Eliminate Costs with Acumatica’s Next-Gen Advanced Expense Management
Posted on: November 3, 2020 | By: Guy Logan | Acumatica
In September, Acumatica announced its next-gen Advanced Expense Management and Electronic Bank Feeds. These new features allow Acumatica users to incorporate electronic bank feeds for corporate credit cards and automate receipt creation, drastically simplifying and streamlining expense management for both mobile users and accounting personnel.
With built-in Advanced Expense Management, Acumatica users can now forgo expensive licensing fees from third-party accounting solutions like Concur and Abacus. Jessica Page, Director of Operations at SB Tactical, commented that “It used to take us hours to keep up with the volume of transactions from two different banks and two different credit card companies. Now everything imports automatically every morning. We can easily apply incoming ACH payments to invoices, and employee expense receipts are timely and accurate – the expense receipt information is filled in for [employees], all they have to do is attach a picture of the receipt and classify the expense.”
Acumatica Advanced Expense Management’s ability to detect corporate credit card activity and remind users to retain the physical receipts for accounting purposes is one of its most exciting features. Ali Jani, Acumatica’s Chief Product Officer, noted that Acumatica’s new machine learning capabilities allow expenses to be intelligently categorized, which streamlines the back-office accounting process.
Additional Acumatica Advanced Expense Management highlights include:
- Mobile notifications for corporate card activity
- Automated bank reconciliations using corporate cards
- Machine-learning enabled receipt capture and image recognition
- New automated approval processes
- Simplified employee reimbursement methods
Acumatica Electronic Banking highlights include:
- Tokenization technology and multi-factor authentications for secure connections to over 11,000 financial institutions
- Real-time activity downloads
- Automated expense and disbursement creation
- Streamlined bank reconciliation
- Total compatibility with Advanced Expense Management
Next steps
Acumatica’s new Advanced Expense Management and Electronic Banking Feeds provide a future-proof way to help your company thrive in the new digital economy. As an Acumatica partner, Logan Consulting has helped clients grow their business with technological solutions. Contact us today to schedule a free consultation and find out whether a cloud ERP service like Acumatica can help transform your business.