3 Common Problems in Construction Finance - And the Outpave Solution

Finances are among the most stressful and complicated aspects of any construction project. Even the most seasoned construction businesses and managers can struggle to keep everything straight.? That’s why Outpave offers a singular expense management platform for trades and construction workers - to reduce stress and improve business profitability.

Construction Expense Management Challenges

Here are three of the most common problems that can arise when managing finances for complex construction projects.

Overspending

Construction projects can be very unpredictable. Inaccurate estimates, unforeseen problems, or even changes to the project scope can make it difficult to keep costs within the confines of the budget. And if the cost of the project spirals out of control, it can result in delayed timelines and reduced profitability.

Inadequate Documentation and Record-Keeping

Keeping accurate financial records is key for effective financial management.? Unfortunately, the more complex the construction project, the harder it is to keep track of all the expenditures.? Misplaced receipts and inconsistent financial records plagued the industry, and can often lead to financial losses and even penalties during the auditing process.?

Vendor and Contractor Payment Delays

Construction projects often involve multiple material vendors and several contractor teams.? Making sure everyone gets paid on time can be one of the most stressful aspects of managing the construction budget. Going over budget and keeping incomplete records can both contribute to delays payments to vendors and contractors, resulting in strained working relationships.? In extreme cases, delayed payments can result in penalties or even bring construction to a stop, further increasing the overall cost of the project.

Outpave - the Single Solution to all Three Problems

Outpave’s expense management platform provides an easy-to-use, centralize solution to all three of these problems - saving you time, money, and stress.?

Expense Control

Outpave’s expense management cards provide an unprecedented level of spending control, with daily spending limits and location controls established before the cards are even issued.? This reduces unnecessary spending and improves financial accountability for the card holder, lowering financial waste and lowering the risk of overspending. Plus, we offer a 1% cash back reward for every single purchase.

Expense Tracking

The Outpave mobile app makes it easier than ever for card holders to upload expenses into the database.? Once they have logged into the app and activated their card, they will be able to scan receipts at the time of purchase.? The system will categorize the expense and assign it to a project. No more missing receipts or working your way through piles of paper invoices every month.??

Automated Payments

In addition to assigning cards to individual employees, the Outpave system lets you schedule payments to vendors and contractors. This helps reduce delayed payments and provides better information about where the project budget is being allocated.? You can also send same day? payments to vendors and populate invoices with just a few clicks of the button.?

Get started Today

If you’re ready to reduce the stress of your construction finance management, visit us online at outpave.com to learn more about our platform or request a demo today.? Don’t forget to follow our social media for more tips and tricks on how to improve your business finances.