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Acumatica’s Advanced Expense Management Software module is designed to improve expense accuracy for accounting and for project costing and billing. You’ll be able to stop wasting time chasing down receipts and, instead, focus on business growth.
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AcumatiCares
Product
Advanced Expense Management Software
Automate Expense Reports, Receipts, and Credit Card Transactions
Tracking and recording expenses can be a time-consuming and confusing process, but Acumatica’s Advanced Expense Management software uses the power of artificial intelligence (AI) and machine learning (ML) to cover these tasks automatically.
Advanced Expense Management can automatically:
- Generate expense receipts from your credit card transactions.
- Configure connections between your business management software and your bank feeds in minutes—at 14,000+ financial institutions.
- Define flexible configuration schedules with multiple security levels.
- Match expenses to General Ledger accounts.
- Categorize new transactions.
- Adjust match algorithms to refine the accuracy of future import and matching processes.
- Send push notifications to remind employees to submit scanned receipts.
- And more!
Key Benefits of Advanced Expense Management Software for your Company
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Shorten Expense Cycles
Scheduled bank feed imports eliminate manual credit card statement imports. Automated expense receipt creation reduces the burden of chasing down employee expense receipts. Automatically attach expense receipts to appropriate bank feeds. Push notifications remind employees to submit expense receipts via their mobile phones.
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Improve Data Accuracy
Smart matching using default settings eliminates error-prone manual matching for recurring transactions. Artificial Intelligence and Machine Learning improve smart matching by identifying existing transactions and correctly matching future expenses based on feedback.
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Project Accounting Integration
Expenses and expense receipts flow through to the project accounting system for improved project costing. Billable expenses flow through to project accounting for faster and more accurate customer billing.
Important Features of Advanced Expense Management Software
Expense Claims
Enable employees to enter expense receipts and submit expense claims with reimbursement for expenses incurred using personal accounts or corporate credit cards.
Automated Receipts
US and Canadian customers can take a picture of receipts on a mobile phone. Acumatica automatically creates an expense receipt from the image.
Fast Setup
Connect to over 14,000 financial institutions. Setup takes just minutes to establish a secure connection. Quickly set up data synchronization schedules and configure default settings for card owners and smart match category settings. Support transactions in multiple base currencies.
Push Notifications
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. Employees can submit expenses by scanning receipts on their mobile devices.
Smart Matching
Define default settings to categorize and post transactions to specific general ledger accounts. For example, the credit card statement category or the vendor can automatically identify food or restaurant expenses to post to a meals and entertainment account in Acumatica. Artificial intelligence automates smart matching 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.
Security & Audit Logs
Multi-Factor Authentication (MFA), Advanced Encryption Standard (AES 256), and Transport Layer Security (TLS) ensures safety and security for all information exchanges. Credit card feed updates are logged at the record and field level in Acumatica, providing traceability for all data transactions.
Advanced Expense Management Software – FAQs
How does Acumatica Advanced Expense Management work?
Acumatica Advanced Expense Management helps automate the expense process from capture through accounting. Employees can submit receipts, corporate card transactions can be imported and matched, and expenses can be categorized and routed into financial and project accounting workflows.
How does Acumatica automate expense reporting?
Acumatica reduces manual expense entry by automating receipt creation, importing credit card transactions, and using AI and machine learning to help categorize and match expenses. This helps finance teams process expenses faster while improving accounting accuracy.
Can employees submit expense receipts from a mobile device?
Yes. Employees can capture and submit receipts from supported mobile devices, helping businesses collect expense information closer to the time of purchase and reduce the need to track down missing receipts later.
How are expenses connected to project accounting and customer billing?
Expenses recorded in Acumatica can flow directly into project accounting, helping businesses assign costs to the appropriate projects and include eligible expenses in customer billing. This keeps expense, financial, and project information connected within the same ERP system.
What is the advantage of managing expenses directly in Acumatica?
Because Advanced Expense Management is part of Acumatica Cloud ERP, expense data can connect directly with financial accounting, project accounting, and other business workflows. This helps reduce the need for disconnected expense systems, duplicate data entry, and separate integrations.
Who is Acumatica Advanced Expense Management Software designed for?
Advanced Expense Management is designed for growing businesses that want to automate employee and corporate card expenses while keeping expense data connected with their financial and project accounting processes.
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