HOW COSTTRAX WORKS
STEP 1: DEFINE YOUR PROJECT
Ensure every request you receive is complete and compliant to your specifications.
During project setup you have complete control over the reimbursement workflow:
- Which expense types are allowed in the request portal
- Which expense types require backup
- How much markup to apply
- Who may submit project costs
- Who can approve submitted requests
STEP 2: INVITE CONTRACTORS TO SUBMIT REQUESTS
The CostTrax request portal makes submitting reimbursement requests faster than ever.
Invited contractors (or your own field personnel) can use the request portal to quickly:
- Track project expenses via standard template
- Save project assets that can be quickly added to requests
- Leverage Rental Rate Blue Book rates for owned equipment usage
- Submit necessary backup for non-equipment expenses
STEP 3: REVIEW COMPLIANT, PRE-AUDITED REQUESTS
CostTrax controls costs by enforcing all specs and flagging suspicious expenses.
We automatically audit and validate expenses against our data sources to prevent over-payment of:
- Owned equipment costs, using industry-standard Rental Rate Blue Book ownership & operating rates
- Rental equipment costs, using EquipmentWatch’s extensive database of national and local rental house rates
- Receipt-based expenses, by requiring and storing invoice/receipt attachments during the submission
STEP 4: RELAX
Rest assured knowing that with CostTrax, every request is fully complete and compliant.
Necessary backup has been provided for every cost. All records have been stored should any potential dispute arise. Not to mention the cost and time savings realized along the way.
