Purchasing: Control
Policy control is built into the system, enabling real-time visibility into how money is spent.
Before employees begin to create purchase requisitions, ExpenseWatch.com enables you to configure your specific company spending policies and purchasing controls into your online purchasing solution. Then, as requisitions are created, you can easily identify and stop out-of-policy spending before it occurs. Here are just a few of the purchasing controls ExpenseWatch.com provides to enable you to configure the system to match your company’s specific spending policies.
Business unit configuration
Your company’s organizational structure is represented by business units which can
be configured to a granular level.
- Users, user permissions and roles are components of each business unit
- Administrators have access to hierarchy, activation status, editing, adding and deleting
- Business units can be designed to match your corporate structure regardless of its complexity
Signature Authority Form & user permissions
The Signature Authority Form (SAF) defines the approval workflow for purchase requisitions, invoices and expense reports for each business unit. Your SAF is fully configurable based on your corporation’s hierarchy. As a transaction moves through the system, your SAF is automatically applied to create the correct approval workflow for that transaction.
After creating your SAF, you can define the exact level of user access throughout ExpenseWatch.com. Permissions can be set for specific users or for groups of users as defined by role. The ExpenseWatch.com interface is configured for each user based upon individual permissions.
- Set transaction permissions, such as spending limits, for purchase requisitions, expense reports and invoices
- Define editing permissions for vendors, categories, products, budgets, T&E categories and more
- Allow access to various ExpenseWatch.com reports
Preferred vendors
Your online purchasing system can be pre-populated with products and services from vendors with whom you have negotiated pricing and fees. Spending policies can be applied that flag or disallow spending if employees try to purchase from someone other than a preferred vendor.
Manage purchase requisitions and purchase orders
It’s easy to make mistakes when creating requisitions and purchase orders. What isn’t easy is rectifying those mistakes when your company uses a paper-based system.
In ExpenseWatch.com, you can void, unvoid or edit transactions by checking a box. The purchasing system manages the process by evaluating approval thresholds and user permissions, sending email notifications to financial approvers and adjusting budget figures. Error correction and transaction management becomes fast, easy and efficient. Audit trails track appropriate changes to ensure compliance mandates are met.
Route and policy control
When a purchase requisition is complete, submitters click Route. ExpenseWatch.com automatically sends an email notification to the appropriate approvers. Spending policies are automatically enforced based upon the policy control, business rules and parameters you set. With ExpenseWatch.com, expense control becomes the rule, not the exception.
