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ExpenseWatch Unveils Open Expense Control Platform

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Ensures small and midsized businesses have flexibility to integrate ExpenseWatch.com with business applications of choice

Conshohocken, Pa., Mar. 31, 2009 – ExpenseWatch.com unveiled its strategy to create an open expense control platform, providing small and midsized businesses with the flexibility to integrate expense management data with the wide range of business applications they use.

ExpenseWatch.com’s open, non-proprietary approach allows small and midsized businesses to create an end-to-end system to control, reduce and report on all company spending from when requests are made through to the posting of approved transactions into their accounting systems of choice.

  • “ExpenseWatch.com provides small and midsized businesses with the capabilities traditionally found in large enterprises for controlling and reducing all company spending,” said Bill Vergantino, ExpenseWatch.com president and CEO. “Our customers tell us they find exceptional value when able to integrate data between our best-of-breed expense control service and other tools and applications they use within their organizations. As a result, these organizations gain complete visibility into all company spending with the ability to leverage their expense management information to their best advantage.”

Travel Booking Tools
ExpenseWatch.com has formed partnerships with leading travel booking companies (details to be announced soon), which will enable travel booking data to be integrated with its expense management service. The integration of these two processes will allow companies to:

• Quickly populate expense reports with booking data, improving accuracy and streamlining expense report creation and processing for traveling employees and approvers;
• Reconcile booked or planned travel against actual expensed items or credit card transactions, helping to prevent fraud and out of policy spending;
• Aggregate travel data from one or multiple online travel booking tools in ExpenseWatch.com, acquiring visibility into company-wide behavior which may be distributed over different booking solutions.

Budgeting Tools
Available today, ExpenseWatch.com customers can import company budget information from budgeting tools such as Adaptive Planning or from spreadsheets. The ability to see budgets by company, business unit, department and general ledger account at the point of spend approval means that budget owners have visibility into where they stand against planned spending before commitments are made, enabling true accountability.

Credit Card Transactions
Also available are daily credit card feeds from all major card companies, including American Express, Mastercard, Visa, Comdata and others. This speeds expense report creation and processing for business travelers and approvers, and simplifies corporate card management for accounts payable staff.

Online Purchasing Catalogs
ExpenseWatch.com’s shopping cart experience simplifies the process for companies to order products and services. Through the Purchasing module, companies shop for goods and services online using their specific internal catalogs and preferred ecommerce vendors accessing their negotiated products and prices. When done shopping, the products and services in the cart populate purchase requisitions, which are then routed for approval before orders are placed. As a result, companies can be sure that purchases comply with company spending policies and that preferred vendors are used.

Accounting/Enterprise Resource Planning Systems and Payroll Providers
Customers currently integrate ExpenseWatch.com data with more than 50 different accounting and enterprise resource planning systems. The open expense control platform ensures that data is easily transferred between QuickBooks, Peachtree by Sage, Sage Accpac ERP, Sage MAS 90 and 200 ERP, Sage MAS 500 ERP, Microsoft Dynamics GP and Dynamics SL, DAXKO Accounting for Non-Profits, JD Edwards, Oracle Financials, SAP, and more. ExpenseWatch.com information can also be sent to hundreds of payment vendors and payroll providers, such as, Paylocity, ADP and Paychex to name a few.

Customer Relationship Management Systems
Some ExpenseWatch.com customers are combining expense information with revenue and sales data from a customer relationship management system, such as Salesforce CRM or SugarCRM, enabling them to manage and report on sales profitability. In doing so, they gain real-time visibility into contribution margins by company, business unit, region, employee, customer, opportunity and campaign.

About ExpenseWatch.com
ExpenseWatch.com is a Web-based service that empowers small and midsized businesses to control and reduce all company spending. Comprehensive modules for Expense Reports, Purchasing and AP Invoice Management stand alone or work as a fully integrated suite. Company spending processes are automated with policies and controls applied across the entire organization. ExpenseWatch.com provides complete visibility into all company spending—what’s been paid, and the purchases, invoices and expense reports waiting to be approved or paid. Annual subscriptions include implementation, training and support. For more information call 866-399-2824.

Posted 3-31-09

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