Manual expense reporting is an old-school practice, and some companies are keeping it alive.
Error-prone, time-consuming and exhaustive, that's the only way I can address manual expense reporting. The multiple data entries, multiple statements, payments, reimbursements, and of course, the HomeDepot receipt that has been kept in a wallet for days and is now illegible. Tracking each purchase becomes a time-consuming task that diminishes your potential to be productive and proactive.
I have witnessed organizations not being able to track project expenses to the point where net profit cannot be fully established. When examining case studies, TheoBuild asked the question surrounding expense reports, some companies weren't able to forecast how long it was going to take to close a book.
The Value of Flexible Control
Shared corporate cards are among the most common forms of financial ‘’control’’ construction companies have, the faux sense of spending autonomy combined with the time spend micromanaging every transaction, chasing employees around asking about every single purchase and trying to find where it belongs and which card was used for it, can we all just agree this is a nonviable practice?
Individual cards for everyone is what actual spending autonomy and accountability look like. I know what you’re thinking, tracking purchases on 4 cards is already a hassle, try tracking purchases made on 20 cards. Well, here’s the secret: customized control over company spend through cards that are integrated into Theo's financial platform.
Your Company Deserves Better
Why wait until month-end or financial close to view key data - when you can track your finances today and every day.
Implementing TheoBuild is a seamless process, empower your team to spend safely at no cost. If you ask me about a quantitative benefit, one of our clients saved $10,000 in transactions that were not approved, before the money even went out of their account.
Transactions are updated by the second, memos are requested for purchases that exceed an amount of your consideration, this time your team doesn’t need to take a photo and email it to you, they can upload a receipt directly to your system, taking away the ‘receipt chaser’ title from you.
Streamline your financial closes through Theo, download your reports directly from the platform or integrate Theo into your QuickBooks account.
Flexible and simple is the way we like to do our financials, how about you?