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New Geac white paper reports poor expense receipt filing

14th Sep 2005
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STUDLEY, UK '26 May 2005 ' Geac® (TSX:GAC and NASDAQ:GEAC), a global enterprise software company that addresses the needs of the Chief Financial Officer, has launched a white paper: Optimising Expense Management with Digital Receipt Filing. The paper highlights that organisations are missing out on major cost savings as a result of poor receipt filing. It looks at how employees can benefit from reduced paperwork and easier processing of expenses, which can leave more time for their core roles as well as produce faster reimbursements and fewer discrepancies.

The paper was produced as a result of the growing need for companies to review the way in which they manage employee expenses. One of the problems is that, historically, expense management has lacked structure, and receipt management has been unwieldy. In order to cut costs, organisations need a better handle on what expenses are being incurred, to whom and by whom. Only then can they hone in on areas where money is being wasted and eliminate areas of excess.

Fred Hipkiss, Director of Consultancy Services at Geac, comments:
'Expense management is an area where organisations can easily cut costs and quickly see improvements to the bottom line. Our white paper seeks to highlight the key areas for cost reduction and offer practical suggestions on incremental steps which finance departments can take to realise these savings.'

In the white paper, Jay Weinstein, CIO of L-3 Communications Systems, comments on Geac's Expense Management solution:
"The time required to process our expense reports dropped from 40 hours to 10 hours per week, leading to a 75 percent reduction in labour costs. Geac Expense Reports drives the success of our employee reimbursement program. Its ease-of-use and powerful functionality enables L-3 to be more efficient and productive."

To receive a copy of the paper, please e-mail [email protected].

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