The bookkeeper needs accurate and timely receipts from the jobsite for several reasons. First, receipts indicate the product arrived on the site, so the supplier can be paid. Second, the cost coding on the receipt provides information on how the material was used on the site.

Receipts also help managers track real costs and signal when they should change suppliers or change the estimating formula.

Here are some guidelines for receipts:

  • Keep them clean and legible.
  • Thoroughly code the receipt. If a receipt has materials being used in two or three different ways, code each as needed. This allows for accurate material cost evaluations.
  • Make sure the job name and number is on the receipt. This will help the bookkeeper maintain accurate records.
  • Submit receipts to the office in a timely fashion. In most cases, if the bookkeeper can pay a bill within a 10-day period, they can save 1% to 2% off the total. In a large company, this can be a significant sum.

    — Tim Faller, Field Training Services, www.leadcarpenter.com.