Construction companies looking to improve job-level financial visibility have a new option with the launch of Ramp for Construction, a suite of features added to the company's financial operations platform. Ramp is designed for general contractors, builders and subcontractors to help manage project spending, improve cost tracking and identify potential budget overruns earlier in the construction process.
The tools aim to connect field and office financial workflows by centralizing job information, approvals, budgets and payment requirements while syncing with existing business systems.
New features include:
- AI-assisted expense coding that automatically suggests job, phase and cost codes for field purchases, along with mobile and text receipt capture.
- Project-based approval workflows that route expenses and invoices to the appropriate project manager.
- Real-time tracking of project spending against budgets using card, invoice and purchase order data.
- Automated retainage tracking from purchase order through release.
- Subcontractor payment verification that checks required documentation, including lien waivers, W-9 forms and certificates of insurance, before payments are processed.
The company said the new capabilities are intended to reduce administrative work, improve financial oversight and provide contractors with more timely project cost information.
