Expense management is a critical part of many businesses, but did you know that, according to a 2019 report, 43 percent of companies are still managing expense reporting manually? Manual expense reporting is a demanding, time-consuming, and potentially risky process. Luckily, you can say goodbye to the days of manual expenses with Infor Expense Management (XM).
Infor Expense Management automates expense-related processes, supports mobile and social collaboration, and is available in the cloud or on-premises. The solution can also help reduce your company’s administrative costs, decrease accidental errors, and even help fight intentional fraud.
This article explains the benefits, key capabilities, and how to get started with Infor Expense Management. Let’s dive in.
Benefits of Infor Expense Management
Infor Expense Management provides numerous benefits when it comes to the expense reporting process, including:
- Improves compliance and spending policies for employees
- Cuts down on unnecessary travel and expense purchases
- Reduces the time needed to process documents (and the associated administrative costs)
- Increases travel and expense data accuracy
- Saves employees and managers time on travel planning/approvals, expense reporting, and purchasing
What Makes Infor Expense Management Unique
Above and beyond these benefits, Infor Expense Management also gives users the visibility and control needed to maintain compliance and security as well as reduce risk. Employee expenses are the second-largest corporate expense next to payroll. With a modern expense management solution, your organization can improve how you track, report, and control employee expenses to help optimize cost savings.
Infor Expense Management has alerts to cut down on policy violations. For example, the system can alert employees of violations as they enter data in the system to help correct these mistakes before they submit the report, yet another feature designed to help companies to save money.
Infor Expense Management’s compliance and security features also set it apart from the rest. When it comes to security, Infor has obtained clean SSAE 16 (formerly SAS 70) reports since 2004, satisfying the most stringent Sarbanes-Oxley requirements. These compliance features allow your organization to keep current with all major compliance regulations in different counties and regions.
Key Capabilities of Infor Expense Management
Infor Expense Management is made up of four integrated applications: Expense Reports, Travel Plans, Payment Requests, and Timesheets. These applications can be used individually or in any desired combination to give your organization flexibility. The modules also seamlessly integrate with other Infor (or non-Infor) applications.
Let’s dive into the key capabilities of each module:
Expense Reports
With Expense Reports, you can reduce the time and cost of creating, approving, and processing expense reports by ditching paper-based tasks with an automated solution. You can create and manage your expense reports from anywhere by using a laptop, mobile device, or tablet.
Travel Plans
With Travel Plans, you’ll have more insight into costs and policies with automated review and approval tools. You can manage corporate travel policies more efficiently before spending occurs by verifying compliance.
Payment Requests
Payment Requests helps you improve your vendor relationships by getting them paid faster. This module automates the often slow, manual process of requesting vendor payments. Additionally, it’s also easy to track and allocate employee purchases that often bypass requisition and order processes.
Timesheets
With Timesheets, you’ll experience enhanced time-tracking capabilities to reduce manual and error-prone tasks. Employees will save time by simplifying the creation of timesheets. And because the Timesheets module uses your workflow business rules, aligning it with your company’s business policies is a snap.
Getting Started with Infor Expense Management
Everyone benefits from faster reimbursements, error-free reporting, and never having to save a receipt again. By using a solution that creates expense reports without all the manual work like Infor Expense management, your employees can use that time on more worthwhile projects, helping to improve your company’s overall performance.
Our team of senior-level Infor consulting team can implement or optimize your expense management solution quickly and smoothly. Thanks to our Infor experience and knowledge (not to mention other ERPs, CRMs, and HCMs), you’ll benefit from an accelerated implementation, reduced risk, and less stress, all so that you can start taking advantage of the Infor XM’s benefits even faster.
Contact us today to get started.
