Published on: July 20, 2021
Acumatica Expense Management offers businesses a powerful tool to take control over their finances. It offers time-saving tools and added visibility into many aspects of your business.
The True Cost of Manual Expense Report Processing
Have you ever thought of what it costs to manually process expense reports? Probably not, but the Aberdeen Group did. This consulting firm calculated the costs associated with processing manual expense reports and found that if a company processes 500 reports per month the expenses are:
- $35.02 processing cost each
- $17,510 monthly cost
- $210,120 yearly cost
You can see how manual expense report processing quickly adds up. The larger the organization, of course, the higher the costs. But even the smallest companies can save a great deal of time and money by switching to automated processes.
Empowers Financial Team with Data
The information obtained from Acumatica Expense Management isn’t just helpful. It is empowering. With the right data, your finance team can now advise other departments on various issues, giving them insight into financial information. The result is decisions based on data rather than guesswork.
Expense Management Solves Typical Challenges
Reconciling expenses can be time-consuming. Entering everything into the accounting system is also low on anyone’s favorite task list. And then add onto that finding missing receipts, following up on illegible receipts, and ordinary questions and you can clearly see where the average system is lacking.
Acumatica Expense Management automatically reconciles receipts to the proper account. It flags them if they are missing and offers you the chance to send reminder messages from the system if an expense receipt is missing. The convenience alone makes it a huge time saver and a great adjunct to an existing Acumatica ERP system.
Acumatica Expense Management Basics
Acumatica Expense Management is a new module built for Acumatica ERP. Using Acumatica Expense Management, your team can:
- Enter expense receipts
- Submit expense claims
- Request reimbursement for expenses using personal accounts or corporate credit cards
- Utilize their mobile device camera (in Acumatica 2020 R1 and newer) to streamline and digitize expense receipt creation
Does your company use Acumatica Bank Feeds Integration? If so, additional features are available to you. These include the ability to:
- Download credit card transactions from your bank
- Categorize them easily
- Assign them to employees
- Activate push text messages to prompt employees to upload scans of receipts
Busy accounting departments find there are many benefits to using Acumatica Expense Management. It saves time, of course. It also improves accuracy by reducing the number of mistakes.
Features Found in Acumatica Expense Management
The following features are available in Acumatica Expense Management.
- Expense claims: Employees can enter expense receipts and submit expense claims on their own. They scan their receipts using mobile devices and submit these scans along with their claims.
- Automated receipts: Take a photo of a receipt using a mobile phone camera. Acumatica automatically creates an expense receipt from the image.
- Push notifications: Notify one employee or an entire department using the new push notifications. You can send an email or text message directly from the module when credit card transactions are missing scanned receipts, for example.
- Smart matching: Automatically match expenses to categories using machine learning that “remembers” similar matches from previous transactions.
Built for Acumatica ERP
Because Acumatica Expense Management was built by the same company that built the core Acumatica ERP system, it works seamlessly with Acumatica ERP. Just add the module and you’re ready to go to a faster, better expense management system.
Mindover Software provides ERP software consulting, training, and implementation. For more information, please, contact us or call 512-990-3994.