Last year, Acumatica introduced the roll out of Advanced Expense Management. Touted as a significant leap forward from the expense management module of prior generations of Acumatica ERP, here’s a closer look at how this new module helps you streamline expense claims and automate expense receipt creation.
What is Acumatica Advanced Expense Management?
In a nutshell, Acumatica Advanced Expense Management includes the ability for employees to:
- Enter expense receipts and submit expense claims
- Be reimbursed for expenses using personal accounts or corporate credit cards
- Use a mobile device camera (in Acumatica 2020 R1 and newer) to streamline and digitize expense receipt creation
Plus, when you use it in conjunction with Acumatica Bank Feeds Integration, you’ll tap into even more efficiency and automation by downloading credit card transactions from your bank, automatically categorizing them, and assigning to employees. And when an action such as uploading a scanned receipt or verifying a categorization is required, employees will be emailed or receive a text message push notification to keep the process flowing smoothly.
This level of automation not only eliminates the hassles of a traditional paper-based expense tracking and reimbursement process, it reduces the time spent chasing down receipts and improves expense transaction accuracy – particularly for project costing and billing.
Here’s a quick look at key features of Acumatica Advanced Expense Management:
Enter expense receipts and submit expense claims. Employees can submit expenses by scanning receipts on their mobile devices.
Take a picture of receipts on a mobile phone while having Acumatica automatically create an expense receipt from the image.
Select a single employee or multiple employees to notify via email or text message when credit card transactions do not have an associated scanned expense receipt.
Artificial intelligence automates smart GL matching (i.e. automatically post restaurant expenses to meals & entertainment) for credit card transaction imports and expense receipts with character recognition for improved data accuracy. Machine learning adjusts matching algorithms to improve match accuracy for future transactions. The more you use Acumatica, the smarter it gets.
It’s Built-In To Acumatica ERP
Perhaps an underrated but important benefit of the Advanced Expense Management module is that it works right within your Acumatica ERP system. That means you get a full-featured expense management and automation suite, while saving tons of money on more expense third party applications that may or may not integrate out of the box with your ERP and accounting system.
Ready to Automate Expense Management?
Click to find an Acumatica Partner in your area that can help get you up and running on Acumatica Advanced Expense Management.