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Posted by Management.Controls on Sep 13, 2017

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Change the Way you Manage Your Contracted Services and Transform your Audit Findings (so there isn't one)

Posted by Management.Controls on Aug 07, 2017

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Materials Cost Tracking

There is often a significant delay between the delivery of contractor supplied materials and the submission of the actual invoice. In addition, many contractors buy in large quantities and split materials among many projects and company contractor coordinators. The administrative aspects associated with tracking and accountability for material charges is difficult and even more pronounced during major capital projects or plant outages.


These factors make it difficult for true validation of what was provided vs. what was billed to the job. Nevertheless the contractor and the owner's representatives are both expected to keep detailed records and be accountable for the spending. Track takes a major stride in eliminating the problems associated with contractor supplied materials in the following ways:

  • Timely and accurate allocation of costs to the specific jobs for which they were used
  • Avoidance of double billing which often goes unnoticed if the invoices are routed to separate owner representatives
  • Simplification of the validation effort required of the owner's representatives as it relates to contractor supplied materials
  • Availability of historical purchasing information supporting accurate cost reporting, reconciliation and improved purchasing decisions
  • Delegation of authority control over release of funds associated with materials purchased by contractors
  • Elimination of the paper-intensive contractor supplied material process with the capability of scanning the contractor's material invoices and linking them to material allocations
  • The potential for institutionalizing a more detailed and controlled work process for contractor supplied materials