Expense reporting and accounts payable processing are an integral part of an organization’s financial management and play a critical role in the overall financial system. Consider the following: You implemented an accounts payable automation solution and started to benefit from facilitated and accelerated AP workflow management including invoice capture, validation, processing, approval and analysis. However, your company still uses a manual expense reporting process requiring a lot of time and money on reports creation, submission, verification, approval and reimbursement.
A bird’s eye comparison view of these two processes:
Structurally, accounts payable and expense report management seem to be almost the same processes transferring similar types of data and progressing thru common lifecycles. Because expense reports management is often a task of an organization’s accounts payable unit, the same people may carry out these processes making it logical to have both processes automated in the frame of one system.
Understanding the advantages of combining the two processes and having investigated our clients’ opinion on this point, Orienge developed an additional solution in our current financial information management software. Orienge designed the solution to streamline the expense report management process helping to increase financial transparency, minimize cheating and better manage the company expenses.
A lot of AP automation solution vendors offer expense report management functionality as a part of the overall AP management system. However, all organizations do not follow unified financial management practices. Although these processes are present in all organizations, every company has its particular features and qualities of the operations sequence, internal policies, etc. The platform for any of these solutions must be flexible enough to allow adaptation of the solution to the process, irrespective of its type or professional sphere. When improving, customizing or developing your financial information management system, it is better to address experienced vendors and use high quality tools to get real advantages for your organization.
Conterra FIM can be customized and adapt to specific corporate features and policies in order to simplify accounts payable and expense report management processes. The Orienge team and I are always ready to help you with financial information management and related processes. Feel free to contact me directly email@example.com or contact a member of the Orienge team at (917) 727-3278 or firstname.lastname@example.org.