ERP (enterprise resource planning) has been the cornerstone of various small, medium and large companies for many years. ERP acts as the aggregate accounting platform of choice for businesses, but some may agree that its flexibility is questionable.
Top 3 challenges with ERP:
- High-value purchases and expenses related to IT, marketing, human resource services, legal fees, utilities, and regular expenses such as annual maintenance contracts are made outside of the ERP system. There is limited or no control over spending at the branch or department level. The Delegation of Authorization and Corporate Policies are questioned, exposing the company to risk.
- ERPs are not built in a viable way for every employee in the organization to log in to request, approve, or obtain information. They are designed to record post-facto transactions and process them for P&L. The cost for each licensed user alone would be too high.
- Purchases made outside of the ERP represent a significant percentage of SG&A expenses and the time spent managing purchases and payments is enormous due to the number of transactions. Manual data entries are required to integrate with the ERP. These expenses are managed with a proprietary system, spreadsheets, email or, worse yet, paper receipts. The accounting and finance operation remains tactical at best.
Expenzing takes you further than conventional ERP
Expenzing is an expert in expense management which includes: expense management, travel expense management and shop to pay software which adds immense supremacy to the existing ERP system. We help you beyond the limitations of your ERP, with an automated system that brings your stakeholders together on a single platform.
- Purchase orders (PO) can be done in minutes, from deciding which supplier, to generating the purchase order online and sending it to the supplier.
- Expense invoice management software offers tight control of the invoice due diligence process. Our best automated due diligence with Invoice Scrutinizer ensures that you never lose money due to incorrect payments.
- Expense management software allows approvers to receive email approvals knowing process checklists have been verified before invoices reach their desk.
- Obtain MIS reports, analysis of spending areas to improve or negotiate with suppliers.
Regardless of the industry you are in: insurance, finance, projects, media, engineering, healthcare, manufacturing, our financial control and expense management solutions help companies save significant time and costs by better managing their acquisitions, employee travel and expenses, and complements your existing ERP. To summarize, ERP has been the core of the business for many years, but it requires the right augmentation, Expenzing provides just that, adding great value to your business.