Monitoring and tracking expenses is key in all organizations. Poor expense management may result in significant overspending and ultimately affect profits.
NITCO Technologies offers the possibility to track all the company spending commitments formalizes the approval process over any type of activity and even finalizes the commitment by automatically sending the Purchase Order to the vendor. It also helps tracking the invoices once received and make sure those are getting paid only when the service has been competed or the goods received.
NITCO Technologies generates a Committed Invoiced report, which will allow the Company to properly control its expenses and remain within the envelope of the annual budget.
The Electronic Approval process of NITCO Technologies considerably improves the productivity of the Company by reducing the approval lead-time and by offering a real time visibility over all type of expenses. It helps the accounting department to calculate the end of period accrual by setting up a commitment recording process that complies with International Accounting principles. It also allows the tracking of Capital Investments