There’s a new way to pay in construction, folks. This month, Briq CEO Bassem Hamdy, CRO Ron Goldshmidt, Chief of Staff Ellis Talton, and Head of Engineering Jake Fodor got together to introduce BriqCash to the world. BriqCash is Briq’s second product release- with it, general and specialty contractors have access to an entire financial operating system that offers automation for financial planning all the way to vendor payments, payroll, and rewards perks.
Let's dig in.
What is BriqCash and why is it important to construction? (~5:00)
“The average accounting system for a construction company is 20 years old. And the number one accounting system in construction is based on a database that's been discontinued for a decade. So if you really think about where that technology sits, it's not in the accounting department. So we are really left to our own devices in accounting to manage the AP workflow and the expense workflow. So to get something modern, you have to buy something that isn't construction based. And of course, that's a challenge because construction is a very, very unique financial workflow.” -BH
“One thing that I think is unique for BriqCash that other charge cards can't follow through is that we're not just debit cards. We're also banking. There are actually accounts in BriqCash. Not only can you link your actual cash accounts from multiple different banking institutions, but you can create segregated, project segregated cash accounts. That means that you can have cash flow analysis at the bank statement level. That's crazy.” -BH
What is it about the traditional banking system that makes it difficult to identify costs for contractors today? (~13:37)
“Construction uses a set of technologies that is sometimes pretty aged in terms of technology robustness and the ability to have visibility into your transaction, and your forecasting processes. And I think banking is also very similar. Banking uses technologies like wire transfers, swift, paper checks, these things are like 30 years old, and we haven't seen a lot of innovation on the banking side. I think that's why we're seeing a full kind of attack from a fintech perspective on all these different verticals and these different industries, because traditional banking is really, really- I hate to use the word - but it's kind of dumb and old at this point.” - RG
“I think we're uniquely positioned to work with our clients directly. We're building a solution that's tailored to the industry and the way that you think about doing business and processing payments. Our engineers and our product team work closely with our clients to develop this and improve it as we continue to release features.”
“And like you mentioned, I think the emphasis on the workflow is really important. Rather than having to hunt and peck for things to do, we want to push tasking as readily as we can to the individuals that need to take action. So if you're going in for approvals or if you're verifying data that we've associated with our AI and other tech, we want to make that as fluid of a process as possible, as painless as a process as possible because you want to spend as little time doing this at the end of the day.” - JF
What kind of modern technology are you bringing into BriqCash? (~18:00)
“We definitely leverage our automation platform. We have the ability to ingest incoming PDFs. So if there's scans of documents coming in, we're able to leverage OCR and our AI in order to extract information from those invoices. And then based on vendors that you've onboarded and information as you use the system, we're able to do more and more to associate the correct information about that incoming flow. That way users have to do less and less in the system in order to get the data back into your accounting system.” - JF
“We have the right DNA as a company of both fintech and construction, which is very, very unique. And we have the energy and love of the industry that you can't replicate. I mean, the idea here is that the first tenet of being a Briqster is love of construction. And you have to understand that's in everything we do. We're part of the community.” - BH
Audience Q&A (~24:00)
"Is BriqCash solely focused on things like Home Depot receipts, and the like, or do the AP workflows include more typical trade payables?"
“We do AP invoice processing and automation. That's the core, and individual expense automation and processing. It's both ends of the spectrum. It's everything. I like to say, "Focus matters," and we're launching basically an uncommitted cost module. We're not really focused on G702, G703's processes, although you can process them. Of course, you can link BriqCash to other G702, G703 processing systems to be the ACH feed for you. That's a big win for many people, because we're so tightly integrated with your accounting system. We're so integrated, it feels like it's native.” -BH
Is your credit offered by Briq or an outside bank? How do you provide banking? The actual banking service, the wires, and the ACHs?
“We have a technology partner that we work with that manages the relationship with our banking partner. That covers compliance, FDIC insurance on the accounts, and everything you would expect from maintaining a traditional bank account. We're not doing credit at this time, but it's a cash account with debit cards, but that's something that we'll continue to examine.” -JF
“It's also important to note that it's a Visa stamp card. It's not just the BriqCash card, it's Visa stamp. We also offer those unique rewards for both cash balances and for cards for both cash back and other points programs.” - BH
What are the current stumbling blocks with the integration with our accounting software, and the AP OCR software, that we are working to implement? OCR, Optical Character Acquisition, if anyone's not familiar. Our accounting software is not commonly used. How do you integrate with accounting softwares essentially?
“Our super power is something that we invented uniquely, which is our automation platform that doesn't use traditional integration methods. We can integrate with anything. As long as a human can do it in your software, we can train a machine to do it. Just think of the automation platform that Briq invented as 100 extra accountants on staff. We can literally go in and do what an accountant would do with some basic logic, and workflows, so that somebody can go in and type data into an accounting system. That's not true for every system on the planet, but at 98% of systems, we're able to integrate with.” -BH
Wrap up (~34:00)
“You could actually have a 3% to 6% cash back on things like the Home Depots or the Lowe's, as well as shipping expenses like FedEx and other expenses. So, these are early adopter deals, cashback at 50 basis points is significant on miscellaneous spend for virtual and physical cards. Reach us, sign up, do it quickly before these offers go away.” -BH
Thank you! (~40:00)
Thank you to everyone who joined us for our webinar, “Talking Money: Introducing BriqCash”. If you have any questions related to BriqCash, or to get a one on one consultation, head here.