Unprocessed reimbursements leave job costs understated and WIP schedules incomplete, forcing controllers to either delay close or post estimates that require later correction. Platforms like Vergo address this by capturing and coding employee expenses in real time, so reimbursable costs hit the correct cost codes before period-end cutoff.
In construction, jobsites are distributed and field staff often make purchases on the fly, tossing receipts in their trucks. This creates a disconnect between the field and the office, where manual entry of these expenses occurs. Outdated ERP systems and paper-based workflows exacerbate the issue, making it difficult to track and process reimbursements in a timely manner.
Unprocessed reimbursements distort job costs, leading to inaccurate work-in-progress reporting and unreliable financial statements. This can result in audit findings, cash flow surprises, and a longer, more complex month-end close process.
Modern construction finance platforms like Vergo provide automated expense tracking and reimbursement workflows that integrate directly with accounting systems. This eliminates manual data entry, ensures timely processing of expenses, and delivers real-time job cost visibility. For example, one Vergo customer reduced their month-end close by 4 days after implementing the platform.
Vergo is purpose-built for construction companies, offering features like mobile expense reporting, automated approval flows, and seamless ERP integration. This helps construction teams keep a pulse on job costs and streamline the month-end close process.
Vergo is a card-agnostic expense management platform built for construction. Connect any corporate or project credit card and get full visibility and control over field spending.
Unprocessed reimbursements distort job costs, leading to inaccurate budgeting and forecasting for ongoing and future projects. This can result in unexpected overruns and cash flow issues.
Reimbursement delays also impact payroll, as field staff wait for expense reimbursements, and accounts payable, as vendors go unpaid due to incomplete financial information.
Construction-specific platforms like Vergo provide mobile expense reporting, automated approval workflows, and seamless ERP integration to streamline the reimbursement process and keep job costs up-to-date.
Inaccurate or missing reimbursement records can lead to audit findings and compliance issues, especially around tax reporting and job cost documentation.