It’s Time to Automate: Spend Management in Construction

The following content is sponsored by Briq.

Construction finance is not finance 101; it’s complex, unique, and cumbersome. With so many projects, stakeholders, and resources at work across a construction company at any given time, the finance team is often overwhelmed by data and documents. That’s why it’s time for construction finance to move away from massive spreadsheets, paper invoices, and piles of receipts — it’s only making the job harder. Not to mention that nowadays, people expect their jobs to be somewhat assisted by technology.

From paper trails to cloud connections

Working from paper, or across multiple disconnected spreadsheets is a thing of the past for most industries. Spend management is a cloud-based solution to manage expenses, AP invoices, spend allocation, and corporate cards. It connects all of your business outgoings and with so many costs and expenses, there’s no doubt that every construction company needs to get on board. The profit margins in construction are small and time is always of the essence to make the best decisions for projects: current and future. Seeing exactly where the money is going in real-time is going to help.

How do I know this? Because I have spent my life dedicated to the construction industry. We understand the pain points of the construction industry, we know how unique they are to the industry, and we’ve built a platform and two products to help solve them.

A solution made for the industry by the industry

Spend management with a product like Briq allows construction financial professionals to track every dollar their business spends, so you have a complete view of your budget. By implementing this, you save your company time and money by streamlining AP processes, and controlling vendor payments, expense reimbursements, and corporate cards. Say goodbye to hours of double data entry and manually assigning cost codes — Briq takes care of all that for you. With cards and accounts synced directly to Briq, you can get a real-time, accurate sense of business spend and cash flow.

With spend management auditing and reconciling processes are easier as all spend is directly synced to your ledger on the cloud. Bots capture expenditure in real-time throughout the workflow, and all data is synced with your general ledger and instantly updated. No information is outdated because bots are always running and updating data once it’s inputted.

There’s no reason for the industry to remain behind. With a solution like Briq Spend Management, which is fully personalized to how your business operates, you can keep your business’s financial processes. But now your financial team is empowered by a product that unifies your software to automate data entry, log account information, and consolidate your information so they can work on the really important stuff.

About the Author

Bassem Hamdy

Bassem Hamdy has been at the forefront of the drive to disrupt and modernize the construction industry. In 2018, Hamdy co-founded Briq, a financial automation platform to help construction businesses better predict their profitability. Before Briq, Hamdy led strategy and marketing efforts at Procore during its expansion and was for many years CMO at CMiC.

Read full bio