Expense Cycle Management
Whenever your organisation incurs an expense, the complexity of the payment process varies depending upon the amount of goods and services purchased, the kind and number of vendors, and the individual company’s business rules for approving payments and collecting and maintaining historical information. Computron’s Expense Cycle Management module can greatly reduce this complexity by streamlining and automating various stages of the financial transaction lifecycle.
Expense Cycle Management
Expense Cycle Management integrates with Computron’s Workflow module and other modules in the Enterprise Financials suite to accelerate the payment process, reduce manual effort, and improve your control over the payment process, while increasing the overall productivity and quality of the organizational process. The core features of Expense Cycle Management include:
- Document Scanning – Hard-copy documents can be scanned individually or via a batch process; electronic documents can be imported. Associated documents can be linked to create a comprehensive work package.
- Document Indexing – Information on a document can be indexed, in batch, to support routing for approval, reports, and queries. This feature also enables you to merge invoices, split invoices, check for duplicates, display images, generate letters/e-forms, list invoice documents, and link documents based on pre-defined business rules.
- Pre & Post Voucher Entry – This feature enables you to index and create vouchers, calculate volume efficiencies, and process recurring vouchers.
- Approvals – You can define up to five approval levels and the business rules that determine how to route documents for approval. For example, you can define a specific approval path for critical voucher review or based on a time and/or amount tolerance.
- EFT Payments
- Evaluated Receipt Settlement
- Exception Handling
- Full On-line Inquiry
Reduce Manual Effort
If your organization still relies on manual processing of hard-copy invoices, with financial software to supplement the process, you may not be utilizing your software to the fullest extent. By reducing the manual effort needed to pay invoices, Expense Cycle Management can considerably shorten the transaction lifecycle while freeing up knowledge workers to deal with exceptions, as opposed to mundane transactions.
Expense Cycle Management reduces the need for paper documents and the associated costs of maintaining them. When an invoice arrives in your mailroom, it can be scanned into the Computron system and pertinent data, such as the vendor, invoice number, currency amount, and date can be indexed. Based on your defined business rules, Expense Cycle Management then routes the electronic document to the appropriate individual for approval or, if no approval is necessary, the document can be routed for payment.
An electronic copy of the invoice remains in the Computron system repository for the duration of the transaction life cycle and you can append electronic notes or documentation to this invoice as needed. Computron retains a detailed audit history as the invoice is routed through the organization to help you identify and manage bottlenecks.
Re-engineer Business Processes
Expense Cycle Management provides you with many options to re-engineer specific business processes, such as Accounts Payable. Through the concept of Continuous Process Re-engineering, you can easily modify your processes as they evolve through an intuitive, online interface.
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