Expense tracking, electronic ordering, invoice presentment, and payment system and method
View Patent ↗Systems and methods for tracking and billing expenses throughout a transaction, such as the sale or management of a real estate property. In one embodiment, a budget is created that details expected incomes on the property and costs associated with the sale or management of the property. The budget may be developed in accordance with specifications, such as line item maxima or total budget maxima, developed by the owner of the property. After a vendor has delivered goods or services described in the budget, the vendor creates an electronic invoice. Payment is delivered to the vendor through an Automated Clearing House system.
1. A computer-assisted method for electronic ordering, the computer comprising a processor, the method comprising:
receiving, via the processor, a request for an ordered item, wherein the request is automatically generated when a price for the ordered item is within a budget having approved expense limits;
generating, via the processor, a receivable call comprising the ordered item and the price for the ordered item;
placing, via the processor, an order with a vendor for the ordered item based on the receivable call;
generating, via the processor, a system call with the order to the vendor;
determining an invoiced price for the ordered item; and
initiating and facilitating payment to the vendor for the invoiced price.
2. The method of claim 1 , further comprising:
assessing a price module to determine an expected price for the ordered item, wherein the expected price for the ordered item is generated based on the budget.
3. The method of claim 1 , further comprising:
storing a record of the receivable call in a data repository.
4. The method of claim 1 , further comprising:
receiving a confirmation from the vendor for delivery of the ordered item.
5. The method of claim 4 , wherein the confirmation specifies a modified price for the ordered item by the vendor, and wherein the modified price is different from the price.
6. The method of claim 5 , further comprising:
if the invoiced price is greater than the modified price, performing dispute resolution, wherein the dispute resolution comprises at least one of the vendor creating a new invoice for the ordered item and the vendor lowering the modified price.
7. A system for electronic ordering, the system comprising:
a module, executed on at least one processor, for receiving a request for an ordered item, wherein the request is automatically generated when a price for the ordered item is within a budget having approved expense limits;
a module, executed on the at least one processor, for generating a receivable call comprising the ordered item and the price for the ordered item;
a module, executed on the at least one processor, for placing an order with a vendor for the ordered item based on the receivable call;
a module, executed on the at least one processor, for generating a system call with the order to the vendor;
a module, executed on the at least one processor, for determining an invoiced price for the ordered item; and
a module, executed on the at least one processor, for initiating and facilitating payment to the vendor for the invoiced price.
8. The system of claim 7 , further comprising:
a module, executed on the at least one processor, for assessing a price to determine an expected price for the ordered item, wherein the expected price for the ordered item is generated based on the budget.
9. The system of claim 7 , further comprising:
a module, executed on the at least one processor, for storing a record of the receivable call.
10. The system of claim 7 , further comprising:
a module, executed on the at least one processor, for receiving a confirmation from the vendor for delivery of the ordered item.
11. The system of claim 10 , wherein the confirmation specifies a modified price for the ordered item by the vendor, and wherein the modified price is different from the price.
12. The system of claim 11 , further comprising:
if the invoiced price is greater than the modified price, performing dispute resolution, wherein the dispute resolution comprises at least one of the vendor creating a new invoice for the ordered item and the vendor lowering the modified price.
13. The system of claim 7 , wherein the at least one processor further comprises a plurality of processors that are operatively coupled to one another by a network.
14. A system for electronic ordering, the system comprising:
a processor;
a user interface functioning via the processor; and
a repository accessible by the processor;
wherein the processor is configured to:
receive a request for an ordered item, wherein where the request is automatically generated when a price for the ordered item is within a budget having approved expense limits;
generate a receivable call comprising the ordered item and the price for the ordered item;
place an order with a vendor for the ordered item based on the receivable call;
generate a system call with the order to the vendor;
determine an invoiced price for the ordered item; and
initiate and facilitate a payment to the vendor for the invoiced price.