3 tips on how a business spend management tool in your organization can help find opportunities from your current SaaS licensing spend and drive...
Proactive Spend Management With Budgets
Control your spend before it happens and say goodbye to the “spend now, ask forgiveness later” culture. Having an automated spend management platform allows businesses to dramatically increase productivity across their teams, but it’s not just being able to drive process improvements, with an in-built budget module expensemanager facilitates a proactive spend culture that is […]
Control your spend before it happens and say goodbye to the “spend now, ask forgiveness later” culture.
Having an automated spend management platform allows businesses to dramatically increase productivity across their teams, but it’s not just being able to drive process improvements, with an in-built budget module ProSpend facilitates a proactive spend culture that is informed and considerate about company spend
The usual starting point for companies with spend management is with forward planning for the what, why and how much to spend, and at this time of the year budgets are top of mind for most CFO’s. Budgets that will help everyone in their organisation to be aligned with resources vs the key business objectives.
But no matter how strategic and well planned if the company budgets are on an excel spreadsheets living on a Manager’s PC then it’s difficult for staff to be proactive about staying on budget.
ProSpend takes your hidden excel spreadsheets and puts them online so staff are visibly prompted of the budget balance at the time of committing spend.
It’s visibility at the pointy end for users to make smart and informed spend decisions.
With tracking of every spend transaction including credit card, reimbursement, supplier payments and purchase orders staff have a real-time and interactive view of what was budgeted and what’s available.
Powerful features include:-
- Create budgets that are aligned to your business – by locations, departments, projects, and more.
- Flexible set up options – Decide on period – weekly to indefinite Decide on granularity – GL codes, cost centres, absolute amounts.
- Forecast budgets by period.
- Review spend in previous months and adjust budgets for upcoming months with budget periods and drill down into expense lines.
- Multiple budgets – Assign different budgets across different entities with flexible approval workflows.
- Flexible user permissions – Set granular access and create user roles depending on what needs to be done.
- Track spend in real time -Always be in the know about your spend. Report at the user and budget owner levels.
- Audit trail – Full history of budget creation and administration with change tracking.
- Over budget alert – Approvers are alerted by email as soon as the budget is overdrawn
- Opening balances can be included in a current budget
- Update budgets easily as business condition change
The English word budget is derived from the Latin word “bulga” meaning a leather bag or knapsack used for carrying supplies of food. Later, budget was extended to mean not merely the container but also the thing it contained. The budget began in England. As early as 1760, the Chancellor of the Exchequer presented the national budget to Parliament at the beginning of each fiscal year. The purpose was to check the king’s power to levy burdensome taxes and control spending of money by public officials.
ProSpend is Australia’s leading Spend Management Platform that offers Smart Automation for finance teams. Through one cloud-based platform, you can easily manage expenses, supplier invoices, purchase orders and travel spend. All with budget visibility. ProSpend is 100% Australian owned & developed and is used every day by leading brands, including KFC, WWF, Best & Less, Guide Dogs, Peoplebank and many more. For those looking to better understand the benefits of automation, book your FREE savings consultation.