ERP (enterprise resource planning) It has been the cornerstone of various small, medium and large companies for many years. ERP acts as the aggregator 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 around IT, marketing, human resource services, legal fees, utilities, and regular expenses, such as annual maintenance contracts, are done 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 risks.
- ERPs are not feasibly designed for every employee in the organization to log in to request, approve, or get information. They are designed to record post-facto transactions and process them for P&L. The cost just for each licensed user would be too high.
- Purchases made outside of the ERP account for 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 entry is required to integrate with ERP. These expenses are managed with their own system or with spreadsheets, email or, what is worse, paper receipts. Accounting and finance is still tactical at best.
Expenzing takes you further than a conventional ERP
Expenzing is an expert in expense management that includes: expense management, travel expense management, and purchase software to pay, adding 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 (POs) can be completed in a few minutes, starting with deciding which supplier, to generating the purchase order online and sending it to the supplier.
- Expenzing Invoice Management software offers tight control of the invoice due diligence process. Our best automated due diligence with invoice scrutiny ensures you never lose money to incorrect payments.
- Expense management software allows approvers to approve via email knowing that the process checklists have been verified before any invoices arrive at their desk.
- Get MIS reports, spending area analysis to improve or negotiate with vendors.
Regardless of the industry you are in: insurance, finance, projects, media, engineering, healthcare, manufacturing, our financial control and expense management solutions help companies save a lot of time and costs in better managing their employee acquisitions, travel and expenses, and complements your existing ERP. To sum it up, ERP has been at the core of the business for many years, but requires the right augmentation, Expenzing provides precisely that which adds great value to your business.