V1 Unveils New Purchasing and Expense-Management Solutions
July 16, 2014
By Meenakshi Shankar, TMCnet Contributor
Business automation solutions provider V1 is expanding its purchase-to-pay (P2P) product suite with the launch of its Web- and mobile-based software solutions.
With this launch, the company says it now has a comprehensive P2P product offering that enables finance directors to take greater control over their P2P function, cut administration costs and improve efficiencies.
“The addition of these new purchasing and expense management solutions to our portfolio places us in a strong market position,” Janette Martin, managing director of V1 Ltd, said in a statement.
Through the newly expanded solutions, V1 extends the benefits of having one scalable and accessible solution for purchasing, invoice processing and expenses. The new solutions integrate with V1’s existing P2P software products, including electronic document delivery, document storage, and electronic authorization and automated processing solutions, fully automating the P2P cycle.
According to the company, the new solutions also integrate with all major accounting and enterprise resource planning (ERP) systems.
V1 Purchasing Management is a browser-based solution which enables its users to gain control and visibility of their purchasing, and helps them to improve efficiency, productivity, and control. Users can enter draft purchase orders online and manage approvals using workflow. PO’s are automatically routed for approval to the correct budget holders and authorizers to review and authorize using a Web browser at any time and from anywhere.
With automatic routing and email notifications, the system allows Procurement Managers to consolidate multiple Purchase Requisitions into a single Purchase Order.
Designed to reduce the time and cost of processing expense claims, V1 Expenses Management eliminates the process of manual, paper-based or spreadsheet-based expense claims, which are time-consuming. Users including managers can raise, review and complete expenses claims from any location and at any time using a Web browser. This way, organizations can cut the cost of processing expenses, avoid re-keying of data and reduce errors and risk of fraud.
Edited by Rory J. Thompson