New York, NY — Tough Leaf, the leading provider of small and diverse business procurement, is proud to announce the launch of Tough Leaf ClearSpend, a comprehensive financial reporting solution designed to provide visibility into certified small and diverse business spending at both the company and project level. 

Tough Leaf ClearSpend empowers organizations to track and report spending with certified small, local, and diverse vendors, suppliers, and subcontractors while ensuring compliance with Federal, State, and Local utilization goals. By centralizing data at both the company and project levels, ClearSpend provides an all-in-one solution for tracking payments, generating spending reports, and maintaining compliance to safeguard against penalties.

“Tough Leaf ClearSpend was built to solve a critical need in our industry,” said Wissam Akra, Founder and CEO of Tough Leaf. “It allows companies to accurately monitor their spending with small and diverse companies and deliver the concrete evidence stakeholders need, all while reducing administrative burdens.”

Why Tough Leaf ClearSpend Outperforms Traditional Compliance 

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 eliminates that burden by maintaining certification records on their behalf. Our platform is the country's most comprehensive data source of certified small, local, and diverse businesses, ensuring records are always current and providing teams with real-time updates when subcontractors are no longer certified.

Here’s how Tough Leaf ClearSpend sets itself apart:

• Comprehensive Nationwide Data: Tough Leaf maintains data on every certified small, local, and diverse business in the U.S., eliminating the need for subcontractors to submit or update their certifications.
• Real-Time Certification Tracking: Tough Leaf updates its platform twice a month, ensuring all certification changes are promptly reflected.
• 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 Capabilities with Tough Leaf ClearSpend

• 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.

Proven Results

Top industry leaders are already benefiting from the impact of Tough Leaf ClearSpend. For instance, an ENR Top 10 General Contractor initially estimated it spent $350M with certified small, local, and diverse subcontractors. With Tough Leaf ClearSpend, the General Contractor discovered that the actual figure was closer to $1.4B, providing an unprecedented level of transparency and accountability.