With construction margins tighter than ever, the need for proper visibility of costs and payments has never been greater.
Project costs, supplier invoices, materials, fuel, utilities, your finance team sits on a treasure trove of data that should make you better at forecasting and finding savings.
But most builders simply don’t have the resources to unearth the insights they need to make informed streamlining decisions. For many, the data is locked away in spreadsheets, in paper files, or bogged down in painfully slow processes that mean your available information can only ever tell you what happened days or weeks ago.
This is one of the reasons that 98% of construction mega projects report cost overruns – so simplifying payments reporting could be low hanging fruit in the increasingly urgent scramble to cut costs and streamline business.
Say goodbye to spreadsheet wrangling
That’s why construction firms are turning to all-in-one business credit card solutions like Allstar Plus. With flexible terms, interest free credit and rebates, the easy-to-implement online reporting solution offers a real-time dashboard that can turn days of spreadsheet wrangling into a task of moments.
As businesses grow, their payments processes often accumulate organically, with different payment methods employed for different costs – direct debit for utilities, cash for suppliers and out of pocket expenses, for instance.
Unpicking the payments maze
This becomes a problem when you start trying to unpick everything to generate a clear view of costs. Different payment methods come with different conditions and settlement times, so the payments maze makes it hard to be sure you’re getting the best deal.
And with some finance teams managing teams across multiple sites, failure to track spend can leave employers open to nasty surprises, mistakes, overspends, or in some cases employee fraud.
The Allstar platform supports builders here too, with individual controls on cards to ensure people are only buying what they’re supposed to – while keeping projects on track with a clear view of spending on things like materials and other on-the-job expenses.
Allstar Plus enables construction firms to take total control of spending and make fact-based strategic spending decisions.
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