Home Corporate Newsroom Press releases Acumatica Announces Availability of Next-gen Advanced Expense Management and Electronic Bank Feeds

Acumatica Announces Availability of Next-gen Advanced Expense Management and Electronic Bank Feeds

September 16, 2020

Acumatica Cloud ERP customers to reduce costs by eliminating expense-based licensing fees from solutions such as Concur and Abacus

BELLEVUE, WA., September 16, 2020 – Acumatica, the world’s fastest-growing cloud ERP company, today announced the release of Acumatica Advanced Expense Management and Electronic Bank Feeds for its Acumatica Cloud ERP solution. Acumatica Advanced Expense Management is a significant leap forward from the prior generation expense management module, incorporating electronic banking feeds for corporate cards and automated receipt creation to dramatically streamline processes for ordinary mobile users as well as back-office accounting personnel.

With the introduction of Advanced Expense Management, Acumatica Cloud ERP reduces overall solution costs for its users by eliminating the need for otherwise costly user-based licensing fees from solutions such as Concur and Abacus. Acumatica Cloud ERP customers can now enjoy the powerful capabilities of built-in Advanced Expense Management without any need for additional third party add-ons.

“It used to take us hours to keep up with the volume of transactions from two different banks and two different credit card companies,” said Jessica Pace, Director of Operations, SB Tactical. “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 them, all they have to do is attach a picture of the receipt and classify the expense.”

“One of the most exciting features within Acumatica Advanced Expense Management is its ability to detect corporate card use activities and remind the user to capture images of physical receipts for auditing and compliance purposes,” said Ali Jani, Chief Product Officer, Acumatica.  “Combined with its Intelligent Machine Learning enabled receipt recognition, expenses are intelligently categorized to streamline the approval and back-office reconciliation processes.”

Acumatica Advanced Expense Management Highlights:

  • Mobile notifications for unreported corporate card activities
  • Automatic creation of receipts for streamlined expense reporting
  • Proof of expense receipts captured with Intelligent ML enabled image recognition and expense categorization
  • Advanced automated approval processes enforce policies
  • Streamlined reimbursements to employees
  • Automated corporate card bank reconciliations

Acumatica Electronic Banking Highlights

  • Securely connect over 11,000 financial institutions with multi-factor authentications and tokenization technologies
  • Realtime activity downloads with automated smart matching to existing transactions
  • Intelligent creation of expenses and disbursements from use activities with auto matching of existing records
  • Anomaly detection and streamlined bank reconciliation
  • Seamless workflow with Advanced Expense Management and use of Corporate credit cards

About Acumatica

Acumatica Cloud ERP provides the best business management solution for transforming your company to thrive in the new digital economy.   Built on a future-proof platform with open architecture for rapid integrations, scalability, and ease of use, Acumatica delivers unparalleled value to small and midmarket organizations.  Connected Business. Delivered.

For more information, visit www.acumatica.com.

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