Speedchain says its AI Receipt Agent has cut the time construction finance teams spend on month-end close by as much as 95%. The agent collects receipts by text message, extracts the vendor, amount and job cost details, and matches each receipt to the correct transaction and project code, the company said. Field employees no longer have to submit traditional expense reports, and finance teams receive a complete record without manual data entry, according to the company.
Taylor Marcus, chief executive of Marcus Construction, said his accounting team cut the time it spends on month-end close by 95% using Speedchain and the AI Receipt Agent.
Joseph Shepherd, chief financial officer of G&H Contracting, said the agent cut the time his accounting team spends on expense entry by 50% and is projected to save more than $40,000 a year in combined labor costs.
The company said leading contractors have cited over 70% of coding in the field as inaccurate and requiring rework from the finance team, and that contractors taking on infrastructure, data center and manufacturing projects in the U.S. need financial tools that keep pace with the work. Daniel Cage, Speedchain's chief executive, said text is becoming the most natural way to use agents in the field, and that the assistant turns what used to be an expense report into a text thread. Speedchain describes itself as an AI-native fintech platform for construction, and says customers can obtain global and industry-specific rewards and discounts through Speedchain Advantage.
