ARCO Construction reduces subcontractor payment time by 30% with Oracle Textura
The construction firm drops paper-based tasks and simplifies subcontractor payment processes with Oracle Textura Payment Management.
“We’re more organized and efficient with Textura, and it's removed much of the risk for us on lien waivers and tracking. There are just so many wins. I don't know why somebody wouldn't want to use Textura.”
Since its founding 35 years ago, ARCO Construction’s steady nationwide expansion has included projects across life sciences, entertainment, and multifamily housing, among others. With a rapidly expanding portfolio and growing list of subcontractors, Missouri-based ARCO needed to improve its pay application processes. Billings, legal documents, and lien waivers were typically still printed, marked up, scanned, and filed in desktop folders, leading to compliance concerns and the potential for lost documents. Implementing an automated payment management application was crucial to assure smooth, consistent payments for subcontractors and suppliers. ARCO spent nearly a year researching payment management providers, emphasizing the need for lien waiver tracking and faster electronic payments. Oracle Textura Payment Management met all the company’s requirements and also provided a smooth integration with its ERP system. Cloud-based Textura shaved subcontractor payment time by 30%, from 65 days to 45 days, allowing ARCO’s finance team to focus on expanding the business while keeping pace with the growing volume of subcontractor billings and lien waivers. Even with business soaring, the company saw no need to backfill open project accountant positions. Overtime hours are now a fifth of what they were before Textura’s implementation.