Capture, Cost, Approve and Pay: Expense Management Made Easy

Hello and welcome to Capture Cost - Approve and Pay: Expense Management made easy. My name is Hannah Hamid and I am a Senior Financial Consultant for the UK homebuilding delivery. The agenda today is to have a look at the post-pandemic impact on expense management. What the solution is for the construction industry and the integration of ERP+ with pop app expenses. We'll have a look at the mobile app demo and the future roadmap installed for POP apps.

So for the finance and operations team, expense management may not have been the priority during the pandemic, but it surely needs to be at the forefront of your decision-making today. Firstly, it's having a look at your cost and rebooting it. Reviewing areas where you may have inefficiencies that can be reduced. This is about reviewing processes that take too much time, whether it's the payment of the claim or the expense approval process - quite simply it's about optimizing the business process.

We want the expense management to be simple, standard across all the individuals, reinforcing policies that are up-to-date and make sense, automating the process from a claimant's journey to capturing a claim and getting paid. So what checks that you should have in place? I've listed a few questions to get you started. So firstly a revised list of expense reinvestment criteria.

- Do your expense items reflect the post-pandemic compliance requirements?
- Are they compliant with HmRC?
- Have you considered the domestic and international travel regulations?
- Have the rates for mileage changed?

Most importantly, having an up-to-date expense policy should include a clear list of expenses that the company will pay, not pay, and has the discretion to manage. If you're still using your 2019 version, it really is time to upgrade and also reform this. You need a policy that management and the finance team can easily use to justify if an expense should be rejected or questioned.

It's all about clarity, consistency and being adaptable. It has to be flexible especially in the current time where you have employees that may be returning to work but also deciding to work remotely. An automated approval structure, as we all know expense reports do have implications for payroll, CVR, workforce development, financial management and strategy implementation. So we really need to get this process right. It's important to invest in the approval process that streamlines the task to approve a claim or take it to the next step.

Integrated cutoffs. While some people are returning to work, some may still be at home. We want to make sure that cut-off deadlines apply to everyone.

Digital expense claim reporting. This one is a favorite now as an accountant, I know how special Excel is for all of us. Excel was the go-to tool for expense management, but I'm talking about the 21st-century construction company right now, and spreadsheets are not pragmatic. They may include unreadable receipts, and there can be difficulty in rectifying errors such as incorrect formula. It also means undetected expenses and then for your back office it's sifting through amount of large paperwork, which is not pleasant.

I'm confident that you will have the right tool kit for rebooting your expense management. If you have attended previous user conference sessions, you may have already been advised that we have rebranded COINS OA to COINS ERP+. This is part of COINS Construction Cloud and it's inclusive of cloud and mobile software solutions. We're going to focus on Project Operations and Productivity (POP) apps which includes expenses.

What is POP apps and what is Expenses POP apps? It's a multi-tenant cloud system which is delegates most of the core fields back into ERP+. It's hosted in Microsoft Azure and is a single endpoint but that doesn't mean that your data is public. In the multi-tenant system, everyone has a local public endpoint, however, your data is stored in its isolated database. We take your core data from ERP+ and feed it into this database. You may be thinking that means two platforms to manage. But I'm here to simplify that as well. We have the ERP+ POP app integration in place.

We send data in real-time from ERP+ into POP apps which is all done through the system modules, enterprise service bus. The data publishes a look at specific data for the module. We want to know if we have payroll records for this user. If you're not using payroll, not to worry. The central repository is key because this is how we activate user profiles in POP app. We send over your contract status data, such as which contracts are active, what cost codes, sections, and activities need to be applied for your expense claim items.

Please watch the full video to learn more.

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