Our Accounting Team Gets It Done!

Year-to-date through May, ColonialWebb was #1 in cash flow among our 35 sister companies that comprise Comfort Systems USA.

Our cash flow was 1.5 times greater than our earnings for that same period. In a business where cash goes out the door every week to fund our payroll, operating expenses, equipment vendors and subcontractors, what are the drivers behind good cash management? It starts at the time of sale, when our sales people secure fair terms that get us paid timely for the great work we do for our customers. From there it requires that our project management and admin teams bill the customer timely per their specifications to start the clock on funding. Finally, it requires active collection efforts. That’s where our Accounts Receivable (AR) team comes in. Theresa Walden and her team of Carolyn McWilliams-Lewis and Teri Lowry manage the receivables from credit approval through cash collection. They confirm that the customer has received their required documentation that makes our billing compliant and they actively manage the payment by calling or emailing their contact in the customer’s accounts payable department to get us paid. In a world where the squeaky wheel gets the grease, Theresa, Teri, Carolyn and Susan Parker relentlessly leverage their talents to get us paid.

But as you know from your own checkbook, cash collection is only one half of the equation. Our Accounts Payable (AP) team led by Nathan Simmons manages the purchase commitment, approval and payment side of the cash equation. Nathan along with Tracy Duke, Eric Verschuure, Amber Taylor, Natalia Morrison, Amy Adams and Candice Kennedy work diligently to assist technicians, project managers and other buyers to make sure their commitments get accurately coded and captured in the project or ticket. They take advantage of payment discounts and pay to terms (not early nor late). Our vendors value the relationships they have with ColonialWebb both because of the quality of our operational/technical teams, but also because we pay them timely. Nathan is in the process of implementing a purchase card system that enables our service technicians and other buyers to buy parts/equipment/supplies they need at a retail counter without needing to call the PO Line. Thank you to our Accounts Receivable and Accounts Payable teams for the work they do every day to support the growth and financial health of ColonialWebb!