March 2019 Vol. 74 No. 3

New Products



Construction project owners have a powerful new tool to manage cost-plus, time and materials, and force-account construction projects. CostTrax, powered by Equipment- Watch, is a software solution that streamlines reporting, automatically flags questionable expenses, and en- sures every reimbursement request is 100-percent compliant.

CostTrax is entirely web-based, accessed from any computer or device with an internet connection. It is unique in its ability to leverage third-party datasets to verify rate compliance. Data integrations give project owners critical new rate intelligence to prevent overpayment.

CostTrax streamlines reimbursement workflow, providing project owners with an efficient way to receive and approve project costs.

"Project owners define their specs on day-one," explained Greg Lutz, managing director for CostTrax. "This ensures that every report they receive through CostTrax is already compliant to their exact specifications, with any markupand adjustments applied, and all required backup provided."

CostTrax is the industry's only solution with built-in rate compliance. "Many project owners find it difficult to know whether the rates they are being charged are in line with market standards. This is especially true when it comes to the reimbursement for use of heavy equipment," said Lutz. "In order to prevent overpayment, we use proprietary datasets to audit every report and automatically flag expenses that exceed reasonable market pricing."

This is accomplished through exclusive integration with Equipment- Watch. Standard hourly ownership and operating rates are provided by the Rental Rate Blue Book, the same standard approved for use by the Federal Highway Administration.

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