OpEx or Operational expenses are the business expense that supports the day-to-day activities in an organisation. In other words, it is the money spend on running the business and ongoing activities such as office rent, internet, utilities, salaries, business travel, etc..
Since operating expenses form a major part of business expenses, organisations try to minimize this cost with careful planning and management. At the same time, they have to ensure that controlling this cost does not hamper the quality or output of the organisation.
OpEx Approval and Management Challenges
Some of the common OpEx approval and management issues that organisations face are:
Reliance on error-prone and unsecured manual spreadsheets and emails leads to delays and difficulty in controlling the expenses.
Delayed approvals impact the overall financial planning.
Duplication of request
No standardised procedures
How We Can Help You Manage and Control OpEx Approval Process?
Our software helps organisations to automate OpEx approval processes. It helps eliminate multiple steps which in turn helps to reduce the overall labour and supply cost. Furthermore, it eliminates the risk of violating transaction integrity and ensures security. It is an ideal tool for organisations looking to gain expenses visibility and reduce OpEx.
An effective OpEx management and control solution can benefit an organisation in numerous ways. Some of which are:
It helps to eliminate the use of manual spreadsheets and email workflow tracking.
It helps establish responsibility-based workflow designs.
It enables timely approvals by immediately notifying the managers about the approvals.
It ensures smooth and easy OpEx request routing.
We-based system generates quick reports and established accountability.
It enables transparency in the organisation and aids in effective decision making.
Automated software reduces the day-to-day expenses of the organisation.
It gives insight into the OpEx workflow and the status of the current process.
It helps to establish a clear audit trail.
It establishes integrity between ERP systems and other accounting systems to help avoid errors in financial statements.
Automate your OpEx approvals and make your system transparent, effective and manageable with our OpEx Management Solutions. For more information on how we can help you improve your organisation’s production, get in touch with us now.
Got a Project? Let's Talk
Whether you are planning or are already in the midst of your transformation journey,our experts can help you accelerate your transformation initiatives.