Capital Expenditure Requests
“Our CEO approved his very first CapEx request from his mobile device.”
Ken Richardson, PCI Pharma Services
Handling CapEx requests manually is often slow, inefficient, and prone to errors. Automating the CapEx process should be a priority for any finance department looking to improve transparency, compliance, and decision-making speed.
Nutrient Workflow is the only CapEx workflow and approval software that lets you easily define, build, and publish a customized capital expenditure request process through an intuitive interface. You can have a new, fully tailored CapEx Request approval process up and running within weeks—not months. (CapEx is also known as "Capital Acquisition Request" or "Approval for Expenditure.")
Ready to see it in action? Try our "CapEx Automation Walkthrough". It demonstrates how automating your CapEx/AFE processes can ensure both efficiency and accuracy when making critical purchase decisions.
By using Nutrient Workflow's capital approval workflow management software to design custom capital expenditure processes, our clients have significantly improved the CapEx request approval process and reduced their CapEx approval cycle times by up to 35%. While providing unprecedented transparency into the entire process. Requesters can track progress, managers can make informed decisions, and auditors have a complete, automatically-generated audit history.
Our customers are keeping their CapEx projects and expenditures aligned with their enterprise capital financial strategies and objectives. They’re clearly improving the management of their enterprise cash flow across the organization.
Key Features of CapEx Request and Approval Software
| Feature | Supported |
|---|---|
| Organizational hierarchy-driven CapEx approvals |  |
| Sequential or parallel approvals | |
| Manager approval via email or mobile device | |
| Escalations based on inactivity | |
| Escalations based on due dates | |
| Add file attachments to requests | |
| Complete audit trail for all requests | |
| Manager-driven re-routing of approvals | |
| Designated alternate approvers | |
| Routing based on amount, department, or any CapEx data | |
| Ad-hoc approvals when needed | |
| Integration with accounting systems | |
Benefits of Using Automated CapEx Approval Software
Productivity/Efficiency
- Reduction in expenditure request, review, and approval time
- Streamlined and standardized request processes across multiple divisions
- Review and approve/manage requests from any mobile device
- Easily attach supporting documentation
Compliance
- Elimination of error-prone spreadsheet CapEx/AFE and OpEx approval systems
- Provide a clear audit trail that's easy to understand and manage
- Enable regulatory compliance and adherence to company policies and procedures
- The establishment of a multi-tiered process definition provides security for sensitive data
Reporting and Visibility
- Report on the efficiency of the process overall or for individual requests
- Provide a transparent view of the process and current status
- Compare planned spend vs. actual spend
- Identify bottlenecks and implement corrective action
- Easily incorporate data into balance sheets and income statements and cash-flow projections
Example of a forecasting report in Nutrient Workflow (Click for Larger).
Integration
- Integration with financials in existing ERP and ERP systems
- Populate forms with data from existing enterprise systems
- Embed CapEx forms and tracking into existing intranets or Websites
We have a template for that! Get a headstart on automating your CapEx Process with our CapEx process template. Just import the template, customize, and launch your new process.
Check Out the Template(opens in a new tab)
Read how Baylor University and British Petroleum use our CapEx approval solution for capital expenditure request management.
Nutrient Workflow Is More Than Just Software
Sure we have a great software product, but we also have a great service team that can drastically reduce your implementation time. Our experienced consultants have built CapEx workflow solutions for the biggest companies in the world. That means that if you need help with planning, best practices, process design or you want us to build everything, we can. In fact, we'll even build a prototype of your process in our system that you can evaluate for 30 days.
Get Started with the Best CapEx Approval Software Today! Contact us to get a free demonstration of how Nutrient Workflow can streamline your CapEx Request process and provide actionable analytics.
FAQ
What is capital expenditure approval software, and how can it benefit my organization?
Capital expenditure approval software automates the submission, review, and approval of CapEx requests. Nutrient Workflow’s solution helps reduce approval times by up to 35%, standardize processes across divisions, improve transparency with audit trails, enable mobile approvals, and provide better visibility into spending patterns.
How does Nutrient Workflow's CapEx approval software integrate with our existing systems?
Nutrient Workflow’s CapEx software integrates seamlessly with ERP systems, accounting platforms, CRM tools, and company intranets. It allows data to be pushed or pulled automatically, keeping your financial and approval systems connected.
What are the key features of Nutrient Workflow's capital approval software?
Key features include hierarchical and parallel approvals, mobile and email manager approvals, escalations, audit trails, dynamic forms with live calculations, ad-hoc approvals, routing based on any CapEx data field, file attachments, and KPI tracking.
Can Nutrient Workflow's CapEx software be customized for our specific approval process?
Yes, Nutrient Workflow allows you to define and deploy a fully customized CapEx process. You can build forms with business logic, route approvals by amount, urgency, type, or division, and either modify templates or start from scratch with help from Nutrient’s service team.
How can CapEx approval software help reduce errors in the approval process?
The software reduces errors by eliminating manual spreadsheets, standardizing data capture, automating calculations and routing, enforcing approval rules, and maintaining full audit trails, resulting in improved compliance, data security, and overall accuracy.
