Whilst you may have your own purchase ordering system, many customers use the FMIS Purchase Order Processing system for capital items. This allows for a far better real time control over the commitments made on capital projects. The system supports the concept of a product design phase, and a quotation stage where any potential purchase is sent out to a number of possible vendors. A purchase order will be coded to the correct project level.
The system allows you to add many different attributes required for collation when you require a confirmed receipt of a goods or service. Tracking sub-contracted build is also supported by the system.
If you do use the full purchasing facility then you will want a good invoice matching facility to allow you to automate the accounts payable batch for your finance system. Once invoices have been matched they are instantly visible to the capital projects manager. Any variances are subject to in built workflow and exception handling.
With the full capital process automation your capital projects manager’s time will now be focused on exception management using quick drill downs into any potential problem area.
At any time you can capitalise the accumulated spend on your project. A fixed asset record is created initially, then late invoices, additional spend, or additional capitalisations are handled neatly by the FMIS Fixed Assets coding structure.