Extensity announced Tuesday the release of Extensity Expense Reports 2.0, a major upgrade of the company’s Web-based enterprise application for reporting, auditing, managing, and reimbursing travel and entertainment-related costs. Today’s upgrade features make it faster and easier for travelers to prepare error-free expense reports with an expanded range of corporate card data accepted by the application, as well as a newly-customizable GUI. Auditors benefit from automated classification, auditing, and reporting functions that provide efficient processing with a high level of control and accuracy. Extensity also provides a money-back 90-day implementation guarantee, called the Extensity Express(TM) Guaranteed Implementation Plan. This program provides customers with a faster return on their investment in enterprise applications than ever before possible.
Daniel Sholler, senior research analyst, Application Delivery Strategies at Meta Group, commented, “The Web allows companies to automate a whole new class of business processes that could not be automated before, and Extensity is a good example. Extensity is focusing on the hot emerging market of automating the processes associated with corporate operating costs. Extensity’s promise to deploy to thousands of users with a guaranteed deployment time of 90 days exemplifies the power of the Web in action.”
“Both our accounting department and our business travelers are already recognizing dramatic benefits from Extensity and we look forward to the extended capabilities available in version 2.0,” said William Delaney, vice president of finance and controller at Incyte Pharmaceuticals. “We are especially excited by the configurable user interface — this will make it even easier for our travelers to complete and submit their expense reports.”
Fast, Error-Free Reporting for Travelers
Extensity Expense Reports 2.0 provides users with a fast, simple, painless expense reporting experience.
* Expanded Corporate Card Data Format Compatibility: With Extensity, travelers minimize manual entry of expenses through the use of automatic corporate card transaction downloads. The new release adds American Express and Diners Club to the First Bank, Paymentech, and GE Capital cards already supported for 95% coverage of corporate cards currently in use by business travelers.
* Customer-Configurable GUI: Companies can help travelers prepare accurate and complete reports on the first try by setting certain fields as mandatory, highlighting them in red, while leaving others optional. Incomplete forms prompt the user to supply additional information before the report can be submitted, eliminating costly and time consuming rework in the process.
* Enhanced Foreign Currency Support: Travelers can enter expenses in any foreign currency for reimbursement in their native currency using a realtime exchange rate converter eliminating time-consuming and error prone manual conversion.
Todd Chaffee, executive vice president of corporate development and alliances for Visa International, commented, “One of the reasons we invested in Extensity was their superior product architecture. By building a 100% Pure Java component-based framework for the entire OCM suite, Extensity can now very quickly bring new functionality to the market. This is evidenced by the new version of Extensity Expense Reports, which gives customers great new features and helps Extensity extend its technology leadership.”
Fast, Error-Free Processing for Auditors
Automated expense reporting spares accounting clerks and auditors the hours once spent sorting through paper reports. The new features in Extensity Expense Reports 2.0 build further accuracy and control into the system to allow optimal deployment for accounting personnel.
* Automated Background Auditing and Routing: Random audits can be set to complement audits with pre-defined parameters. Automatic checks can execute special actions based on the nature of the report-for example, specifying that any report listing certain vendors, project codes, or expense types be pulled for manual verification.
* Customizable Classification Rules: Extensity’s corporate card feature provides the most detailed and accurate expense type classification by uniquely mapping merchant vendor codes to expense types. When ambiguity exists, they prompt the traveler, in realtime, to provide appropriate classification. For example a restaurant expense is prompted to be classified as breakfast, lunch,, dinner or entertainment. This avoids costly rework for the accountant to re-classify expense for G/L posting.
* Enhanced Security: Expanding upon Extensity’s ability to seamlessly integrate with any technology environment, the application now supports the most robust set of password rules mandating multi-level system access, special password character sets, frequent password changes, and re-use restrictions.
“We’re pleased to be able to introduce this major upgrade so soon after the initial release in March. This highlights one of the key technological advantages of our Web-centric approach to enterprise application development, the ability to rapidly provide significant new and improved features for our customers,” says Extensity Founder, President, and CEO Sharam Sasson. “With release of Extensity Expense Reports 2.0, we’ve added new features that make expense reporting and reimbursement even easier than ever before for both travelers and auditors.”
Additional improvements in Extensity Expense Reports 2.0 include expanded support for all Windows platforms including Windows 3.1 for Workgroups, Windows 3.11, Windows 95, and Windows NT, in addition to Unix and Macintosh. With these additions, Extensity offers the broadest deployment options of any solution with a single user interface and identical functionality for seamless integration with a company’s existing technology infrastructure.
Extensity is pioneering the development of a suite of Web-based enterprise applications that reduce the major operational costs in corporations. By automating these business processes, Extensity’s customers can achieve greater productivity and tighter control over corporate spending to realize dramatic bottom-line cost savings and improved employee satisfaction. Established by Scopus Technology co-founder Sharam Sasson, Extensity is funded by premier venture backers including Hummer Winblad Venture Partners, Kleiner Perkins Caufield & Byers’ Java Fund, Weiss, Peck & Greer Venture Partners, and Visa International. Extensity customers include Franklin Resources, Nationsbanc Montgomery Securities, Reltec, and the @Home Network.Details