Could the concept of Revolut work in construction?

Unless you have been living under a rock for the last few years you are sure to be familiar with Revolut. It has taken the financial industry by storm since its introduction to market a few years ago with many of us getting very attached to its simple user experience and up to date ways of managing your wealth.

Revolut Personal

Revolut personal can manage all your day to day transactions and money management. Revolut essentially sits on top of your bank account and was created most likely to help us as a society move away from the archaic blocky and slow online banking interface. Once you connect your Revolut to your bank account you can top up and withdraw money to and from the app. Once you have money you have lots of avenues that you can explore.

Save in your Vault

Set up a vault in the app which can collect all your “spare change” on purchases and store it away to a savings vault. Buy a weekly shop in your local supermarket that might come to €48.50 and Revolut will round up to €50 and store the €1.50 in your vault. You would be surprised how quickly you could have €1,000 in your vault for a holiday without ever feeling like you tried to save.

Send money instantly

The unique selling point of the application. Very handy for splitting bills at a restaurant, or if you forgot your wallet or do not have cash. Instantly pay your friends, colleagues or the waiter at the bar using the card, tap on your mobile or send via phone number.

Invest in Crypto

Have your money make money. Increase your personal wealth by investing in stocks (Amazon, Tesla, Nio) crypto (Bitcoin) or commodities (Gold).

Assign Cards to your Kids

If you have kids you can give them pocket money on their card. Very useful as you can manage and oversee their spending. Get immediate updates and notifications when and where money is spent and also set limits.

Budgeting and Cashflow

Our favourite part of Revolut is its ability to know you more than you know yourself. Immediate and live overview of your spending habits by category, month and location. Dashboarding and ease of use to a level that our software and projects aspire to.

And all of the above is at the cost of a one off payment for a revolut card at the price of a pint.

Revolut for Business

It is no surprise then that when Revolut recently released their Revolut for Business Application that we at GagaMuller were early adopters to the disruptive and addictive application. Today we run our entire business through Revolut for business, and maybe you should consider this too.

Much like your personal Revolut, the business application's main advantage is its ease of use, transparency and ability to provide instant analytics such as budget and cashflow.

Recording with Ease

Automated monthly payroll, invoice payments and one off transactions all recorded with full history for revenue including receipts attachment and VAT calculations. All your data can be exported to managing accounts, no more need for boxes of receipts and large accountancy bills. It even works with Xero and multiple other accountancy software's.

Assign Cards to your Employees

If you have a large team why not empower them with Revolut cards for their expenses. Set limits on your teams cards and have immediate live transactional data per team member. All expenses include receipt attachment and where required even approval and sign off.

Budgeting and Cashflow

Run your entire business cashflow through the application. All transactional data can be linked to your accountancy software for up to date spendings and outgoings.

The business account comes in at a monthly cost of just shy of €25 per month with a one off payment of €5 per card. Who knows it could save you big on your annual accountancy and admin budget.

Recent Case Study

On top of managing our in house accounts with Revolut for business we also recently toyed with the idea of using the application for payments at project level. On a recent one off luxury private dwelling build for a client in Dublin (Not typically our business deliverable of mega scale project management but it was our first opportunity at being the Contractor) we finally got to set the rules that we believe are aligned to the times we live in.

Because we are driven by transparency, open communication and technology, we obviously went the extra yards when finalising the design detail with the architect and engineers by putting a big focus on buildability and value engineering. A higher level of detail and finalised specifications allowed us to actually fully coordinate our design and allow us to consider areas for modularisation.