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CODA Financials offers you a truly end-to-end spend management solution, covering the whole cycle from requisition through to payment. Our Spend Management module reduces costs by providing fast, controlled, online access to key procurement functions to all employees, and also delivers accurate budgetary control over expenditure. It helps a company establish controls and consolidate purchasing activity, and positions it to leverage the full buying power of the organization.
The CODA Spend Management tools are designed to help companies establish electronic controls throughout the process, while reducing the effort it takes to request, order, receive, invoice and pay for an item. By extending procurement functionality to all users and putting managers into an authorization workflow, maverick spend is eliminated and budget accountability is established. With the proper requisitioning and purchase order approval process in place, invoices can be matched up quickly and electronically, without re-keying and unnecessary data entry. Invoice matching also ensures that adequate “goods received” processes are in place and completed before payments for items are made. With the CODA solution, you can be confident in the knowledge that you received what you ordered, and that you are paying for what you actually received.
CODA Spend Management helps pool buying activity and helps you consolidate purchasing activity with the best suppliers. This begins by driving adoption across a wider corporate audience with our solution’s intuitive requisitioning and purchase order user interface. This ease of use drives adoption and puts more spend under management. The full volume of corporate buying activity is then funneled to the best suppliers, offering the best prices and services. This process is further facilitated by providing electronic catalogs to end users, containing items from the best suppliers and at the best prices. Users can also “punch out” to preferred supplier web sites and return chosen goods into the approval process. The result of all these capabilities is fewer suppliers to manage; more spend under management and lower overall item prices.
Every company wants to negotiate lower prices with suppliers, but they aren’t always in position to do so. Suppliers are more likely to provide negotiated prices or volume discounts when a buyer can illustrate a history of purchasing significant volumes. In manual or semi-automated environments, this information is nearly impossible to assemble and is exceptionally difficult to accomplish when buying is fragmented as described above.
The CODA Spend Management solution provides complete visibility to all buying activity, arming procurement managers with information for supplier negotiations. Purchasing managers can analyze buying activities by item, category, supplier, location, department, time of year and other user-defined criteria. With this valuable information in hand, procurement managers can negotiate volume discounts with preferred suppliers. These negotiated item prices are then placed in centralized catalogs where end users can enjoy negotiated prices and quantity discounts to help make their budgets stretch further.
"Spend Management" is part of the UNIT4 Coda Financials line of products, developed by UNIT4 Business Software.