Construction industries consist of a highly mobile workforce.
The nature of the on-site workers is such that they have to be out on the field each day. The sites can be in a local area requiring to move back and forth between their homes and the job site.
However, for some construction projects, the job site can be located far away from their homes. During the duration of which workers can incur job-related expenses around transportation, accommodation, meal charges, etc.
Some of the challenges a construction company faces are:
- Improper receipt management which can add to inaccurate cost insights and delay in expense reimbursements
- Lack of collaboration between onsite-workers and office teams
- Poor visibility around project expenses
New technological solutions such as an expense management software can help optimize your expense management processes. It can enable your construction businesses to improve their operational efficiencies both in the office and on the field.
Technology and digital transformation are on the rise, and by combining the two technologies- mobile application and an expense management software- you can ensure project profitability.
With mobile technology, construction businesses can achieve seamless communication and collaboration, enhance productivity, gain real-time insights into project activity, and reduce potential losses.
How to control employee expenses with project cost management
4 benefits of mobility for the construction expense management process
1. Streamline expense reporting for on-site employees
When workers are out on the field, they do not have easy access to a desktop computer or a printer. They can also incur significant expenses, leading to several challenges while submitting their expense reports. This can lead to workers:
- Holding on to a pile of receipts for reimbursement for an extended period
- Receipts getting damaged, lost, or misplaced
With a mobile application of an expense management software, workers can report their expenses on the spot without keeping track of all the receipts.
- Take a picture of their receipts from their mobile phone
- The OCR technology in the mobile app scans the receipt and extracts all the necessary details
- It then automatically fills the expense report with the information from the receipts
- Workers can then submit their expense reports with the copy of the receiptWith Fyle’s mobile app, expense reporting becomes extremely easy for both on-site workers and finance teams in the office.With Fyle’s mobile app, expense reporting becomes extremely easy for both on-site workers and finance teams in the office.
For on-site workers, they:
- Do not have to manually type or print, expense reports and receipts
- Do not have to wait to report their expenses and hold on to receipts
- Can eliminate the problem of damaging, losing, or misplacing receipts
- Can instantly submit expense reports when they incur an expense
For Finance teams, they:
- Receive accurate and error-free expense reports along with receipts
- Receive worker’s expense reports on-time
- Have proper documentation of all project expenses
- Do not have to wait on employees to understand how much costs they are incurring for the project
Mobile receipt management: Increasing employee efficiency
2. Multiple expense reporting options for workers to submit expenses
Mobile technology has made it easy for workers to move around quickly. They can carry their mobile phones in their pocket and go on doing their work. The mobile has also become a powerful device for workers to report their expenses and progress.
But not every worker has the same type of cell phone devices or is comfortable with all kinds of mobile applications. The key is to have intuitive and easy-to-use software that can be used by workers across an organization.
Fyle is built for users to easily report their expenses without having to spend more than a minute on the app. Along with our mobile app, workers have multiple options through which they can report their expenses.
For example, when they receive an e-receipt for an expense, they can simply forward it to Fyle by sending a normal text message, or by forwarding it to a special email.
No matter where your workers choose to fyle their expenses, Fyle uses the same OCR technology to scan, extract, and auto-fill all the essential information. With multiple options available to them, workers don't need to wait to report their expenses. Fyle makes it easy for them to submit their expenses through their cell phone and go on doing their work.
3. Allows easy collaboration between the job site and office
In the construction business, both on-site workers and office workers must maintain connectivity and communication. Our expense management software empowers office workers to track each worker's expenses even if they're working from different locations.
With our paperless expense reporting app and cloud-technology, on-site workers and office workers can maintain communication regarding project costs and expenses. Not only will this increase productivity for all employees, but it will help contractors save more.
With Fyle as your business expense management software, you can create a simple process to automate the entire expense approval process. Further, by automating workflow, you can curb delays or discrepancies between teams. Additionally, all the stakeholders for an expense report can quickly access the expense report and keep the process flowing without any hiccups.
By using Fyle as your expense automation software, your construction business can keep all your employees working efficiently by concentrating on what's important.
4. Ensures visibility into project expenses
The construction industry is one of those industries where employees work remotely on a regular basis. They have to ensure seamless collaboration and management.
When employees are scattered remotely, it can be challenging to gain visibility into the expenses being incurred.
- The finance teams and accountant have no clue whether the project is within budget or not.
- They have to wait until they receive all the expense reports from employees to make careful calculations.
Having zero visibility into employee expenses also means workers could be incurring expenses that can affect project cost estimation. This can reduce the profitability of the project, and can even bring it to a crashing halt.
Fyle is built to ensure each stakeholder has full visibility into the expense process. With real-time expense reporting by employees through their devices, the finance teams can track and measure expenses. Additionally, with Fyle's cloud storage for expense management, on-site workers can upload their expense reports, and off-site workers can review them with just a few clicks.
With Fyle, no one is left in the dark, and the project's expense management can be kept in check.
The bottom line
Construction expense management can be a difficult challenge to tackle.
With crews working remotely, you have to ensure the project's budget is within the estimated cost. One effective way to tackle the challenges the construction industry faces with expense reporting, tracking, and managing is through an automated expense management solution.
With mobile technology, your mobile workforce can tackle remote expense reporting challenges. Fyle’s mobile app frees your workers from the burden of sitting inside the four walls of their office or home submitting expense reports at the end of the project.
Fyle is a cloud-based software, which means you can check in on project expenses from wherever you happen to be. With real-time expense reporting from workers, you can keep a close eye on the project’s budget and view potential overspending and risks.