Manual expense reporting is an old-school practice, and some companies are keeping it alive.
Error-prone, time-consuming and exhaustive. That’s all I see of manual expense reporting: endless paperwork for data entries, statements, payments and reimbursements. Not to forget the HomeDepot receipt that has been kept in a wallet for so long that it’s now illegible. Tracking each purchase becomes a time-consuming task that diminishes your potential to be productive and proactive.
I have witnessed organizations that couldn’t track project expenses to the extent that they were unable to fully establish their net profit. When examining case studies, MX Build asked the question surrounding expense reports – some companies weren’t able to forecast how long it was going to take to close a book.
The Value of Flexible Control
Shared corporate cards are among the most common forms of financial ‘’control’’ construction companies have. A 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?
Individual cards for everyone is what actual spending autonomy and accountability look 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 can achieve customized control over company spend by integrating cards directly into MX’s financial platform
Your Company Deserves An Upgrade
Why wait until month-end or financial close to view key data? Now you can track your finances today and every day.
Implementing MX Build is a seamless process, empowering your team to spend safely at no cost. Let’s look at quantitative benefits from one of our past successes. Even before the money left their account, one of our clients managed to save $10,000 in unapproved transactions. All this goes to prove the power you regain as soon as you upgrade.
Your team can now update transactions by the second and request memos for purchases that exceed a certain amount. The process has improved, and they no longer need to take a photo and email receipts to you. Instead, they can directly upload receipts to the system, removing the ‘receipt chaser’ title from your role.