CAPEX Approval System: Features, Needs, and Advantages
An organization's investment that requires multi-layered approval after logical analysis profiting the company and enhancing its overall growth can be termed as CAPEX expenditure. It often includes New equipment, Machinery, Land, Plant, Building and warehouses, Furniture and fixtures, Business vehicles software, and other intangible assets.
So, When you are investing an avalanche of the fund in your tangible and intangible resources, There should not be any scope of a mistake resulting in the loss of million dollars of your company. Thus, You need a customized CAPEX approval solution to optimize the flow of investment.
Top Investment Software Development Companies are there in the market to give solutions to your problem, but few of them are indeed capable of touching the threshold of your demand.
Important Features to Look for in a Financial Management Workflow Software:
In this highly competitive era, everyone is sustaining their existence by dodging the challenges around. Companies around the globe are having a distinct appetite of their own. So, there should be some factors to ensure the relevancy of your financial management software. In other words, there should be some parameters to determine the capability of your investment management solution as human manual management is certain to come up with some errors.
Hence, the possible attributes of your workflow software should be:
Audit Trail: Audit trails are essential for maintaining security and recovering the lost data and transactions. Inaccurate transactional entries, erroneous processing dates, long-overdue approvals – these and others negatively affect the financial process flow. Therefore, Your financial software solution must have a separate audit trail for the functional flow of work.
Requests by Email: Email is still the most prominent mode of corporate communication. Be it employees, customers, or business partners; Your workflow software should be efficiently integrated with your Email.
Request from Outlook: Outlook is usually used by a wide range of industries across all sectors. So, It has to be ensured that users don't need to leave Outlook to complete their tasks, make pertinent requests, manage documents, and collaborate with other users.
Reporting dashboard: A real-time reporting dashboard is a boon for the financial workflow system. This will maintain the continuity of the process eliminating every unwanted delay from the system.
Top Investment Software Development Companies always offer the above attributes in their solution. For instance, The Microsoft gold partner, Bitscape, would give you all the features along with the customized solution and integrated features you are looking for. As mentioned before, many service providers already exist in the market, but few like Bitscape can emerge with a customized capital expenditure request process for your business.
