How Taulia helped Red Rock Oilfield Services fill the cash flow gap
Red Rock Oilfield Services, based in Colorado City, Texas, provides a variety of oilfield services to assist energy producers in the Permian Basin of West Texas. These include reverse units, pulling units, tubing testing, backhoes, roustabout crews, fabrication and welding, pumping solutions, and tool rental. Since the company was founded in 2005, it has grown to become one of the premier energy services providers in the region.
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“When our receivables were stretched from 30 to 45 days, this made it difficult for us to pay our utilities, taxes, and suppliers and even meet payroll.”Brenda Conner, Bookkeeper
Several of Red Rock’s customers extended payment terms from 30 to 45 days. This 15-day extension resulted in a cash flow gap that caused problems for Red Rock when it came to paying their overhead expenses and accounts payable on time.
To solve this problem, Red Rock uses Early Payments, a Taulia feature offered by its latest customer, a $2 billion oil and gas company headquartered in Dallas. This enabled Red Rock to accelerate payment of certain outstanding invoices. “When our receivables were stretched from 30 to 45 days, this made it difficult for us to pay our utilities, taxes, and suppliers and even meet payroll,” says Brenda Conner, Red Rock’s bookkeeper.