Capex Approval Process | Capex Management software

Why to create a resilient CapEx approval process?

While investors and financial consultants analyze PP&E balance and its impact on the cash flow rigorously, it becomes #1 priority each CapEx request is being tracked and under control to safeguard a company’s shareholder value. Starting from the request receipt, its approval over different departments and further expense or capitalization of the investment, the process should comply with the company's policies, be transparent and error-free, so that capital assets are not- or over-invested.

CMW CapEx Management software extended with OpEx management functionality is designed to empower enterprises for a full control over capital expenditure to maintain assets growth.

Why a CMW CapEx solution?

Easily configure web forms and CapEx workflows with drag-and-drop;

Analyze, build and modify capital expenditure approval process wherever you are;

Receive detailed reports and project status updates on your PC or mobile device;

Integrate CMW CapEx software with your ERP and 3rd party systems via API for a maximum efficiency;

Build a transparent and resilient CapEx automation system without coding;

Eliminate manual errors and stop suffering delays in CapEx tracking and approval.

Automated CapEx Approval Process

Have a new, automated CapEx approval process up and running within days, not months.

Full automation and elimination of error-prone spreadsheets/email process tracking

Friendly workflow editor for hierarchy-driven approvals design and Business Rules setup

Timely and accurate approval request routing and notifications

Sequential or parallel approvals

Escalations based on inactivity and due dates

Team Efficiency

Improve team communication and collaboration thanks to a single work environment for employees, automated workflows, documents and knowledge.

Manager approval and request management by email or from mobile interface

Easy attachment of supporting documents

Centralized data and document management for CapEx process

Out-of-band integration with Outlook, SharePoint and Active Directory

CapEx Approval Process Transparency and Compliance

Identify CapEx management bottlenecks and implement corrective action in time:

Transparent view of the CapEx approval process and current status

Comparison of planned expenditure vs. actual spend

Reports on efficiency of process overall or for individual CapEx approval requests

Clear, automatically-generated audit trail

Visualization for sophisticated CapEx management process

Integration with 3-rd party accounting and ERP systems as well as data export and import to ensure accuracy of company balance sheets and income statements.

CapEx Approval Process FAQ

I want to automate a CapEx approval process. Where should I start from?

We recommend you to begin with evaluating your current process, identifying bottlenecks, roles and responsibilities. As soon as you agree on the process in-team, you may choose CapEx tools for automation. CMW CapEx solution is customizable and user-friendly, letting you implement a new automated process within days. If you face any issues with evaluating your current process, do not hesitate to contact us, as our analyst team can provide you with full support throughout the process.

How long does it take to implement your CapEx solution?

As CMW Tracker is a flexible and fully customizable BPM software, you may receive your CapEx process automated within days, not months. Depending on the complexity of CapEx approval and other internal processes you have, it may take up to 30 days.

What sub-processes does a CapEx workflow include?

Usually, the following sub-processes are critical for automation:

CapEx request submission and approvals
CapEx data and document management
Request routing and task hand-overs’
Team communication and collaboration
Notifications and reporting

An agile capital expenditure approval process and transparent operation expenditure management are keys to cost containment and optimization.

What challenges do CapEx tools help to solve?

Managing and tracking CapEx requests and approvals through lengthy email strings, paper trails or static spreadsheets can lead to loss of critical information, visibility and control. Here is a short list of common CapEx approval management challenges that can be solved with CMW CapEx solution:

Manual, non-standardized processes
Missed deadlines and inaccurate request routing
Unproductive communications and emails
Multiple errors, duplicating or missing request data

What are the benefits of enterprise CapEx software usage?

Workflow software successfully replaces manual CapEx approval processes by automating task flow and ensures faster approval process.

Effective CapEx communications ensure lower operating expenses and help businesses with increasing overall value. Utilizing a proper CapEx approval solution will help with:

Recording and monitoring CapEx budget request to actual spend
Tracing back to CapEx performance commitment (e.g. expected ROI / cost reduction, etc.)
Linking CapEx system information with purchase or assets management system
Optimizing company’s daily spends and significantly
Increasing the accuracy, transparency and efficiency of your capital expenditure approval process