EXPENSE TRACKING, ELECTRONIC ORDERING, INVOICE PRESENTMENT, AND PAYMENT SYSTEM AND METHOD
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 of electronic ordering, the computer comprising at least one processor and at least one memory operatively coupled to the at least one processor, the method comprising:
receiving, via the at least one processor, a budget for an item;
generating, via the at least one processor, a request for the item in response to a determination that an expected cost for the item is within the budget for the item; and
automatically facilitating, via the at least one processor, payment to a vendor for the requested item based on at least one of a negotiated price, the expected cost, a received bid or the budget.
2 . The computer-assisted method of claim 1 , wherein determining the expected cost further comprises, performing, via the at least one processor, an expected cost look-up in a database stored in the at least one memory.
3 . The computer-assisted method of claim 1 , further comprising recording, in the at least one memory, at least one of a receivable associated with an expected revenue for the item or a payable associated with an expected cost for the item.
4 . The computer-assisted method of claim 1 , further comprising receiving fulfillment of the item from the vendor.
5 . The computer-assisted method of claim 2 , further comprising receiving an invoice price for the item from the vendor that differs from the expected cost.
6 . The computer-assisted method of claim 5 , wherein the cost differential between the expected cost and the invoice price is resolved through an automated dispute resolution via the at least one processor.
7 . The computer-assisted method of claim 1 , wherein generating the request for the item further comprises generating a purchase order and wherein facilitating payment to the vendor further comprises allowing the vendor to automatically create, via the at least one processor, an invoice using purchase order information.
8 . The computer-assisted method of claim 1 , wherein determining the expected cost further comprises receiving bids, via the at least one processor, from a plurality of vendors.
9 . A system for electronic ordering, the system comprising:
at least one processor;
at least one user interface operatively coupled to the at least one processor; and
at least one memory operatively coupled to the at least one processor,
wherein the at least one processor is configured to,
receive a budget for an item;
generate a request for the item in response to a determination that an expected cost for the item is within the budget for the item; and
place an order with a vendor for the item.
10 . The system of claim 9 , wherein the at least one processor is further configured to facilitate payment to the vendor for the ordered item via one of a check, a credit card, an automated clearing house payment or a direct deposit.
11 . The system of claim 9 , wherein the at least one processor is further configured to determine an invoice price for the item based on the order and to receive an order fulfillment notification from the vendor.
12 . The system of claim 11 , wherein the order fulfillment notification further comprises receiving fulfillment data in a processable form and the invoice price for the item.
13 . The system of claim 12 , wherein when the invoice price differs from the expected cost, the processor is further configured to perform dispute resolution.
14 . The system of claim 9 , wherein the at least one processor is further configured to generate a purchase order to facilitate placing the order with the vendor.
15 . The system of claim 14 , wherein the at least one processor is further configured to allow the vendor to automatically generate an invoice based on the purchase order.
16 . The system of claim 9 , wherein the vendor is selected from a plurality of vendors and wherein the at least one processor is configured to receive bids from the plurality of vendors to determine the expected cost for the item.
17 . The system of claim 16 , wherein the vendor selection is based on the received bids.
18 . A computer-assisted method of electronic ordering, the computer comprising at least one processor and at least one memory operatively coupled to the at least one processor, the method comprising:
determining, via the at least one processor, an invoice price for an item ordered via a request generated in response to a determination that an expected cost for the item is within a budget for the item; and
automatically facilitating, via the at least one processor, payment to a vendor for the ordered item based on one of the invoice price, a negotiated price, the expected cost, a received bid and the budget.
19 . The computer-assisted method of claim 18 , further comprising
receiving, via the at least one processor, the budget for the item; and
generating, via the at least one processor, a request for the item in response to a determination that an expected cost for the item is within the budget for the item.
20 . The computer-assisted method of claim 18 , wherein the determination of the expected cost comprises, performing, via the at least one processor, an expected cost look-up in a database stored in the at least one memory.