EMA and Expense Planning Control and Budgeting Expense Management

NEXSTEP
Expense Management

Control. Save. Grow.
With NEXSTEP Expense Management System

NEXSTEP Expense
Management White Paper

NEXSTEP Expense
Management On IBM

Expense Management
Automation

Sarbanes Oxley
Compliance

Financial Express, 07
on T&E

Useful Resources

NEXSTEP Expense Management White Paper

Click here to Download

Expense Management Automation

A Few Interesting Facts for you as a CFO to ponder on:

An American Express expense management study conducted among over 500 Indian Companies this year has concluded that travel and entertainment (T&E) remains the second largest controllable operating cost after salaries and benefits.
If you are looking at being compliant to the Sarbanes-Oxley Act, then the cost of business has gone up for your company. You need to ensure that adequate "internal controls" exist to ensure compliance. CEO's must certify their financial results. Automation will enable this for you.
Your company spends a high percentage of indirect costs on travel, employee business expenses and ad-hoc purchases initiated by users. You can reduce these by 20-40% & through automation of expense management.
You can streamline your purchase process and obtain better rates when you have spend management data analysis available across the company locations. This can reduce your expenses significantly.
Cost of processing expense vouchers and vendor bills is a growing cost for companies. To keep costs low, you will need automation of T&E.
World-wide EMA (Expense Management Automation) is a highly used practice, and is gaining importance in India.

Here is something useful on the Aberdeen site which you could read.

Follow this link to read the article

What does Sarbanes Oxley mean for your Company?

Sarbanes-Oxley Act of 2002 came to existence after the collapse of Enron and WorldCom financial scandals. Enactment of this act focused towards the protection of shareholders and general public accounting errors and fraudulent practices in the enterprise. The legislation not only affects the financial side of corporations, but also affects the IT departments whose job it is to store a corporation's electronic records. The legislation contains varieties of rules and regulations which establishes new or enhanced standards for public company boards, management, and public accounting firms. These regulations or Sarbanes-Oxley standard include:-

Review legislative audit requirements and to protect investors
Enhance financial disclosures
Tighten accountability standards for directors, auditors, securities analyst and legal counsel.
Accelerated reporting of trades by insiders
Public reporting of CEO and CFO compensation and profits
Certification of financial reports by CEOs and CFOs
Promote effective accounting controls and ethical business practices
Meet the filing deadlines and ensure accuracy in financial reports
Better communication
Higher standards of performance
Tracking of information for full day-to-day activities that have an impact upon financial performance
CEO and the CFO of the company required to certify the financial statements and other information that is included in each quarterly report

What does NEXSTEP Expense Management do for you?

Streamlines approval and verification of employee claims and vendor bills for payments, through the approval workflow process
Automates disbursements, thereby reducing need for cash and cheque payments
Highlights Exceptions to the Expense policy. Shows where expenses have been more than expected
Provides visibility on spend patterns across locations, enabling you to do smarter purchasing
Builds accountability for expenses incurred, since managers can track expenses billed to their cost centre
Creates Accounting Entries for your Accounting System, thus saving your team’s precious time

How NEXSTEP Expense Management helps you meet your Sarbanes-Oxley Compliance requirements

NEXSTEP Expense Management Functionality	Supports these Compliance measures
NEXSTEP Expense Management Functionality	Control	Visibility	Fraud Intelligence
NEXSTEP Expense Management – Workflow Approval Matrix	Yes	Yes
NEXSTEP Expense Management – Entitlement Limits	Yes	Yes	Yes
NEXSTEP Audit Trails		Yes
NEXSTEP Expense Management – Travel Management	Yes	Yes
Attaching Supportings for Claims	Yes	Yes	Yes
Budgeting for CAPEX and OPEX	Yes	Yes
NEXSTEP Expense Management - MIS and Analytics		Yes	Yes
Fraud Control & Exception Control		Yes	Yes
Financial Approvals & Verification process	Yes	Yes
Automated Payment Disbursement	Yes	Yes
Cash Control for Payments	Yes		Yes
Purchase Requisition Approvals	Yes	Yes	Yes
Spend Visibility	Yes