The modern digital fleet fuel card expense
management platform conducted a survey of construction company
owners and financial leaders to gauge their confidence in managing
spend in the field
NEW
YORK, April 24, 2024 /PRNewswire/ -- A new
survey of construction industry employees conducted by Coast, a
modern digital fleet fuel and gas card expense management platform
that helps companies govern their fuel and fleet spending, has
found that nearly 60% of respondents were aware of wasteful
spending and fleet card abuse in the last year, and the results
indicate that there are significant gaps in efficiently managing
and controlling spend in the field.
"What this survey shows us is that construction companies
believe they are wasting a significant amount of time and money
with field expense management processes that aren't helping them
control their spend," said Coast CEO and founder Daniel Simon.
More than 200 construction industry business owners and
financial leaders responded to the survey, which set out to gauge
the respondents' awareness of and concerns over their industry's
field expense management practices.
In addition to their concerns about wasteful spending and abuse,
the survey found that:
- 61% of respondents are using manual processes to review
spending in real time
- 48% feel they're spending too much time on reconciliation
- 31% estimated a savings of between 10% and 20% with better
compliance with policies
- 5% reported a loss of more than $5,000 quarterly due to wasteful spending
"While there were some fascinating findings about how
construction companies manage their current field spend, the survey
also showed that their financial teams are having to spend too much
time manually reviewing what their field personnel spend in real
time," Simon said. "We can see that companies spend a great deal of
time conducting reviews of transactions to ensure compliance and
collecting physical receipts to verify spend."
Simon said that allowing employees to make work-related
purchases in the field is essential to efficient operations, and
this is especially true in industries like construction. He said
the survey has provided Coast with some insight into the problems
that the construction industry faces when trying to control and
manage spending.
"It's our goal to help construction companies simplify employee
expense management, and we want to ensure that our all-in-one fleet
card solutions help give construction finance leaders unparalleled
visibility into expenses," he said. "We want to find ways to help
construction companies keep costs down and maintain their
profits."
Coast provides a robust digital platform that is coupled with
Visa payment technology and merchant acceptance. Coast regularly
conducts research into a variety of industries so it can
continuously work to address the challenges industries face when
managing field expenses. Coast offers a fuel card with
best-in-class security and spend controls, software with real-time
transaction data and reporting, and integrations with fleet
management and telematics software.
About Coast
Coast is re-imagining the trillion-dollar
US B2B card payments infrastructure, with a focus on the country's
500,000 commercial fleets, 40 million commercial vehicles, and
several million commercial drivers. Drivers, fleets, and the
merchants that serve them all increasingly demand modern digital
payments experiences and affordable and transparent financial
services products. Coast's mission is to deliver them at a
transformational scale and to improve working lives in one of the
country's biggest industry sectors. Coast is founded and led by
Daniel Simon, who previously
co-founded digital payments platform Bread (breadpayments.com),
which was acquired by Alliance Data Systems for more than
$500 million in 2020. For more
information, visit https://coastpay.com/.
Media Contact:
Heather Ripley
Ripley PR
865-977-1973
hripley@ripleypr.com
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SOURCE Coast