CODA financials Inc.

• Position: EXPENSE MANAGEMENT

CODA Financials Inc. has released new software, CODA 2control Expenses. It is designed to standardize and automate expense claim processes, saving time and money on processing, administration and audit.

Processing personal expense claims is an unavoidable day-to-day administrative activity that takes a lot of effort without delivering value. U.K. based-CODA's software has been designed to help automate the expense claim procedure, the company said in an announcement. It has customizable rates and rules built in to ensure adherence to company policy and improved security, replacing time-consuming manual procedures that currently exist in many organizations.

An expense management survey conducted by Aberdeen Group among 377 companies in March 2007 found that those using manual expense systems were spending twice as much on processing each claim as those that had automated the process, at $30.50 per claim. A company processing 5,000 expense reports a month can save approximately $16.30 per report on processing costs, resulting in an annual saving of $976,000.

"In a typical manual expense procedure, conformance to corporate policy is normally undertaken late in the process, which then...