The new Acumatica Expense Management feature isn’t just a big advancement over previous iterations of the popular ERP software. It’s a huge time saver that automates and streamlines many accounting processes. Let’s take a closer look at the features of Acumatica Expense Management and how it can make your accounting department a model of efficiency.
Expense Management Challenges
Let’s face it—managing expenses isn’t anyone’s favorite task. It’s time consuming to reconcile expense reports with receipts and enter everything into your company’s accounting system. And chasing down missing receipts, illegible receipts, and questionable receipts is even more of a drain on your time.
Now imagine a system where the expenses are automatically reconciled to the proper account, flagged if they are missing a receipt, and offer you the ability to send reminder texts and emails right from the system if an expense receipt is missing.
Sound too good to be true? Well, this new module from Acumatica offers this and so much more.
What Is Acumatica Expense Management?
Acumatica Expense Management is a new module that works with Acumatica ERP. It empowers employees to:
- 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
If you can tap into Acumatica Bank Feeds Integration, there are even more powerful benefits:
- Download credit card transactions from your bank
- Categorize them easily
- Assign them to employees
- Enact push text messages prompting employees to upload scans of receipts or other verification required
This level of automation removes many of the steps that accounting departments must typically go through in any given day to follow up on expenses. Not only does it save time, but it also improves accuracy and reduces the number of mistakes.
Key Features of Acumatica Expense Management
The new Acumatica Expense Management module offers many important features that will be welcomed by the accounting department.
- Expense claims: The new module enables employees to enter expense receipts and submit expense claims on their own. Employees can scan their receipts using mobile devices and submit these scans along with their claims.
- Automated receipts: Just snap a picture of your receipt using your mobile phone camera. Acumatica can automatically create an expense receipt from the image.
- Push notifications: Need to notify one employee or an entire department? It’s easy to do with the new push notifications. Send an email or text message when credit card transactions are missing scanned receipts, for example. You can send messages right from the module.
- Smart matching: Here’s where sci-fi meets accounting! Artificial intelligence automates smart GL matching, for example, to automatically post restaurant expenses to meals and entertainment and office supply orders from your favorite online depot to the office supply category. Machine learning also “remembers” and gets better at matching information over time.
Built to Work With Acumatica ERP
There are many apps, APIs, and stand-alone tools that promise to support accounting efficiency. But nothing beats using a module that’s built to work with the cornerstone tool in your business, 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 well on your way to a more efficient, streamlined method of tracking, reporting, and paying expenses.
Emerald TC is an Acumatica reseller and welcomes the opportunity to share this exceptional software with you if you’re considering new ERP software For more information, contact us or call 678-456-6919.