What is Advanced Expense Management?
Advanced Expense Management automates the creation of expense receipts for designated corporate credit cards by auto-generating expense receipts for you from your credit card transactions.
Advanced Expense Management uses the Bank Feeds & Expense Receipts integration features introduced in 2020R2.
For more information on Bank feeds please check out our video and blog post on Bank feeds.
What are Bank Feeds?
Bank Feeds connect your financial institution accounts to Acumatica and automatically imports transactions in real-time, eliminating the need to manually download and import QBO, OFX, or CSV files. This feature supports secure connections and multi-factor authentication through Plaid, the industry-leading connection platform used by thousands of financial institutions and businesses globally.
Bank feeds, powered by Plaid allows you to easily and securely connect to over 14,000 financial institutions, without programming or complex field mapping. This includes Canadian banks.
Key benefits of Advanced Expense Management:
Automate Processes
Advanced expense management allows you to schedule bank feed imports for your corporate credit cards to occur automatically based on flexible, user-defined schedules or import on demand.
Easy Setup
You can connect to over 14,000 financial institutions in minutes with your corporate or personal credentials. To get rolling just link financial accounts to Cash Accounts and link credit cards to a user by account number or by account holder name, that’s it.
Streamline Expenses
Automate expenses receipt creation for corporate credit cards and remove the need to enter receipts manually or through an AP bill. You can also add rules to allocate receipts to the proper expense account.
Is there an additional Cost?
Each Acumatica license allows you to connect one bank account or credit card. Additional bank accounts or credit cards can be purchased. Bank Feeds work with Acumatica versions 2019R2 and newer.
If you have any questions or need any help with understanding the latest Advanced Expenses features in Acumatica, please contact us at Central Nervous Systems.
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