ERP (Enterprise Resource Planning) has been the cornerstone of several small, medium, and large sized businesses for many years now. ERP acts as the aggregator accounting platform of choice for companies, but some may agree that its flexibility is questionable.
Top 3 challenges with ERP:
- High value purchases and expenses around IT, Marketing, HR Services, Legal Fees, Utilities, and Regular Expenses like Annual Maintenance Contracts are taking place outside the ERP system. There is limited or no control on branch or department level spends. Delegation of Authorization and Corporate Policies are challenged exposing the company to risk.
- ERPs are not viably built for every employee of the organization to log on to it for requesting, approving, or fetching information. They are built for recording post-facto transactions and processing them for P&L. The cost alone for each licenced user would be run too high.
- Purchases made outside the ERP amount to significant percentage of SG&A expenses and the time spent managing the purchases and payments is huge because of the number of transactions. Manual data entries are required to integrate with the ERP. These spends are managed with a homegrown system or spreadsheets or email or worse – paper receipts. The accounts and finance operation remains tactical at best.
Expenzing takes you further than conventional ERP
Expenzing is an expert in spend management that includes – expense management, travel expense management and procure to pay software, adding immense supremacy to the existing ERP system. We help you beyond your ERP limitations, with an automated system that brings your stakeholders on a singular platform.
- Purchase Orders (POs) can be made in a few minutes – starting from deciding which supplier, to raising the PO online and sending that to the supplier.
- Expenzing Invoice Management software offers tight control into the Invoice due diligence process. Our best in class Automated Due Diligence with Invoice Scrutinizer ensures you never lose money to wrong payments.
- Expense Management Software enables approvers with email approvals knowing that Process Checklists have been checked before any invoice lands on their desk.
- Get MIS reports, analysis on spend areas 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 businesses save a lot of time and cost in managing their procurement, travel, and employee expenses better, and it compliments your existing ERP. To summarize, ERP is at the core of the business for many years now, but it requires the right augmentation, Expenzing provides just that adding great value to your business.
Shabbir is an industry veteran and Serial Entrepreneur with over 30 years of experience. He started his career with HCL Technologies and ventured on the entrepreneurial journey shortly after 2 years.