Running a business isn’t just about making the big decisions; it’s also about managing the countless small details, and one of those critical areas is expense management. For those already using Acumatica Cloud ERP, there’s a fantastic tool that you might not be aware of—the Advanced Expense Management module. This helpful module can revolutionize how you handle expenses, bringing greater efficiency, accuracy, and peace of mind. CAL Business Solutions has many customers using this and they love it. Let’s learn more.
Why Use the Advanced Expense Management Module?
Maybe you’re already using a product to manage expenses electronically, like Concur. That’s great news – switching to an integrated expense management tool makes a ton of sense. But those tools can be pricey and may not make the most financial sense if you aren’t using all of the bells and whistles. That’s what makes this module so beneficial. Let’s explore some reasons why in more details:
- Automated expense receipt creation: Manually entering every expense receipt can be a major time waster and is prone to errors. With Acumatica’s add-on module, you can automatically generate expense receipts from credit card transactions. This automation doesn’t just save time—it enhances accuracy, ensuring that every expense is recorded correctly without the hassle of paper receipts and manual entry.
- Bank feeds integration: Keeping your financial data up to date can be a chore, but not anymore. By integrating with bank feeds from over 14,000 financial institutions, this module ensures your transactions are always current. This means your expense data is accurate, eliminating the need for manual updates and reducing the risk of discrepancies.
- Expense categorization: Categorizing expenses manually is not only tedious but paves the way for mistakes. The Advanced Expense Management module automatically categorizes new transactions, linking them directly to your General Ledger accounts. This streamlines your accounting process and ensures that every expense is appropriately categorized, reducing the margin for error and making financial reporting a breeze.
- Mobile receipt submission: We live in a mobile-first world, and your business processes should reflect that. Acumatica allows employees to scan and submit receipts on the go using their mobile devices. This feature is particularly useful for employees who travel frequently, enabling them to submit expenses in real time. These receipts are then automatically processed and linked to relevant projects for billing and costing, ensuring that no expense is missed.
- Push notifications: Missing deadlines for submitting expense reports can cause delays and disrupt financial planning. With Acumatica, you can set up push alerts to remind your staff to submit their expense reports. These notifications make sure that even the worst offenders of the bunch submit their expenses promptly, improving overall efficiency and helping you stay on top of your financials.
Real-World Benefits for Your Business
Here are the tangible benefits you’ll see with this module:
- Boost accuracy: We all know GIGO, right? Garbage In, Garbage Out. Accuracy, especially with expense data, is vital for financial integrity and sound decision-making. By automating receipt creation and categorization, the Advanced Expense Management module ensures that your financial records are precise. This accuracy extends to all areas of your business, positively impacting accounting, project costing, and billing.
- Cut down on manual processes: Let’s face it, no one loves tracking those receipts manually. It’s time-consuming, and what happens if you lose one (or more)? Everyone has better things to do. Acumatica adds automation to these processes through the add-on module, eliminating mundane tasks and freeing up your team to focus on more valuable tasks. This shift can lead to increased productivity and a happier, more engaged workforce.
- Enhanced reporting: I don’t know about you, but seeing data at-a-glance is more valuable to me than anything. It helps me understand how successful my business is and head off problems before they become unmanageable. I also have a higher level of confidence that the data I’m relying on is accurate, because we’ve eliminated much of the hand-keying of expense information. Another perk: I can automate the delivery of reports to myself and my team, helping all of us make decisions based on the most current information available.
- Optimized project costing: Properly allocating shared costs and overhead expenses is critical for accurate project costing. Now you can rest assured that these costs are allocated based on established formulas, improving the accuracy of your project costing and billing processes. This precision can lead to better financial management and more profitable projects.
Download more on Acumatica’s Advanced Expense Management Module.
Acumatica’s Advanced Expense Management module is a suite of tools designed to streamline and enhance your expense management processes. By automating key tasks, integrations with banking systems, and providing mobile capabilities, this module can save you time, reduce errors, improve the accuracy of your financial data, and is worth the little extra cost many times over.
If you’re already using Acumatica ERP, adopting this module is a no-brainer. It’s time to unlock the full potential of your ERP system and take your expense management to the next level. Don’t let this opportunity pass you by—start reaping the rewards today. Contact CAL Business Solutions. 860-485-0910 x4 or sales@calszone.com to start.
By CAL Business Solutions, Acumatica and Microsoft Dynamics 365 BC / GP Partner, www.calszone.com
