Effective receipt management helps construction businesses more accurately track spending, ensure margin efficiency, and reduce stress when it comes time to close the books and file for tax season.
However, receipt management causes headaches for many busy construction company owners and finance managers who often spend hours stressing over lost receipts and chasing on-the-move job teams to get expenses submitted.
As one of NAHB’s newest Member Savings Program partners, Rho is an all-in-one finance platform that helps construction companies manage all their corporate card charges, pay vendor bills, speed up month-end close, and streamline expenses.
Here are some tips, tools and best practices you can implement today to stop receipt management headaches.
- Get in the habit of taking pictures of your receipts immediately. Having a photo makes it easier for you to refer to later without worrying about the original receipt getting lost.
- Upload the file to a cloud-based file management system, like Google Drive, once you take a photo. This helps you back-up your files and makes it easier to email your finance manager.
- This one is for the finance managers and owners: Digitize your receipt management process. With apps like Rho, your teams can purchase supplies, and a notification will automatically be sent to their phone or in the Rho Mobile App asking them to upload the receipt.
Once they upload the receipt, that’s where the magic happens. Regardless of location, you can utilize Rho’s mobile app to fill in necessary transaction details like job codes, notes, or additional receipt details.
In seconds, all your recorded data flawlessly integrates from Rho into your chosen general ledger software or ERP, so your finance team can spend less time completing the month-end close and more time managing the business.
Many organizations still rely on traditional paper-based systems for managing receipts. Making the switch and using an expense management tool like Rho and the Rho mobile app can be a game-changer for any business looking to improve its financial efficiency.
Your finance team and your job teams will thank you.
Today, Rho is proud to offer NAHB members a wide variety of other financial tools all under one roof: Corporate cards with built-in expense management, customizable controls, and meaningful cashback to help you run your business better. NAHB members can exclusively earn a $750 cash rewards bonus after spending $10,000 within 90 days after account opening.