BAZ - Internal Financial Controls enabling Spend process management system

Empronc Solutions, headquartered in Mumbai, India was incorporated in 2004 by a group of professionals. Their vision was to build an organization that would compete with the leading business solution product companies globally. We wish to introduce the software product BAZ and its effectiveness for establishing Internal Financial Controls while enabling Spend Process Management. The volume growth in transactions generally increases headcount of support staff, queries and greater attention is needed on standardisation of company policies and procedures.

We have implemented BAZ for various large enterprises to centrally manage and control their administrative, IT, branch setup and other capital and operational expenditures including vendor invoice processing, employee travel reimbursements, rents and utilities.

It will also help to build and control the GST logic for the expense transactions. It will help you to remove the risk and manage the input tax credit mechanism, reverse charge mechanism (RCM), etc. for different rules for different categories of spend under GST regime like vendor payments (PO, Non PO, Rental, etc.), employee reimbursements, travel Management and petty cash.

Our core focus is to help our customers increase employee centricity, Vendor partner relationships, productivity, Governance, compliance and efficiencies around these processes while reducing risk, wastage and fraud.

We have successfully deployed the solution complementing CBS for Banks, ERPs for non-banking customers in Logistics, Manufacturing, Financial Services, Insurance (Life/Health/General) and others.

Successful implementation usage statistics:

  • 4800+ physical locations
  • 200,000+ Users
  •  ~27.5 lakhs Transactions/Annum
  •  ~Rs. 6,500 crores Transaction value / Annum
  •  Horizontal across industry verticals

Benefits realized include:

  • lean Finance Team to manage growth in volumes efficiently
  • reduced costs of processing vendor and employee payments 
  • turnaround times for processing payments are quick 
  • high Reliability of application of companies policies and procedures
  • self-service with high levels of process visibility and transparency
  • spending can be controlled within department + Location budgets as well as employee specific limits
  • savings achieved by preventing overspend, applying rate contracts,  enforcing delegation of approval authority with exception control, reduction in manual efforts and greater people productivity
  • cost analysis on actual, accurate data and streamlined accounting with reduced subjectivity
  • high levels of process driven GST compliance helping the taxation teams as well as ensuring savings through input tax credits
  • high levels of internal financial controls
  • automation of AP invoicing and validation workflow, Procure  to payment operations, and payment processes
  • digitisation, Archival and easy retrieval of documents
  • better cash outflow visibility and treasury management
  • mitigate intentional and unintentional expense fraud through system and process driven controls
 

About BAZ

A Comprehensive software enabling spend process management and P2P enabling

Financial Control

GRC / IFC Measures

Cost Visibility

Process Discipline

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