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News < Back Sarbanes Oxley : Technology : ERP Expense Claim Management Rules embedded to ensure adherence to company policy
Processing personal expense claims is an unavoidable day-to-day administrative activity that takes a lot of effort without delivering value for a company. CODA’s software has been designed to help automate the expense claim procedure. It has customizable rates and rules built in to ensure adherence to company policy and improved security, replacing time consuming manual procedures that currently exist in many organizations. “Expenses can be a significant drain on profits that is hard to gain visibility over, to plan for and to manage appropriately,” said Steve Pugh, CEO of CODA Financials. “Add to this the effects of paying for inconsistent interpretation of policies and incorrect claims and it can be costly. Our solution is designed to reduce the drain on resources and to improve financial control, efficiency and accuracy by eradicating inconsistencies and streamlining authorization processes.” An expense management survey conducted by Aberdeen Group among 377 companies in March 2007 found that those using manual expense systems were spending twice as much on processing each claim as those that had automated the process, at $30.50 per claim. A company processing 5,000 expense reports a month can save approximately $16.30 per report on processing costs. The result is a saving of $976,000 in one year. Based on these findings, CODA 2control Expenses could deliver a return on investment in just six weeks. “In a typical manual expense procedure, conformance to corporate policy is normally undertaken late in the process which then necessitates a large amount of manual chasing and checking to make the necessary adjustments,” added Mr. Pugh. “With CODA 2control Expenses, this occurs at the beginning of the process, which cuts out much of the administrative burden for everyone involved.” This new stand-alone product allows easy access by any employee so that they can prepare and submit their expenses in accordance with the company’s expenses policy. Electronic claim forms are tailored with the organization’s relevant rates and rules built in, speeding up completion and reducing errors. Completed claims are then routed directly to the relevant authorizer using CODA’s embedded Workflow prompting any further actions by users throughout authorization. Once approved, the details can be fed directly into the accounts system and stored centrally, providing a full audit history. The new Expenses application has been developed within the latest release of CODA’s process control software and can be used with any ERP or financial software. CODA creates, markets and implements a complete range of software systems designed specifically to meet the needs of CFO’s and Finance Departments. These include financial management systems, analysis applications, and business process management and control software to implement compliance solutions. Its service oriented architecture also makes CODA software easy for clients and other vendors to integrate it with their business applications. CODA was founded in 1979, has around 600 employees working at 18 offices in 14 countries. CODA software is designed for multi-currency, multi-language, multi-country, multi-company and multi-site operations, and is used by around 2,600 medium and large organizations in over 100 countries in a variety of markets and within both public and commercial sectors. The business carried out by CODA Financials, Inc. was founded in 1988, and is headquartered in Manchester, New Hampshire. For more information, please visit: www.coda.com 
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