The Best Steps For Building Financial Control

The Best Steps For Building Financial Control

If you’re in construction accounting, you can vouch for this scenario: Employees passing around a single credit card for project purchases, the end-of-month reconciliation nightmare. It’s time to regain financial control.

First hand, I’ve witnessed accountants struggle to track project expenses to the point where net profit cannot be fully established. It’s a cyclical process unlikely to change or improve due to the lack of control and visibility. Tracking each purchase becomes a time-consuming task that diminishes your potential to be productive and proactive.

When examining case studies, MX Build asked the question surrounding budgets. More specifically, budget forecasting in construction and expenses control. The answers were shockingly vague. Accuracy with financial reports was a distant dream, with information scattered among projects, employees, and crumpled receipts.

Why Flexible?

Shared corporate cards are among the most common forms of financial ‘’control’’ construction companies have. The faux sense of spending autonomy combined with the time spent micromanaging every transaction, chasing employees around, asking about every single purchase, and trying to find where it belongs and which card was used for it … can we all just agree this is a nonviable practice? 

Having individual cards for everyone is what actual spending autonomy and accountability looks like. I know what you’re thinking, tracking purchases on 4 cards is already a hassle, try tracking purchases made on 20 cards. Here’s the secret: you gain customized control over company purchases with integrated cards and financial software.

Why Simple?

Curious about quantitative benefits? You’ll enjoy hearing this clients experience. Using MX Build, our client saved $10,000 by preventing unapproved transactions before the money even left their account. Implementing MX Build is a seamless process, empower your team to spend safely at no added costs.

With account transaction updates every second, and memos required for purchases exceeding a certain amount, this time, your team doesn’t need to take a photo and email it to you. They can upload a receipt directly to your system. Finally, you can ditch the ‘receipt chaser’ title. 

What about employees that don’t require a card, but will eventually make a purchase? Instead, you can provide them with a physical card that has no spending power. For any up front purchases, authorization is required. You can easily approve their purchase requests with the click of a button. 

Trying to forecast project budgets? Create a budget and assign a project manager to each one. Visibility provides actionable insights so going over budget can be prevented. 

Flexible and simple is the way we like to do our financials, how about you?