Expense Management Software—A Case Study

The Bottom Line for Copart

Copart, the nation’s largest reseller of total-loss vehicles, deployed ExpenseWatch.com modules for online Expense Reports, Purchasing and AP Invoice Management for financial automation controls and to reduce operating expenses. Copart has created a nearly paperless approval routing and expense management system.

Copart Eliminates Cumbersome Manual Expense Management Processing

Copart was buried under piles of papers as it manually tracked, updated and monitored internal expense reporting, purchasing and invoice approval processes. It lacked a system for expense automation, from travel and entertainment expense reporting, processing company purchases, tracking PO approvals, and invoice approvals and workflow. The manual system caused numerous challenges, including:

• No spend visibility
• Too much time getting approvals
• People-intensive expense analysis and daily financial reports on expense management

Expense Control Automation

The Nucleus Research case study identifies many areas where Copart achieved significant direct and indirect benefits from automating its expense control processes, such as spend policy enforcement and compliance, automated approval routing and decreased payment and approval cycles. It also identifies key lessons learned when implementing an on-demand, software-as-a-service application.

Download a free copy of the award-winning Nucleus Research case study—a $700 value—to learn how ExpenseWatch.com allowed Copart to automate expense controls, improve productivity, reduce costs and increase profits. Download your free PDF here.

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Expense Control with ExpenseWatch.com

ExpenseWatch.com is a complete Web-based subscription service that gives small-to-midsized companies comprehensive tools to control and reduce operating expenses.

Customers can automate specific expense areas with best-of-breed modules for Expense Reports, Purchasing and AP Invoice Management. Together the modules provide a fully integrated foundation for complete operating expense control. With spend policy compliance automated companies can more easily control and reduce employee spending. The service provides real-time visibility and embedded controls over how a business spends its money, no matter where in the life of a transaction that expense is occurring.

The software-as-a-service, on-demand technology platform allows small-to-midsized companies to affordably control all operating expenses for the first time. The intuitive interface reduces the time to implement and increases user adoption of the service. The subscription based pricing includes implementation, training, support and upgrades. There are no additional hardware or software costs and no hidden charges. Because of the low cost of entry afforded by the on-demand platform, the risks to organizations are minimized.

Travel Expense Reports

Because travel and entertainment is often the second largest expense area for organizations, it is one of the first places companies look to control costs. Companies with traditional paper-based expense reporting systems have difficulty controlling travel expenses.

ExpenseWatch.com controls and reduces travel and entertainment expenses, and streamlines expense reporting across your entire organization. The online expense reporting system provides easy expense report creation, robust credit card management, automatic approval routing and escalation, visibility into spending, and travel expense analysis and reporting. ExpenseWatch.com’s travel expense software makes expense report processing run efficiently throughout your company.

Online Purchasing System

Companies with traditional paper-based purchasing systems often have difficulty making strategic and timely purchases and holding suppliers accountable for transactions. Employee purchases frequently deviate from company spending policy, leading to lengthy order fulfillment cycles and over or duplicate spending.

ExpenseWatch.com automates the entire purchase-to-pay process, providing a nearly paperless purchasing automation system. Requisitions and purchase orders are easily created using the online purchasing software, with company spending policies applied at the time they are created. Automated approval routing and escalation streamline eprocurement, and reporting provides insights into budget vs. actual spending, open and accrued PO tracking, transaction management, and more.

AP Invoice Management

Most companies process hundreds, if not thousands, of invoices every month. ExpenseWatch.com offers an online invoice processing system for managing this paper-intensive process.

ExpenseWatch.com AP Invoice Management automates accounts payable procedures and ensures that invoices are matched to purchase orders and packing lists, eliminating duplication, over spending and paying for products and services not rendered. With AP Invoice Management, you can easily apply company policies and controls to purchases made with or without purchase orders.

When paper-based invoices are electronically processed through ExpenseWatch.com’s invoice automation system, you gain transactional efficiencies. You know who ordered the products or services, whether the right people approved them and you can attach any supporting documents in the web-based invoice automation system. Download your free PDF here.

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