Better decisions based on real-time budget information with Esize
Esize, supplier of Cloud Spend Management Solutions, introduces a new software module for budget management that enables organisations to gain real-time insight into their current budgets. Using dashboards and comprehensive budget reports, effective control can be maintained over expenses and costs, and better decisions are made based on reliable data. Esize Budget Management offers complete functionality for budget management and monitoring, and is an indispensable link in the entire Purchase to Pay platform for contract management, ordering, hiring external personnel, and invoice processing.
Esize Budget Management
“Budgets are an important tool for organisations to determine how much financial scope there is for expenditures. By making an accurate estimate of costs to be allocated by budget holders, organisations can control expenditures. Effective budget management not only contributes to better cash management, but also helps to control financial results, says Paul van Rietschoten, Chief Technology Officer at Esize. Esize Budget Management offers procurement and financial managers the flexibility to allocate budgets to, for example, departments, cost centres or users at multiple levels. In this way an organisation can monitor budgets at any time and display budget usage throughout the year”.
Automatic budget updates
“A budget must ensure that no more is spent than is actually available. In Esize Budget Management, budget holders immediately assess the impact on the budget when assessing a contract, purchase order or invoice. Once a commitment is made, it is automatically reserved on the budget. As such budget holders always have insight into the remaining budget when approving transactions, avoiding unexpected over expenditure.” says Paul van Rietschoten.
Clear budget reports
With Esize Budget Management, organisations oversee all information in a single system with a dashboard for comprehensive budget reports. This provides them with a clear picture of costs and expenses at both individual and company-wide levels. Budgets can be defined based on multiple criteria (such as departments, cost centres, cost types, commodity groups, users, and combinations of these). This makes it possible to capture an organisation’s complete budget plan and to view budgets at any level to the smallest detail!
“Our customers have increasingly high expectations when it comes to transparency and control over processes and expenses, and are seeking the right support in this. In the market, we are therefore seeing a growing interest in integrated solutions that help organisations to better understand their spending. As such we continuously seek to further expand the platform with new features that help procurement and financial professionals to achieve their goals”, explains Paul van Rietschoten. “The initial response from the market has been very positive. All interested people are of course very welcome to contact us!”