Globally, the construction industry is estimated to generate $11.3 trillion output on an annual basis with a 30% growth expected by 2030. As a result of this rapid growth, there is an ever-increasing demand for and adoption of digital technologies in the sector.
With rising costs of raw materials and supply chain concerns, construction and related companies are looking for ways to efficiently control the budgets for their projects and day-to-day operations. Existing project management technologies allow finance managers to effectively track the large-scale costs associated with running projects but they have little to no real-time visibility on the smaller-scale spending taking place by employees, often using cash. Qashio is here to solve that problem and give companies control over their spending!
As Frank Lloyd Wright famously said, “You can use an eraser on the drafting table or a sledgehammer on the construction site.” In the same spirit, you can manage your spending before it happens and avoid any nasty surprises at the end of the month!
What is Qashio?
Qashio is an enterprise-grade Spend Management solution that provides companies with comprehensive software which allows them to issue and manage their own corporate cards, replacing the use of cash. With Qashio, companies can instantly create cards with customisable controls, allocate budgets, set customised multi-level approval workflows, define spend categorisation and track spending in real time. Direct to ERP integrations and Project Accounting modules eliminate inefficient manual processes and allow finance managers to efficiently reconcile expenses. Qashio can be utilised by companies across the industry from Contractors and Suppliers to Architechture, Design and Real Estate firms.
Qashio provides companies with the ability to instantly create corporate cards for their employees or contractors. Qashio cards can be issued as a virtual-only cards or have an accompanying physical card. Card usage controls are completely configurable by the company with the ability to limit when, where and how much is spent on the cards and the option to limit usage by individual merchants or merchant categories.
Cards are assigned to individual employees and the Qashio app gives employees complete visibility on their spending and budgets along with allowing them to effortlessly upload a receipt copy and add a memo. Advanced features allow employees to request cards and funds directly from the app with approval workflows customised to each individual.
Spend Management Software
Qashio customers are provided with a comprehensive spend management software which gives Finance Teams a clear and up-to-the-minute overview of their company spending. Track transactions and budgets in real-time and export customisable reports and data. Finance teams can map their complete Chart of Accounts to ensure transactions are easily reconciled to the right account in their ERP or Accounting Software.
The construction industry relies heavily on bank-to-bank transfers as a means of invoice settlement. Qashio’s Invoicing Module allows finance teams to consolidate and manage payments from one platform.
Companies simply upload invoices and OCR technology populates the invoice details automatically. Payments can be made directly from the dashboard, individually or in bulk, with the option to link several different bank accounts and specify which one should be used for each payment. Finance managers can schedule invoice payments in advance so no payments get missed and the task of invoice payment can be reduced to a single weekly or even monthly task. Qashio also offers companies several different financing solutions to speed up the settlement process.
Multi-level Approval Workflows
Qashio has designed advanced, customisable multi-level workflows, allowing companies to set rules for approvals per company, department, team, project, or even individual. Approval policies can be set based on a range of criteria with the option to create Approval groups, allowing companies to expedite the approval process. Request can be easily made and approved from the Qashio app and records of all approvals are saved, creating an extensive paper trail and reducing auditing-related issues.
As a solution built with Enterprise business in mind, Qashio offers companies advanced modules including Project Accounting in order to accurately track and record expenses associated with specific projects. Projects can be defined by site, client, or department and can even be utilised to segregate expenses for specific campaigns. Using the Project Accounting features, companies can quickly identify the spending related to different projects to calculate ROI or forecast and plan for future projects.