When ServiceTitan offered companies a chance to beta-test its new Payables feature, HVAC controller Michael Murray readily agreed.
“We said, ‘Sure! We’d love to be one of the test people,’” says Murray, who handles accounting for the 86-year-old, fourth-generation P.K. Wadsworth Heating & Cooling Inc. in Solon, Ohio.
» Want to grow your HVAC business? Click here for a demo
P.K. Wadsworth was already using ServiceTitan HVAC field management software, which integrated with its QuickBooks accounting software. But Murray, who joined the heating and cooling company in 2019, was interested in exploring ways to improve the accounts payable (AP) process and save time.
“We enter everything in ServiceTitan, and then export it over to QuickBooks,” Murray says. “AP is just another one of those functions. It takes some time to just ensure the accuracy of it, and stay on top of it.”
Before giving Payables a trial run, the company manually reconciled its accounts payable, taking time to conduct a three-way match on all purchase orders, invoices, and receipts.
“The PO, the invoice, a lot of that hasn't changed, but having ServiceTitan has made it a lot easier now,” Murray says. “By using ServiceTitan Payables, it freed up quite a bit of time in that reconciliation—probably a good 25% improvement.”
Organize bills and credits into a statement and track the reconciliation status of bills to other relevant documents in ServiceTitan.
The #1 newsletter for the trades.
No more check-writing to pay vendors
In addition to automating the reconciliation process, Murray says Payables speeds up the entire AP process and allows him to pay vendors faster, from within the same software.
“The great thing about Payables is that it allows us to pay everything within ServiceTitan,” Murray says. “It transitions over to QuickBooks. We don't have to do that entry. We don't have to write a check.”
At P.K. Wadsworth, Murray says any AP over $500 requires the signature of his general manager and himself. Payables also speeds up this process, and even allows the invoice approval process to happen from anywhere because it’s online.
“Before, 99% of the bills we paid were paper checks,” Murray says. “And now through ServiceTitan Payables, no check needs to be written. We don't have to worry about signing the checks or anything.”
Payables also helps P.K. Wadsworth stay on top of paying vendors on time.
Approve bills, pay vendors through ServiceTitan, and finish with a quick payment record export to QuickBooks Desktop or Intacct.
How ServiceTitan Payables streamlines the AP process
When a customer onboards to Payables, ServiceTitan works with the contractors to set up terms for each of their vendors, freeing owners from the hassle of change management conversations. Contractors can use Payables to pay both PO and non-PO bills, and Payables is a core accounting feature available at no additional cost.
“ServiceTitan helped us get our terms for each vendor in line, which was a big piece,” says Murray, whose company employs 17 service technicians and six install crews.
While P.K. Wadsworth continues to help ServiceTitan work through a few hiccups, such as how to handle early-pay discounts in the automatic payment system, Murray says connecting purchasing with payables definitely streamlines the whole process.
“It's much more efficient. It allows us not to have to cut checks in mail. We get a rebate every quarter, which is great,” Murray says. “We usually don't bring a lot of money back to the table. We usually just spend it, so that's been very good.
“Everything's in one spot, so that makes it so much easier,” Murray adds. “I think anytime you can take a step out of cutting checks and continue your compliance process, it’s just a no-brainer. I would tell other contractors that it's efficient. It helps streamline your process, and it can eliminate some timing on your check runs.”
» As a core accounting feature of ServiceTitan, Payables is available at no additional cost. Fill out our form and book a demo with our Payables specialists.
ServiceTitan is a comprehensive software solution built specifically to help service companies streamline their operations, boost revenue, and substantially elevate the trajectory of their business. Our comprehensive, cloud-based platform is used by thousands of electrical, HVAC, plumbing, garage door, and chimney sweep shops across the country—and has increased their revenue by an average of 25% in just their first year with us.