In today’s construction environment, companies face growing pressure to meet small and diverse spending goals to ensure compliance with Federal, State, and Local regulations. For Prime Contractors, this means accurately tracking and reporting spending with certified small, local, and diverse firms. However, the process of managing these requirements is often complex and time-consuming, with data scattered across multiple systems and sources.
Tough Leaf ClearSpend was built to solve this challenge. It is a comprehensive financial reporting solution designed to help companies streamline compliance management, monitor diverse spending, and provide concrete evidence of their commitment to participation goals. Tough Leaf ClearSpend not only simplifies tracking and reporting but also equips businesses with the tools they need to build a comprehensive small and diverse procurement program.
Why Tracking Spending with Certified Small and Diverse Firms Matters
With Tough Leaf ClearSpend, Prime Contractors get a centralized platform that simplifies how they view and report on their small, local, and diverse firm spending at both the company and project levels. Tracking spending with certified small, local, and diverse firms is about more than meeting legal requirements—it’s about showcasing your verified spending track record as well as your commitment to participation requirements, which will lead to winning more work.
How Tough Leaf ClearSpend Outperforms Traditional Compliance
Imagine a world where you no longer have to pull data from multiple systems, manually calculate utilization rates, or worry about audit readiness. Tough Leaf ClearSpend makes this possible by bringing your subcontractor compliance data into one easy-to-use platform.
Unlike existing solutions that rely on vendors to manually upload their certifications to be recognized as small or diverse by each prime contractor they work with, Tough Leaf ClearSpend is backed by its powerful platform, the country's most comprehensive data sources of certified small, local, and diverse businesses. Here’s how Tough Leaf ClearSpend sets itself apart:
- Comprehensive Nationwide Data: Tough Leaf has data on every certified small, local, and diverse business in the U.S., eliminating the need for subcontractors to submit their certifications manually.
- Real-Time Certification Tracking: Tough Leaf updates its platform twice a month, ensuring all certification changes are reflected promptly.
- Proactive Alerts: Clients are automatically notified when a subcontractor gains or loses certification status, providing continuous visibility into compliance risks and opportunities.
- Seamless Reporting: This proactive approach ensures spending reports are always accurate and comprehensive, giving clients an edge in maintaining compliance and achieving diversity goals without additional effort.
Key Features of Tough Leaf ClearSpend for General Contractors
- Insightful Executive Dashboards: Leverage customizable dashboards that provide key insights about your company-wide small and diverse firm spending actuals and projections.
- Granular Financial Analysis: Drill down into financial reporting data for each project or zoom out for a company-wide snapshot for complete diversity spending oversight.
- Payment Tracking & Utilization Goal Progress: Monitor monthly payments to certified small and diverse firms and receive alerts for off-track projects.
- Safeguarding Against Penalties: Ensure compliance is being maintained by cataloging historical spending and forensic accounting data to comply with audit requests.
- Automated Certification Tracking: Unlike existing solutions that require vendors to upload their certifications to be recognized as small or diverse, Tough Leaf ClearSpend eliminates this step. It automatically tracks certifications and matches your spend with the data in our platform—no vendor uploads required.
How Tough Leaf ClearSpend is Delivering Results for Top Contractors
The benefits of Tough Leaf ClearSpend are already being realized by leading contractors. For example, an ENR Top 10 General Contractor initially estimated that it spent $350 million with certified small, local, and diverse subcontractors. After implementing Tough Leaf ClearSpend, they discovered the true figure was closer to $1.4 billion. This level of transparency not only boosted their compliance efforts but also reinforced their reputation as a leader in small and diverse firm contract awards.
Ready to Simplify Compliance? Get Started with Tough Leaf ClearSpend
Don’t let complex reporting and tracking requirements hold your business back. Tough Leaf ClearSpend makes it easy to meet your goals, impress clients, and win more work.
Reach out to Neah Brooks to get an early peek at how Tough Leaf ClearSpend can transform your compliance management.