3 Reasons Why the Current Receipt Tracking Systems Just Aren’t Cutting It and How to Find One That Will Work for You
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With the rising costs of construction projects, keeping track of your company’s purchases isn’t something to take lightly.
Unfortunately, most of the receipt tracking systems out there are clunky and not the least bit user-friendly.
Read on to find out where the current systems are falling short and how to find a receipt tracking system that’s worthy of your business.
#1: You Have to Remember to Upload Your Receipts
You know the drill.
Make a purchase.
Try to remember to take a picture of your receipt. Forget.
Take a picture of your receipt.
Try to remember to upload it. Forget.
Now it’s EOD on Friday, and you’ve got 32 receipts to upload AND you have to figure out which purchases went with each project you’re working on ... which leads us to the next issue:
#2: They Don’t Itemize Your Receipts, So You Have to Remember Which Items Go With Which Project
In the construction business, now more than ever, it’s critical that you know just where your company stands financially. But if you can’t keep track of the purchases you make for each project, there’s no way to know where you stand.
Let's say Joe makes a run to Home Depot and picks up:
- A power drill
- 8 windows
- 2 bundles of golden cedar shingles
- 5 bronze bed/bath doorknobs
- A smart key entry knob; and
- 2 boxes of shingle nails
Even if Joe is on the ball and remembers to snap a picture of his receipt, somebody (most likely you) still has to go back later and make a note of what project’s invoice each item needs to be added to.
Nobody’s got time for that.
#3: There's No Clear System to Ensure That Your Employees Are Tracking Their Purchases
If your construction company is like most, your employees are making purchases on a company card (or a personal card) for things like gas, food, and tools. But there's no system in place to make sure that those employees are tracking each and every purchase.
So, you’re left with business receipts all over the place — in a jacket pocket, on the dash of the truck, or in one of the mile-high piles on the finance desk.
Not exactly the neat and clean model of construction management you’d always envisioned, right?
There’s got to be a better way.
How the Flexbase Receipt Tracking System Picks Up Where Other Systems Leave
#1: Our SMS Technology Makes Taking Pictures and Uploading Receipts a Snap
The Flexbase tool’s receipt tracking system takes the hassle out of trying to remember to get a picture of your receipts.
Here’s how it works:
When you make a purchase, our SMS feature immediately shoots a message to your phone saying, "Saw you just made a purchase at Home Depot! Click here to take a picture of your receipt."
It then automatically itemizes your receipt and gives you the option of assigning each individual item to a specific project:
- The power drill goes with the job on 123 Main Street.
- The windows and doorknobs can easily be added to 999 Industrial.
- The shingles and nails are for the new roof on the library on 4th Ave.
#2: It’s Easy to Keep Track Of What Your Employees Are Spending
Once you have the Flexbase card, you can easily order a card for an employee and give them any level of access you choose.
For example, if you have a $20,000 credit limit for your construction company, you can give Joe $1,000 of access to company credit.
When Joe gets his card, he’ll also have the Flexbase App, which will tie the card to his cellphone.
So, every time Joe makes a purchase, he's going to get an SMS text message reminding him to take a picture of his receipt. There’s no excuse for not keeping up-to-date on purchases.
Told you it was easy.
Are You Ready to Stay Up-to-Date On Your Construction Company’s Purchases? Try Flexbase
Not only can Flexbase boast the best receipt tracking system in the industry, but we also offer:
- 60 days to pay, 0% interest
- Up to 10x credit limits based on your future invoices and projected business
- No security deposit required
Do yourself a favor and give Flexbase’s comprehensive cash flow solution a try today.
