Heavy equipment data and intelligence solutions provider EquipmentWatch has reportedly unveiled a new software solution CostTrax. Sources claim that it is a powerful tool for project owners that manages cost-plus, materials and time, along with force account construction projects. Apparently, this software streamlines reporting, flags questionable expenses automatically, as well as ensures that every reimbursement request is 100 per cent compliant.
According to a report by Construction Equipment Guide, CostTrax does not require any software to be downloaded and is entirely based on web. It could be accessed from any device or computer with an internet connection. It has the unique ability of leveraging third-party datasets for verifying rate compliance.
Data integrations, like the local rental market pricing provided by EquipmentWatch and the operating and ownership costs from its Rental Rate Blue Book, seemingly provide a critical new rate intelligence to the project owners for preventing overpayment.
CostTrax allegedly provides an efficient way of approving and receiving project costs to the project owners. Managing Director for CostTrax, Greg Lutz, mentioned that the specs are defined by project owners on day one. This ensures that all the reports provided by CostTrax are compliant to their exact specifications, with any adjustments and markup applied, along with providing all required backup.
Lutz further said that it is difficult for a lot of project owners to find out if the rates being charged are aligned with the market standards. This mostly happens at the time of reimbursement for using heavy equipment. To avoid overpayment, CostTrax uses proprietary datasets for auditing every report and flag expenses automatically which exceed reasonable market pricing.
Further from the report, CostTrax has the capability of accomplishing this via an exclusive integration with EquipmentWatch. The Rental Rate Blue Book provides standard operating and hourly ownership rates, the same standard used by the Federal Highway Administration. The rental invoices get validated against most comprehensive rental database of the industry that offers local market benchmarking