m-hance Launches Business Expenses Software
Business software provider m-hance has launched m-hance Expenses, an optional web-based module to extend the functionality of its end-to-end spend management solution, Purchase Management.
By integrating with the company’s core financial management solution, m-hance Expenses is being promoted as enabling businesses to maintain tighter control over their expenditure and handle expense claims more efficiently by eliminating paper-based procedures, reducing processing costs by up to 80%.
“Many businesses still rely on standalone systems and inefficient paper-based procedures to process expenses despite this area being the second largest controllable cost for most organizations,” said Mark Thompson, chief executive (CEO) of m-hance.
“m-hance Expenses provides greater financial control and visibility over expenditure to enable businesses to minimise the time, errors and cost associated with expenses while offering a more streamlined and user-friendly process for employees.”
m-hance Expenses automates paper-based procedures and eliminates the re-keying of data to provide a faster, more efficient way to process expense claims. Users can electronically submit multi-line expenses which are automatically routed to the relevant authoriser and monitor the approval status alongside their claims history, reducing queries and the delays incurred when paper copies are lost or misplaced.
Expenses can be imported into the account payable module within m-hance’s finance system, or an export file can be produced once expenses are approved for processing within a payroll solution.
The web-based system provides greater financial control by enabling businesses to introduce approval hierarchies and generate flags per transaction type for claims which are over the amount set in accordance with company policy. Advanced reporting capabilities also allow claims to be analysed in granular detail to more accurately determine spending patterns and improve visibility of costs.
In addition, through integration with m-hance’s document management solution, employees can attach electronic receipts and other supporting documents that may be required to facilitate approval. Once a claim has been approved the document will be permanently stored in a secure archive, further improving productivity by cutting paper and aiding compliance.