Project managers know the difficulties of covering costs on a construction job. The cost of supplies usually needs to be covered before the bill for the job is completely paid, so cash flow can become an issue. And, logistically, it can be difficult to have workers front money for costs and wait for reimbursement. Fortunately, there are some smart ways to streamline the supply purchasing process and keep costs down for ongoing construction projects.
Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.
- Estimate costs carefully - You probably already know this, but you may not realize how much technology can help with getting accurate estimates. There are programs and tools both free and for sale. In addition, there are sites that make it easy to get quotes in minutes, like Get-A-Quote.net.
- Know the return policy – You may end up with too much material, and you need to know it can be returned. Check first and make a habit of filing the receipts.
- Use a corporate prepaid card– Using prepaid cards for your projects can be a great way help you keep expenses in line, especially if you have a team in the field making the day to day purchases required for the job. You can track expenses as they happen so you stay in control and on top of the overall project budget. And if your workers have these cards there’s no need to go through a lengthy reimbursement process.