“Cash is king” is something that you may hear very often in the business world. That’s because businesses have to pay close attention to how much they’re receiving and how much they’re spending in return. In contrast to that, do you know what’s even more important than managing cashflow? It’s reconciliation! Yes, reconciling each and every piece of information regarding overall expenditures is difficult. That’s where project cards fit in.
We’re not just talking about simple project cards with information written on them. No, project cards by Vergo integrate with the mobile banking app to monitor and reconcile all project finances. Virtual project cards make the financial reconciliation of every project easy and convenient. How do they work? Well, let’s hop right into that!
How Do Project Cards Work for Home Builders?
It’s worth mentioning that the project cards by Vergo aren’t just for home builders. Instead, the virtual project cards serve:
- Interior Designers
- General Contractors
- Bathroom Renovators
- Kitchen Renovators
The working concept of virtual project cards is quite simple. Project cards let you keep tabs on the ongoing financial situation of each and every project your company completes.
Small businesses, even home builder companies, face multiple challenges when it comes to project finance management. But, virtual project cards are an easy way out of the problem. Do you know how? Well, here’s everything you need to know about project cards for home builders.
Sigh Up Process
First, you have to gain access to Vergo’s upcoming project cards. To gain early access, you can go to the official website and sign up using relevant information. The company will notify you once the project cards are ready for you to pick up.
Project cards are customizable to take the name of the project and relevant credentials that you wish to have on them. You can name your project accordingly and carry it with you to the project site or use it when trying to spend as per the project.
Project Card Balance Top-Up
When you’ve registered and opened an account using the project card for your company, you can top up the balance that you think will be sufficient for estimated expenditures. Then, start using the project card to pay for expenses involving the project you took it out for.
You must know that there isn’t any minimum account balance requirement with Vergo, so you can use the project cards with ease. Plus, you can benefit from the rewards and features, as well as the banking application.
Spending and Expenditures
For instance, you may have to pay frequently for gas, furniture, fixtures, and other things. You can use the project card instead of cash to avoid frequently reaching out for your company’s cash box. It’s much easier to use the project card (Visa format) and pay for outstanding/accrued and on-the-spot bills.
The spending process is quite simple. Once you’re ready to pay, give your card to the cashier, and they will simply swipe it down/across the card-reading machine. Then, the expenditure amount will be subtracted from the account total.
Finance Reconciliation and Statement
The net-banking application integrated with the virtual project card will keep track of all the payments and transactions. In simple words, you will have a complete overview and a detailed report of all the transactions with the help of your Visa project card from Vergo.
When you look at the traditional form of finance reconciliation, you were spending on all expenditures simultaneously without keeping track of where and how you’re spending. Once you were done spending cash and cheques, you would then sit down to reconcile everything properly.
But, with the help of project cards, you will have everything pre-recorded right when you use them to pay vendors, suppliers, traders, and other individuals or companies.
Sending Reports and Earning Rewards
It’s worth mentioning that Vergo cash-back project cards come with different rewards. Firstly, you will have a chance to redeem the points that you earn. You can do this however you find suitable for your company. Furthermore, you must know that earning points isn’t difficult. When you use the project card to make transactions, you generate points based on the total amount that you spend.
The points are in different ratios. For example, you earn five times more points for paying your trade vendors, while you earn three times more points when you use the project cards to pay for insurance, leases, and gas. On the other hand, when you’re spending them on other things, you still earn points.
Similarly, you should know that once the reconciliation is done, you don’t have to type it down and work on it in a separate Word sheet. Sending reports is as easy as clicking the net-banking application once. Projects cards are highly applicable for the home builder industry and remain an integral part of project finance management.
While you may have to reconcile all the financial statements for each and every project collectively, project cards make it easy. You don’t have to sift through receipts and other information to find out which spending is related to a particular project. With project cards, you can sort out all your financial transactions.
Handling project finances is a complicated task, especially when you’re tending to multiple projects at once. So, with the help of virtual project cards from Vergo, you can find a balanced way between project finance management while improving your overall understanding of the company’s finances. With the help of virtual project cards from Vergo, you can analyze spending patterns and expenditure reports for multiple projects.
Virtual project cards don’t involve an annual fee or subscription. Additionally, they have a cool and sleek design, so you won’t have any difficulty getting used to them. Visit Vergo’s official website today to learn more and sign up for early access to project cards for home builders.
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