COA Solutions Launches Purchasing Card Reconciliation System

Released on: September 8, 2008, 6:24 am

Press Release Author: COA Solutions

Industry: Accounting

Press Release Summary: COA Solutions (formerly CedarOpenAccounts) announces the
launch of its Purchasing Card Reconciliation (PCR) system.

Press Release Body: 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

Unlike some third party purchasing card solutions which limit access to management
information and can make it difficult to switch card providers, PCRs 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

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
+44 (0)1625 856505 or 07917 634 705

Ben Carey, COA Solutions
+44 (0)1625 856505

Web Site:

Contact Details: COA Solutions
London House
London Road South
SK12 1YP
Tel: +44 (0)1625 856505
Mob: +44(0)7889 326315
Fax: +44(0)1625 856501

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