CapEx Approvals | Manage Approval Workflows
CapEx Software Streamlines and Standardizes Approvals Processes
CapEx Approvals are critical to the operation and growth of your organization. For that reason, it’s just as crucial to have software that simplifies and streamlines the CapEx approval process.
Integrify is the only workflow and CapEx approval software that allows users to quickly define, build, and publish customized capital expenditure request processes. With Integrify CapEx approval workflows serving as your CapEx management software, you’ll have a new, customized CapEx approval process up and running within weeks, not months.
Benefits of Automating CapEx Approval Workflows
- Reduce request, review, and approval time
- Streamline and standardize processes across multiple cost centers/geographies
- Eliminate error-prone manual or spreadsheet systems
- Compare planned spend vs. actual spend
- Provide a clear and complete audit trail of all activities
- Analyze and report on process performance
- Identify approval process bottlenecks
- Share CapEx data with existing Finance, ERP, and other enterprise systems
- Collaborate with key personnel during the approval process
- Enable regulatory and organizational compliance
How Integrify Manages CapEx/AFE Approvals
Below is an example of a reasonably simple CapEx Approval Process. Note the multi-step approval process from facility to CFO to CEO. Your process could involve even more steps/logic than this.
Example of a CapEx approval workflow. Click for larger.
Below is an example of a capital forecasting report built-in Integrify and tied to the previous process. Reports can include calculations and refer to tables or existing enterprise finance software.
Integrify has worked with some of the largest companies in the world to develop sophisticated CapEx and AFE processes that have transformed manual, outdated processes into streamlined, audit-friendly workflows. Our software allows organizations (or our experienced service team) to build custom, automated processes that support your unique way of working rather than trying to shoehorn you into a pre-built solution.
We have a template for that! Get a headstart on automating your CapEx Process with our CapEx process template. Just import the template, customize it, and launch your new process.
Capital Project Management
CapEx projects require close management of key performance indicators that impact cash flow and capital budgets. The long-term impact of mistakes made during capital planning for real estate projects, equipment purchases, leases, patents, etc., is significant.
Using a workflow automation system as part of your capital project management ensures compliance, risk management, and consistent communication. A standardized workflow for capital approvals ensures:
- Capital is deployed appropriately
- Risks are managed, and alternatives are identified
- Expected returns are clear
- The strategy is aligned with executive/board expectations
- Communication and reporting are consistent and accurate
- Governance and quality control are in place
CapEx Approval Workflow Features
- Live calculations displayed in CapEx entry forms
- Dynamic line-item tables for data entry
- KPI tracking for all CapEx process steps
- Organizational hierarchy-driven approvals
- Sequential or parallel approvals
- Manager approval by email or mobile device
- Escalations based on inactivity
- Escalations based on due dates
- Add file attachments
- Complete audit trail
- Manager-driven re-routing
- Designated alternate approvers
- Route by amount, department or any CapEx data
- Ad-Hoc approvals
- Accounting system integration
Not sure how Integrify can help you conquer the CapEx approval process?
Here’s one example: You can use one of our CapEx approval templates to get a headstart on automating your process.
Your business could turn to a ready-built CapEx management software solution. Still, the benefit of Integrify’s powerful and versatile workflows is that we’re not just CapEx software – we’re that and so much more. (Check out our solutions page if you don’t believe us.)
We have a variety of resources to help you on your journey to an automated workflow.
Preparing for CapEx Automation
Find out what to expect and how to organize the project, including:
- Process Planning
- How to Document
- Outlining and Designing the Workflow
- Building an Approval Matrix
- Building Forms
- Reporting Requirements
- Tips for Change Management
- Loads of examples and templates to steal
