Managing receipts in the field doesn’t have to feel like an impossible task. However, for many contractors, the process is still riddled with crumbled (or lost) receipts, forgotten transactions, and a lot of cost coding guesswork. As credit card use grows on the job site, keeping track of receipts becomes a bigger headache - especially when relying on employees to manage them manually.
At Vendrix, we believe the solution to receipt capture should be as simple as swiping the card. That’s why we have developed a solution that leverages a form of technology everyone is familiar with: text messaging.
Vendrix utilizes text-based receipt capture to offer a solution that is easy to use at all levels of tech savviness. Cardholders receive a text as soon as the card is swiped, allowing them to snap a quick picture of the receipt and toss it, rather than stuffing it in their cupholder to forget later. In addition to the image, we also prompt users to enter a description. For those who code their own transactions, this acts as a helpful reminder. For others relying on the accounting team, it provides essential context, such as job or truck numbers, ensuring accuracy and transaction clarity.
Once the text prompts have been replied to, both the image and description are amended to the transaction in Vendrix. As the card issuers, we are also able to pre-populate the transaction data within Vendrix. This along with the auto-attachment of the receipt eliminates the need for manual front-end data entry. All that is left for users to complete is the job costing and approvals.
Another benefit of using an integrated card and expense management platform, is the heightened level of transaction visibility. Via the integrated card we are able to collect transaction data at the moment of purchase to allow for immediate cost coding, rather than waiting several days for clearing events. This enables users to track spend more clearly throughout the month, rather than waiting until month-end with a stack of receipts in hand hoping a particular project didn’t go over budget.
Check out what Liz Callahan with Phelps Construction Group has to say about Vendrix:
"Using Vendrix saves us over 40-hours a month. Historically, getting receipts in from the field and having project managers code them correctly is like pulling teeth. Before Vendrix, our corporate credit card charges oftentimes weren’t reconciled until the following month, or later. With Vendrix, we now see project costs as they happen."
By simplifying the receipt capture process, Vendrix helps contractors: Reduce administrative burdens by eliminating the need to perform manual data entry, gain real-time visibility into spending across multiple jobs, and improve accuracy in coding transactions, even for complex purchases.
Sometimes the best answer to a complex problem is simplicity. Connect with Vendrix to see how our solution can help promote a more efficient credit card process for your construction business!