BFC Advances
In most organizations when employees have advances to apply for they pull
out a paper form, fill in the appropriate information,
attach supporting documentation, and then
forward the request to their supervisor for approval. The
supervisor reviews the request , signs it, and then passes it on until the request has been fully approved
at which time it is sent to AP. AP reviews the request for policy compliance, keys
the information into the AP system, and the employee is paid the advance.
This process can be cumbersome for a number of reasons. Approvals
can be very slow; especially when there is more than one location involved. This is frustrating for the employee
as the advance is often required for an upcoming trip. When the request
finally arrives at AP, staff can have trouble keying the
request into the system because coding on the request may be unclear -
not to mention the fact that its a lot of work for AP to key in
every advance.
BFC Advances can help!
Product Features
Advances are keyed by the employee
Coding is edited at source
Advances are automatically deducted from subsequent expense reports
Local and federal taxes are accounted for
Employee can add comments to each advance line and the report
Administrative staff can enter reports on behalf of others
Required approvers are automatically filled in
Approvals can be requested from individuals in addition to the required list
Approvals are obtained serially so each approver knows who has already approved
Approvals can be overridden in exceptional circumstances
Approval status can be tracked online
Approvers can add comments when they approve or reject
Submitters are automatically notified of approval progress
Advances can be extracted and loaded electronically into the AP system
Approved forms are available online for historic purposes
Approval data is available online for reporting purposes
Product Benefits
AP keying of advances is eliminated
AP can tightly control process
Everybody is approving the same data so misunderstandings can be avoided
A formal record of the approval is kept online where it can always be found
Company approval policy can be strictly enforced
Approvals can be viewed by anyone, anywhere, subject to security
Approvers are encouraged to deal with requests quickly due to visibility
Approvals which can take weeks in a traditional environment can be completed in minutes
Requests don't get lost, no time needs to be wasted looking for lost approvals
Product is easy to learn and use
Product introduces a consistent advance management process across the company
ASP Benefits
No capital investment is required
Search cycle is quick and less expensive
Implementation is fast
No hardware or software maintenance is required
No disaster recovery planning is required
No disk space management is required
Support is readily available
Pricing is scalable
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