayments, you may be wondering how you can convince your CFO or financial management team to make the switch. Here are some tips:

1. Do your research: Before you have the conversation with your team, make sure you are well-informed about the benefits of Viewpoint Spectrum ePayments and how it can improve your company's financial performance. This means gathering data and evidence to support your position, and anticipating any objections or concerns that your team might have.
2. Prepare a compelling presentation: When you meet with your team to discuss Viewpoint Spectrum ePayments, come prepared with a professional and persuasive presentation that outlines the benefits of the system and how it can improve your company's
3. Address concerns and objections: It's likely that your team will have questions or concerns about Viewpoint Spectrum ePayments. Be prepared to address these concerns and objections with data and evidence to support your position. Set up a call with an ePayments Specialist.
4. Emphasize the benefits: When presenting to your team, focus on the benefits of Viewpoint Spectrum ePayments, such as improved security, faster payment processing, reduced payment delays, and reduced administrative work. Highlight how these benefits can improve your company's financial performance and make it more competitive in the construction industry. Not automation, that can give folks the feeling that their job may be going away. That’s not the purpose of this, it still requires a skilled point person to joyfully manage.
5. Try ePayments essentials: If you or anyone on your team is still hesitant, consider ePayments essentials, where your company can test out Viewpoint Spectrum ePayments for a very low monthly cost, before making a full ePayments AP commitment. This can help your team feel more comfortable with the decision and give you an opportunity to showcase the benefits of the system.

*ePayments Essentials offers the same security and financial benefits. The only aspect of the full ePayments AP system essentials will not offer is the ACH payment option for vendors. Other than that it is a great way to get started with very minimal work and only takes a few weeks to set up.

Conclusion:

As the owner of a construction business, you have the power to shape the direction and success of your company. By embracing Viewpoint Spectrum ePayments and advocating for it effectively, you can convince your team to make the switch and improve your business's financial performance. Don't let fear or hesitation hold you back - start using Viewpoint Spectrum ePayments and advocating for it today.