GE Offers Commercial Card, e-Settlement Reporting System

Highlights global data, customization and efficiency to support accounting needs

Highlights global data, customization and efficiency to support accounting needs

Salt Lake City, UT — August 27, 2004 — GE Corporate Payment Services announced that it has released The SAM system, a strategic account management advanced reporting system that is designed to support the real-time management of purchasing, travel and other corporate card and e-settlement programs.

GE said the system uses the newest Web technology, providing commercial card program managers with reporting, querying, account and supplier maintenance, and global management tools. Its general ledger mapping functions are designed to simplify the accounting of commercial card and e-settlement transactions.

"We estimate that SAM's accounting features can automate more than 75 percent of all incoming card transactions, transmitting the data to the correct general ledger account without editing by the user," noted Jeffery Dye, president and CEO of GE Corporate Payment Services.

He added that customers with complex project code accounting and global travel needs should find that the system increases accuracy, streamlines reconciliation processes and offers more information for vendor negotiation.

The system is also customizable, not only to organization hierarchy, accounting structure, security needs and individual user preferences, but also to customer brand. The system interfaces with financial and enterprise resource planning (ERP) systems, allowing users to allocate expense data to proper cost centers. Cardholders and program administrators can view transactions, edit accounting and maintain account details in a flexible interface.

Organizations that have individual-bill travel card and central-bill purchasing card programs can manage both on a single platform, according to GE. The system supports mining of transaction addendum records, including airline, hotel folio, shipping/courier, temporary help, rental car, fuel and non-fuel expenses.

To review spending on a worldwide basis, GE said customers can load global transaction data in more than a dozen currencies, including the euro, with flexible options in currency conversion and reporting.