COA Solutions (formerly CedarOpenAccounts) announces the launch of its Purchasing Card Reconciliation (PCR) system. Purchasing cards or charge cards are used by businesses to cover purchasing expenses, such as raw materials or office supplies. COA Solutions’ new web-based PCR solution, which is tightly integrated into COA Solutions’ financial management systems, manages and reconciles corporate purchase card charges throughout the entire purchasing lifecycle.
Aimed at finance and procurement managers in both public and private sector organisations, PCR saves time and reduces processing costs whilst enabling a better understanding of procurement drivers.
Mark Thompson, Managing Director of COA Solutions, comments, “The use of purchase cards has dramatically increased in recent years as part of a drive to eliminate the lengthy process and paperwork associated with making small business purchases. However, even though purchase cards initially reduce time and paperwork, they still create a range of paper-based processes when it comes to reconciling purchasing card spend. PCR eliminates these inefficient processes, cutting costs, providing greater visibility of spend and enabling improved reporting.”
Using PCR, purchasing card holders can log transactions, view statements and reconcile transactions electronically. They can also dispute line items within a statement if goods or services have not been received. Once reconciled by the card holder, the statement is then automatically sent to the budget authoriser(s) for approval. Once approval is complete, the statement can be uploaded to the accounts payable system and the appropriate general ledger postings are automatically generated.
Unlike some third party purchasing card solutions which limit access to management information and can make it difficult to switch card providers, PCR’s flexible and highly functional reporting tools enables organisations to intelligently report on spend. PCR also allows organisations to choose the best card suited to their business (or multiple cards if required) and change cards when necessary to ensure the best terms are secured.
Thompson adds, “Organisations can enjoy significant cost and efficiency benefits by implementing PCR. With this intelligent system, they have a complete picture of who is spending what, where and when and are provided with full auditable trails of purchasing card spend.”
Alan Manlove, Finance Systems Manager from Islington Council and an early adopter of PCR says, "The Council has purchased this software as part of our e-procurement strategy to provide an easy-to-use solution for the reconciliation of monthly statements together with its integration with the COA Solutions financial ledgers. Once implemented, it will enable the Council to extend the use of purchase cards driving down the transaction cost of making a purchase, reducing the number of paper invoices and thereby delivering better value for money."
About COA Solutions Ltd www.coasolutions.com
COA Solutions (formerly CedarOpenAccounts) is the UK's leading supplier of integrated business management and information systems to public, private and not-for-profit organisations in the service sector. COA Solutions prides itself on getting close to its customers by understanding their businesses and responding to their business needs.
COA Solutions' award-winning Smart Business Suite combines core financial management, procurement, human resource and payroll systems, integrated with a range of collaborative, document management and business intelligence solutions. These solutions extend the value and effectiveness of the finance, HR and payroll departments across the organisation and enable managers in the business to monitor, analyse and continually improve corporate performance.
COA Solutions has more than 500 experienced and professional staff supporting and servicing over 4,000 clients across the UK service sector including Companies House, Newcastle City Council, WHSmith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS, RSPB and Great Ormond Street Hospital for Children NHS Trust.
COA Solutions Contacts:
Liz Ebbrell, COA Solutions
Tel: +44 (0)1625 856505 or 07917 634 705
Ben Carey, COA Solutions
Tel: +44 (0)1625 856505
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