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An Overview of Infor Expense Management

Posted by Thai Pham on

Infor Expense Management is a travel and entertainment expense management solution. It is a suite of four integrated application, (Expense Reports, Travel Plans, Payment Request, Timesheets), which we will discuss in-depth further in the blog. Infor Expense Management helps eliminate manual processes since supporting mobile usage and social collaboration and becoming available for both in the cloud or on-premise.

This solution automates expense-related processes and enforces policy compliance, helping to reduce your company’s administrative costs and decrease the amount of accidental error and intentional fraud. It delivers on unbeatable performance and security, being hosted by Amazon Web Services infrastructure, it provides continuous backup and numerous internet backbones. As well as this you can implement instantaneous global updates to policies and processes to support continuous improvements.

Manage Employee's T&E expenses with Infor Expense Management

Proactively manage T&E expenses with Infor Expense Management

Due to paradigm shift toward the digital economy, expense automation has become a figure in increasingly advocating a cloud-first approach for scalable projects, process automation and compliance are especially critical in the growing field of expense management. It saves both time and money if companies leverage an automated expense management solution to systematise expense reports in the cloud.

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Read more: Making the case for a cloud expense management solution

Aberdeen Group Research found that “expense automation can decrease the cost of every expense transaction by 55% or more and organisation experience 28% lower expense time”. Expense management solutions such as Infor can empower companies to gain visibility (‘57% of companies surveyed cited poor visibility into expenses and compliance as their top business pressure’) and take control in order to save money and remain compliant.

Infor Expense Management provides numerous competences for a number of expense problems as explored through the following:

Take control of employee-initiated expenses

Due to mobile capabilities and cloud availability, whether you have one location or multiple, you can manage employee-initiated expenses. Infor Expense Management provides a user-experience design that streamlines all phases of expense reporting process, to help organisation collect more complete and accurate expense information, therefore, improving the way you control employee-initiated expenditure giving opportunity to cost savings.

The system also alerts employee to violation allowing them to provide explanation/corrections before submitting plans/expenses. Security is guaranteed with the management solution as it has obtained clean reports every year that satisfies the most stringent Sarbanes-Oxley requirements. 

Read more: 6 signs your employees are cheating you in expense claims

Modular by Design

Choose the modules you need and use them individually or in any desired combination, whether it be a system for managing travel and entertainment expenses or employee time capture. Key capabilities include:

Expense Reports

Replace your paper-based tasks with Infor Expense Management expense reports, making it easy for your employees to scan and upload receipts/expense-related documents.

This reporting service gives you the prominence you need to take control of these employee spending costs and identify opportunities for improvement. As a result, you benefit by being able to reduce the time and cost of creating and processing expense reports, prepare for future needs of your company as you avoid having to re-implement or change your policies to meet the software and Improve how your employees work by populating expense reports.

Travel Plans

Infor Expense Management is capable of automating the entire travel experience, from pre-trip planning to post-trip reimbursement. As a result, providing you with a wealth of corporate and employee data that can allow your company to take control of unnecessary expensive travel, due to compliance alerts enforce corporate travel policies before spending and gain better insights into the travel planning process to make better approval decisions.

Payment Request

Your company can effectively track and accurately allocate employee purchases that are made immediately, which often bypass requisition and order processes. This is due to Infor Expense Management automation of slow employee-initiated process upon requesting vendor payments, as it captures all the information you need to automate payment processing. Best suited for companies with complicated payment processes, accelerating the approval process gains happy vendors.

Read more: How Raymond James Financial slashed 50% of its reporting time

Timesheets

Avoid manual, time-consuming, and error-prone tasks for what is vital for timely customer billing by using Infor Expense Management Timesheets time-tracking capabilities.

It helps drive cost savings, efficiencies, and higher employee productivity for your company as you can create automated and accurate timesheets in a fraction of the time, support both salaried and hourly employees on the same system and enjoy faster processing times in reducing days sales outstanding. Fundamentally, Infor Expense Management Timesheets uses innovative workflow business rules to work alongside your company’s business policies.

So, the message is clear; automation is vital and gone should be the days of working with paper-based methods. Infor Expense Manage leads an expository of benefits to your company, one of which is crucial in defining importance of assets, taking control.

Take control of your travel and entertainment expenses for the advantage, along with others including expense transactions, electronic payment for out-of-pocket expenses and transactions in multiple currencies and international taxation issues.

Speed Up Implementation

Implementation goes smoothly and quickly with Infor Expense Management. Working hand in hand, Infor Implementation Accelerator provides highly focused pre-built content used to rapidly create a solid expense reporting solution. As a result, you benefit from accelerated implementation, reduced implementation risk and stress for employees and less costly software that you can customise so that it’s best for your company.

Better for Employees and Managers

  • Improve employee compliance with spending policies.
  • Increase savings through effective vendor negotiation and rebate usage.
  • Reduce unnecessary travel and purchases.
  • Cut down on labour required to process documents and administrative costs.
  • Reduce manager time spent on approvals.

These are a number of capabilities unmatched by competitors of Infor Expenses Management that satisfy both employee and manager. Remember to identify how your spending contributes to your business goals and avoid the hidden cost of T&E expense management process.

Infor Expense Management can help your organisation too. Request a free consultation today and find out how! 

Request Infor Expense Management Demo

Topics: Financial Accounting Management Software

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