Cook Bros. Homes
Cook Bros. Homes Wanted To Take Accounts Payable to The Next Level
Home Builders are traditionally slow to adopt digital technologies, therefore, they tend to be overly reliant on manual accounts payable (AP) processes and paper checks. Residential construction payments require collaboration and validation between many stakeholders beyond the back-office. As such, it can take three months or longer for Suppliers and Trades to get paid, which creates serious cash flow problems and accounting issues on both ends. Cook Bros. already demonstrated their commitment to using innovative technologies to improve efficiencies by investing in Hyphen’s BRIX ERP solution. The feature-rich and easy-to-use residential construction ERP with accounting enables them to control job costing, purchasing, production, accounting and reporting all in one streamlined, cloud-based back-office solution.
“Based on my experience using Hyphen Wallet, the top perks are the significant time savings, enhanced security and timely payments to Suppliers and Trades.”
– Account Manager at Cook Bros. Homes
As Account Manager for Cook Bros., Melinda L. oversees all aspects of back-office management. She is also the vendor liaison, so she manages purchasing/invoice processing and assures the continued flow of materials to job sites. After discussing a few aspects of BRIX with a VP at Hyphen Solutions, Melinda realized a single unified platform that automated payments and collaboration between Cook Bros and their Suppliers would provide a simple yet extremely powerful solution to manage payments.
December 2022 will mark five years that Melinda has worked for Cook Bros. Prior to this, she worked in the contracts department for a company that did renovations in the affordable housing sector. While she isn’t the point person at Cook Bros. that made the decision to purchase BRIX, she is a primary user. As such, she proactively looked for ways to further improve back-office efficiencies. When she learned about all the benefits of Hyphen Wallet, she was an enthusiastic proponent and helped convince the owners that the payment platform would solve many time-consuming issues she was experiencing on a daily basis. For starters, she was literally spending all day every Thursday on AP activities, including manually entering amounts being paid, running single and multiple reports and reviewing entries for accuracy. Sometimes this activity would spill over to Friday.
Timely Payments Are Key to Supplier Satisfaction
Experts say late payments are a primary cause for poor Supplier performance, deteriorating relationships, creating higher prices and are also an under-identified issue plaguing the supply chain.
“Printing paper checks and sending them out via mail was time-consuming and subjected the company to checks getting lost, delayed or stolen. Mail delays only worsened during the pandemic due to the overburdened and unstaffed United States Postal System. Hyphen Wallet eliminates worrying about lost, stolen or delayed Supplier payments.”
Convert More Leads to Sales, Faster Than Ever Before
“Instead of spending an entire workday on AP, all payments are processed via Hyphen Wallet by 12 Noon, which allows me to address more pressing matters that require my attention.”
Cook Bros. utilizes Hyphen Wallet to pay Trade partners every week, with estimated total payouts of $100,000–$500,000 and pay Suppliers once a month, with estimated total payouts of $1.2–$2 million. Given the number of Trades and Suppliers they contract with, and the amount paid out, Melinda says automating this process was the absolute right choice for them!
Prior to making the decision to invest in Hyphen Wallet, Cook Bros. was considering alternatives, such as running AP through the payroll process. “While we experienced slight reservations about the initial cost, we quickly realized the ROI would more than justify the front-end investment.”
Cook Bros. Handles AP More Efficiently with Hyphen Wallet
Since opening its doors in August 2004, Cook Bros. Homes has grown and prospered by providing great communication, accurate pricing and unparalleled attention to detail. By creating unique experiences for their clients, the company weathered challenges that hit the housing market. A strong referral network of satisfied clients and vendor partners provided a very active remodeling sector and allowed owners John and Ralph Cook to develop a business plan that met the needs of an evolving market. The company continues to grow in the number of projects, revenue, recognition and capabilities. They stay at the forefront of the industry by providing the best quality homes in the region, having the most experienced team members and investing in new technologies to improve collaboration with Suppliers and Trades.
Melinda proactively developed streamlined processes to enhance accounting, payroll and billing systems, which made her job easier and saved time and money for her employer. Hyphen Wallet helped Cook Bros. significantly reduce the time and cost of processing payments to Suppliers and Trades and increase transaction security.
“For any Builder who is undecided about investing in Hyphen Wallet, I urge you to consider the huge time savings and enhanced security this highly effective solution provides. And if you decide to move forward, take advantage of the hands-on training and in-depth support from people at Hyphen Solutions who go above and beyond every day to help Builders and Suppliers succeed.”
Hyphen Wallet Provides an Integrated Platform That Benefits Builders and Suppliers
With Hyphen Wallet, a variety of payment options are available 24/7, including virtual card, wire transfer, ACH, check and RTP if the bank is RTP eligible. Hyphen Wallet combines payment methods, currencies, subsidiaries and regions using payment integration in real-time. Auto reconciliation ensures a fast, accurate financial close cycle and improves cash flow visibility and working capital management. Automation makes it easy for Builders to check records, track past and present expenses and identify fraudulent charges. With AP automation, users can reduce invoice processing time by 80% and invoice errors by 23%, thereby saving time and money while increasing Supplier satisfaction.
About Cook Bros. Homes, LLC
Cook Bros. Homes specializes in luxury semi-custom homes for retirees and empty nesters. After obtaining residential, commercial and industrial licenses, Cook Bros. Homes, LLC opened its doors in August 2004. Company headquarters are in Louisville, TN, a town about 15 miles southwest of Knoxville. They also have a satellite office located in Tellico Village in the Lakeside Real Estate Co. building.
- Founded in 2004 by John and Ralph Cook
- The company motto: Quality Craftsmanship Without Compromise
- John Cook is former president of Home Builders Association of Greater Knoxville
- Voted “Knoxville’s Best of The Best New Construction Contractor” in 2013 and 2014
