Business software solutions provider m-hance announces the launch of m-hance Purchase Management, its new web-based spend management solution.
Seamlessly interfacing with its core financial management applications m-hance Purchase Management comprises integrated purchase requisition, goods receipt, invoice approvals and employee expenses functionality to increase the efficiency and visibility of organisations' entire purchasing processes by eliminating standalone and time-consuming paper-based procedures.
Andrew Hayward, Managing Director of m-hance, says, "Many businesses are leaking money by continuing to rely on inefficient paper-based approval processes, or standalone purchasing systems that are unable to provide adequate controls or an accurate picture of expenditure. m-hance Purchase Management has been developed in direct response to our customers' need for greater spend management visibility and increased productivity which is fundamental to long-term business survival."
Seamlessly integrated into its core financial management, document management and eInvoicing solutions, m-hance Purchase Management enables businesses to easily track the approval status and location of employee expense claims, purchase requisitions and confirm receipt of goods ordered. The system's advanced functionality provides the ability to build hierarchies for approvals and to check against budgets, ensuring greater financial control through reduced maverick spending and enhanced visibility of purchasing commitments.
To ensure a fully streamlined purchase-to-pay process, m-hance Purchase Management ensures incoming invoices are automatically matched to a purchase order and electronically routed to authorised employees for approval via email. In the event of employee absence, invoices can be routed to a nominated approver using the system's intuitive 'holiday cover' functionality, eliminating the time, costs and margin for error associated with managing manual paper-based processes.
Hayward comments, "m-hance Purchase Management is a flexible end-to-end solution that enables businesses to gain complete visibility into their organisations' spend, reduce maverick buying and increase the efficiency of their entire purchasing process. By combining purchase requisition, goods receipt and invoice approval in a single, user-friendly solution, the system also ensures tighter control over cash whilst helping to negotiate prompt payment discounts by building stronger relationships with suppliers."
Hayward adds, "Businesses can also expect to receive dramatic savings in processing costs by up to 80% and increased staff productivity. This is due to gaining vast reductions in material costs such as stationary and printing, as well as employee time spent on time-consuming manual processes, leading to a rapid return on investment typically in under six months."
m-hance Purchase Management, on general availability today, has been rolled-out to a number of early adopters including YMCA England, Naylor Industries and Orchid Cellmark.
Colin Tyson, Systems Accountant at YMCA England says, "For years we have been using a manual paper-based system to order our goods which can be both cumbersome and time-consuming. By implementing m-hance Purchase Management we will have greater visibility with the purchases we make, which will ultimately allow for better control in our spending. The system is also very easy to use, even for non-finance staff that are using the product for the first time."