Managing Capital Expenditure Approval
The Capex approval process
The heart of Capexplan consists of a customizable capital expenditure approval flow. This capital expenditure approval flow can be tailored to your specific company approval policies. Capexplan enables you to add users and determine precisely what they can approve. You can add individual users as well as groups and place them anywhere in the approval flow. Regardless of the complexity of your company’s approval flow, Capexplan can reproduce it in detail.
When creating groups, you can determine if all group members or only one in the group needs to approve the capex request.
Capexplan is a complete capex approval software and enables you to customize every element of the approval flow. For example, Capexplan allows for capital approval in both parallel and sequence mode. While sequenced mode means that each approver gets to approve the request after another, parallel mode means any approver can approve the request it at any time.
For even more complex approval policies, Capexplan enables you to assign multiple approval limits per user, so the same user overseeing a business unit or group can have a different approval limit in another business unit.
Flexibility of the approval process
Users can allow for requests to be modified during the approval process. Depending on the modification made, if some approvers have already approved the request before the changes were made, Capexplan will seek their approval a second time.
Capexplan is the most complete capital expenditure approval software on the market and allows users to work in multi-currency environments. Users can set approval limits for different currencies used in the company. When creating a request, simply indicate the currency to be used and Capexplan will reach out to the approvers automatically.
Observers are users which cannot approve or reject the request, but they can provide valuable insight to the request. When creating your request, you can designate any user to be an observer and add him or her to the approval flow.
Getting your request approved
Once your request is sent for approval, Capexplan reaches out by email to all approvers and observers to let them know there is a request to be reviewed. Approvers will be able to review the request and approve, disapprove or provide comments for all approvers to see. Observers will be invited to review the request and provide their comments. Both the approvers and the observers can also attach documents to the request.