CapEx Approval Management

Resilient CapEx approval process for business growth

As the world changes quicker than ever and it becomes even more important to make sure that each CapEx request goes through a rigorous evaluation and approval process quickly in order to look forward to new growth opportunities, while safeguarding business from the financial drain.

Comindware CapEx Management software extended with OpEx management functionality is designed to empower enterprise CFO or “the finance guy” at a startup for full control over CapEx management. Easily configure web forms and workflows without having to solely rely on IT and suffer delays. It allows you to design, build, use and modify capital expenditure request processes within a highly intuitive, web-based user interface. With an advanced CapEx system you get all the necessary tools for thorough expenses management, on-demand reports, and turning safeguarded investments into business growth.

CapEx Approval Process Challenges

Managing and tracking CapEx requests and approvals through lengthy email strings, paper trails or static spreadsheets can lead to loss of critical information, visibility and control. Here is a short list of common CapEx approval management challenges:

• Manual, non-standardized processes
• Missed deadlines and inaccurate request routing
• Unproductive communications and emails
• Multiple errors, duplicating or missing request data

Workflow software successfully replaces manual CapEx approval processes by automating task flow and ensures faster approval process.

Effective CapEx communications ensure lower operating expenses and help businesses with increasing overall value. Utilizing a proper CapEx approval solution will help with:

• Recording and monitoring CapEx budget request to actual spend
• Tracing back to CapEx performance commitment (e.g. expected ROI / cost reduction, etc.)
• Linking CapEx system information with purchase or assets management system
• Optimizing company’s daily spends and significantly
• Increasing the accuracy, transparency and efficiency of your capital expenditure approval process

Usually, the following sub-processes are critical for automation:

• CapEx request submission and approvals
• CapEx data and document management
• Request routing and task hand-overs’
• Team communication and collaboration
• Notifications and reporting

An agile capital expenditure approval process and transparent operation expenditure management are keys to cost containment and optimization.