Issues and Challenges

Finance departments, such as management accounting or procurement, have always sought to maintain control over spending and are now looking to better manage their purchases by gaining a more detailed understanding of their budgets by supplier.  Managing costs and expenditure commitments is a long and tedious process. Gaining a better overview of budgets and their performance throughout a fiscal year now relies on process management tools. Procure to Pay—you can keep it simple!

Benefits:

• Consolidated view of scattered budget data
• Information sharing among the various stakeholders involved in corporate budget management
• Access may be delegated to an external consulting firm for all or part of the data
• Graph editing, export, or API integration with a BI tool
• Instant collaboration during a period of consolidation
• Traceability and history

Some examples of how our customers use our products in production:

• Purchase Requests and Approval of Expenditure Commitments
• Collection and tracking of accounting receipts
• Simplified expense report management
• Tracking write-offs
• Purchasing Process: From Order Form Issuance to Invoicing
• Expense and Income Journal
• Shared accounting with a certified public accountant
• Annual Budget Process – Plan

With our code-free process automation solution, co-create a customized budget management automation solution that will enable your managers to control expenses and make the right decisions based on reliable and accurate data.

See a more detailed example presented during our Procurement Webinar on November 17, 2020.