to read the article?
We’ll forward it to your inbox.
Construction finance is notorious for its complex, resource-intensive nature. But it doesn’t have to be. Many of the challenges construction companies face in managing their finances come down to technical bottlenecks. An employee can only enter so much data at a time. This leads to businesses creating workarounds or settling for vague estimations on their financial scoreboard. Fortunately, the right technology can get rid of these bottlenecks entirely and eliminate the need to settle for anything less than accurate, timely data.
When it comes to picking out “the right technology”, there’s one answer that fits the bill. Briq is a financial automation platform built to help construction companies run their business. We can automate your systems, track every dollar spent, and help you create a better way to work. It’s the tool built to give construction the technology update it’s been waiting for.
Let’s go over the three key ways Briq’s Spend Management product helps construction companies manage their finances with more precision than ever before.
Corporate cards
In construction, field spending is often anything but neat. Today, many construction companies track on-site spending by collecting paper receipts. It’s up to the managers on-site to get all these receipts over to the accounting department in a timely manner and communicate essential information about reimbursement and allocation. From there, it’s up to your accounting team to manually enter that information from the receipt into a spreadsheet. This process is slow, resource-intensive, and error-prone. It’s time to invest in a better way to work.
Spend Management’s corporate cards are the game changer your business needs. Our platform allows you to digitally assign cards to different team members and track their spending. When a purchase is made with the card, your employee will be prompted to digitally upload the transaction and assign it to the right category. From there, a member of the accounting team just needs to click to approve, and it’s done! Briq will automatically allocate and synchronize the expense to the general ledger as well as any other relevant spreadsheets. Not only does this lighten the administrative load on your teams, but it also creates a faster, more accurate way to track your field expenses.
AP automation
Construction billing is a challenge that requires a mix of guessing and estimation. This is due to the sheer volume of data that needs to be sorted through in any given project. Even if we assume that no human error takes place, construction companies may end up paying the cost of change orders simply because they couldn’t catch it in time. Profitability on projects may not be truly known until months or even a year after they’ve already finished. The state of construction financials makes one thing clear: Time is of the essence.
Briq’s Spend Management allows construction companies to move away from estimation and towards certainty with our AP automation tools. Our platform can fully automate the invoicing process for your business. Using AI-powered invoice readers, Briq can extract all the key information from your invoices and input it into the correct documents. It transfers all of the data on behalf of your accounting team and notifies them when it’s time for approval. AP automation allows your teams to take back the time lost to double-data entry and AP processes, keeping your business informed and up-to-date at all times. To date, our clients have used Spend Management to process thousands of their invoices, and scale their business without burdening their teams.
The key to streamlining construction financials.
The best way to enhance profitability is by investing in the right tools. Spend Management offers financial automation in a format that makes sense for the industry. It’s the right tool for the job. Whether it’s connecting your office to the field or automating AP processes, Briq has the solutions construction companies need to run a better business.
Briq accomplishes this by combining the most modern technology available with hundreds of years of construction experience. Briq joins your financial and operational data into one platform, empowering you to make more informed decisions, faster. Contact us here to speak with our experts and see how Briq can help you improve your business.
