Corporations continue to look for ways to improve efficiencies, and shared services solutions are a major part of that. Shared services managers are tasked with supervising and consolidating support functions like procurement and accounts payable into a centralized unit. This avoids wasting resources and effort. Of course, shared services managers oversee a wide range of support functions, like IT, HR, and other front- and back-office functions. It isn’t limited to support functions that fall under the finance umbrella, like procurement, accounts payable, accounting, etc. That said, if there is a way to centralize financial functions in a way that makes things more efficient and effective for the organization, it is likely on the shared services manager’s radar. A robust ERP system is one of the most common ways to accomplish this.
Enterprise resource planning
Many organizations make use of an enterprise resource planning (ERP) system to centralize these interdepartmental functions. Some of the most common ‘tier one’ solutions are:
- SAP
- Oracle
- Workday
- Among many others.
The specific intricacies and capabilities of each solution differs, as organizations make use of different solutions based on what they need, what they can afford, and where their priorities lie. But each of these ERP systems aim to accomplish the same general goal: to centralize and streamline business processes. For the purposes of this article, we’ll discuss how ERP systems can be used to centralize finance functions.
A robust ERP system goes a long way in centralizing shared services solutions across multiple departments. They also enhance collaboration between those departments. ERP systems are widely considered essential for the organizations that use them, and deliver tangible value even at a significant cost investment.
But an ERP system alone is not a ‘set it and forget it’ solution. ERP systems require implementation, integration, training, and other factors. Not to mention, they don’t provide every service that your organization might need, and are limited in certain areas. However, with savvy use of additional services, you can shore up the ‘blind spots’ of an ERP system in a way that doesn’t get convoluted or confusing for your end-users and those with backend access.
Limitations of ERP systems
ERP systems provide a user portal where employees at the organization can upload receipts, provide business reasons, and integrate other financial data. In the process, internal controls can sometimes be left behind. Alternatively, some of the “bolted on” internal controls that ERP systems offer lean solely on automation and artificial intelligence, which is imperfect.
When compared to reviewing expenses manually, going with one of these bolted on expense monitoring options may seem like the better option, even at the price point. After all, in most situations, finance employees are dealing with this sort of work in-house in addition to their other responsibilities. In other words, it’s not their main job function. But there exist solutions that combine automation and analytics with outsourced expert manual review, providing two layers of protection.
Outsourcing financial controls with Card Integrity
Card Integrity’s solution for shared services and procurement, DataWISE, combines automation and AI with the human element. Proprietary software, which is continually improved and added upon since Card Integrity’s inception in 2008, is configured with over 350 alerts and reviews 100% of an organization’s data for various behaviors.
But this is only one part of the equation. Card Integrity assigns a forensic principal to each individual account, who looks at the findings, cleanses the data, and presents them in a way that is visualized with trends, insights, and high-priority alerts for the decision-makers at your organization. These forensic principals are experts with finance, sourcing, and procurement backgrounds.
Through the nature of this service, expenses and transactions are now centralized through Card Integrity. This includes from different sources like:
- P-Cards (e.g. procurement cards, corporate credit cards)
- Travel cards
- Invoices from the accounts payable side, through the use of InvoiceWISE (a vector for duplicate payments)
- Out-of-pocket transactions and reimbursements
- Ghost accounts and ghost cards
Learn more about DataWISE with a free demo
Want to see Card Integrity’s expense data monitoring solution in action? It’s completely free! Book a demo below and learn how Card Integrity centralizes expenses for your organization. Fortune 500 corporations trust Card Integrity to safeguard their expenses, in addition to universities and other institutions of education, as well as government administrations like states, cities, and counties.
