Internal management solutions leverage on technology, to simplify and fast track internal processes to achieve set goals within the company. This allows the firm to streamline pre-existing processes enhancing operational efficiency across all functions.
This solution is a one-stop expense management platform. The API enabled platform reduces paper-based documentation by automating processes, including a quick mobile capture of receipts. The digitalization of expense management streamlines the time taken for the expense process and enables real-time visualization of the expenses. This improves the company’s expense management efficiency, and the customizable multi-tiered approval workflow allows for more flexibility in expense control.
Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at fintech@sg.ey.com.
1. Expense management solution enabled by API
Case study
Context:
A global bank providing investment banking,
asset management and wealth management
services to private, corporate and institutional
clients worldwide was seeking a solution for
automating, simplifying and hastening its
expense management process.
Solution configuration:
• It implemented an end-to-end fully
automated expense management platform
that streamlines the processes taken for
tracking funds, expenses, transactions and
reporting while complying with the
compliance policy.
• Manual processes were automated to save
resources and time.
• Using API integration, solution seamlessly
synchronizes data with accounting,
Enterprise Resource Planning (ERP)
systems and Human Resource Management
Systems (HRMS) that client uses to
eliminate the double data entry
Client impact:
• Seventy-five percent reduction in
processing costs
• Ninety-six percent reduction in paperwork
• Hundred percent expense policy compliance
• Seven times faster reimbursement
• Working capital optimized by sixty-eight
percent
• Zero percent cash leakage
Contact us
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Reinvented business expense management
Instant fund
transactions
Real-time expenses
tracking
Detailed analytical
reporting
Automated record of
transaction upon card
usage
Smooth data feed to
accounting systems
Limits and controls to
keep expenses in check
using multi-tier
approval
One-click reconciliation
and reporting
Tighter control over
travel spends with limits
and policies
Quick capture of
receipts on mobile
Leading interfaces and technology capabilities
Channel-specific
limits
Challenges faced by institutions
Legacy platforms with lesser
flexibility and configurability
Accelerating lengthy back-office
processes
Proactive decision-making by
tracking budgets in real-time
Paper-based practices slowing down
key processes and increasing labor
cost
Real-time expense
in one place
Smart expense
policies
Customize approval
workflows
Cut-off date
reminders
Reconciliation
summaries
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com