An agile capital expenditure approval process and transparent operation expenditure management are keys to cost containment and optimization.
Comindware CapEx Management software extended with OpEx management functionality is designed for business users. 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 advanced CapEx system you get all the necessary tools for thorough expenses management while executing day to day business.
Automated CapEx Approval Process
Have a new, automated CapEx approval process up and running within days, not months.
- Full automation and elimination of error-prone spreadsheets/email process tracking
- Friendly workflow editor for hierarchy-driven approvals design and Business Rules setup
- Timely and accurate approval request routing and notifications
- Sequential or parallel approvals
- Escalations based on inactivity and due dates
Agile Workflow and Ad-Hoc Approvals
Get advantage of on-the-fly changes to request-forms and automated CapEx approval workflows:
- Designated alternative approvers
- Manager-driven re-routing
- Request route by amount, department or any CapEx data
CapEx Request Submissions
Easily design CapEx request forms and standardize request preparation:
- Graphical form builder available via any web browser
- Configurable tabs and data fields
- Standardized request processes across company divisions
- Changes to forms during workflow execution
- CapEx data export to MS Word and MS Excel
Team Communication and Collaboration
Improve team communication and collaboration thanks to a single work environment for employees, automated workflows, documents and knowledge.
- Manager approval and request management by email or from mobile interface
- Easy attachment of supporting documents
- Centralized data and document management for CapEx process
- Out-of-band integration with Outlook, SharePoint and Active Directory
CapEx Approval Process Transparency and Compliance
Identify CapEx management bottlenecks and implement corrective action in time:
- Transparent view of the CapEx approval process and current status
- Comparison of planned expenditure vs. actual spend
- Reports on efficiency of process overall or for individual CapEx approval requests
- Clear, automatically-generated audit trail
- Visualization for sophisticated CapEx management process
- Integration with 3-rd party accounting and ERP systems as well as data export and import to ensure accuracy of company balance sheets and income statements.
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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 helps 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
Implementation example
Hertz has leveraged Comindware Tracker to create a modern CapEx approval application, which replaced complex Excel files. Thanks to process automation the rental car company dramatically reduced the expenditure approval cycle time, decreased operational expenses and minimized financial risks. Get our PDF Case Study to learn more about Hertzs objectives, approach, solution and results.
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Comindware® provides both on-premise and in Cloud deployment options as well as enables flexible transition between these options if needed.
