PEX Wins “Top-25 Construction Applications for 2018” Award from CIO Applications Magazine.
Effectively authorizing, enabling and tracking employee’s project based spending is a daily grind for most construction companies. That is why more and more are turning to PEX to automate and simplify the process. PEX is honored to be recognized as a “Top-25 Construction Application for 2018” by CIO Applications magazine. “Many of our first and longest standing clients come from the construction industry and we continue to innovate to help them spend more nimbly and more wisely. We are very happy to be recognized by CIO Applications for the work we do on behalf of our clients”, said Toffer Grant, Founder & CEO of PEX.
Unparalleled control over where, when and how funds are spent.
In his interview with the magazine, Toffer explained how PEX was designed from the ground up to eliminate the inefficiencies of getting cash, cutting checks, and “the time to contact a bank or credit card company to make program changes.”
The PEX Platform consists of a special bank account that funds prepaid debit cards, on a per-diem or as-needed basis, through a SaaS application.
It gives PEX customers control over their entire workforce spending ecosystem.
They can issue cards, fund and defund the cards and set up spending rules (disabling the ability to use cards in bars or lounges) and more. All without calling a bank or card issuer.
Ready access to the funds and the platform.
“The platform has three access points,” Toffer explains, “a web app, a mobile app and a suite of APIs.” All serve as gateways to “a robust set of spend controls.”
A company, if it wishes, can give executives high levels of spending privileges without pre-authorization. At the same time, they can give temps or junior employees cards with a $0 balance. If one of these employees needs to make a purchase, finance can approve it and fund the card “in the time it takes the cashier to ring up the purchase.”
Beyond the usual applications.
Asked how the PEX platform helps streamline operations for current customers, Toffer proudly explained the role PEX played in helping a volunteer organization in Hurricane Harvey disaster relief.
“Time is of the essence and that relies on quickly getting spending power in the hands of their volunteers,” he says. “Before PEX, they relied on cash and checks. This slowed teams down when time was most critical. Now, the teams can focus on the more important work of recovery in the communities most affected.”
At the same time, PEX enhances transparency into how the organization spends, to help demonstrate compliance.
Toffer also explained how a solar panel manufacturer gives PEX cards installation and maintenance teams. “The cards are provisioned with only amounts needed for each job. The main office team maintains a daily view of spend, enabling the field teams to get more work done.” Management defunds unused per-diems from cards at the end of each day.
Streamlined recordkeeping and reporting.
PEX also helps keep brings efficiencies to finance departments. Once any purchase is complete, the employee photographs the receipt with the mobile app and attaches it to the purchase. Finance can see it in real time. No waiting for expense reports or card statements.
PEX can also tag the purchase with your accounting codes for instant reconciliations. The platform integrates with all the leading accounting software packages, including QuickBooks and Xero.
With API solutions, PEX customers can build the features and capabilities of the PEX platform into their own internal systems. This saves time and further improves transparency. Processes that once took days or weeks are completed in hours.
More PEX innovations to come.
Asked about the future of PEX, Toffer noted that projects in development include expansion of virtual cards (that can remove the need to have a physical card), more advanced and integrated workflows to approve and audit spending, plus data solutions that will further automate the manual corporate spending process.
“We see our clients continuing to seek more and more efficient ways to streamline operations and take costs out of the system. As a result, our focus for the future is to continue to build on our workforce spend platform to add features that simplify and automate how they enable teams to spend.”
Sure we can boast 2018 Top-25 Construction Applications award, but we’re not resting on our laurels. PEX continues to innovate.