Budgeting is an effective tool for organisations to better manage their expenses and costs. Traditionally the domain of financial managers and controllers, but certainly as important for procurement management. Organisations determine how much financial scope is available for expenditure based on budgets making it an indirect factor for quality. So, by making an accurate estimate of costs to be allocated by budget holders organisations are able to control expenditures and not be faced with any surprises.
Esize Budget Management
Effective budget management not only contributes to better cash management, but also helps control financial results, increase financial clout and performance measurement. Moreover, budget control enhances cost awareness within organisations. Esize Budget Management provides organisations with real-time insight into budgets using clear dashboards and reports. With current information, budget holders control their spending and make better decisions based on reliable data.
Real-time budget control
You can of course track budgets in Excel, but this means that a budget must be manually adjusted each time changes are made. That takes time and increases the risk of errors. Furthermore you don’t have an overview of current figures to hand. Esize Budget Management provides you with full budget management and monitoring functionality and forms an essential link in our complete Purchase to Pay platform for contract management, ordering, hiring of external staff, and billing. Budgets can be monitored from both the order process and the invoicing process, providing you with real-time control of your budgets.
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An important advantage for procurement and financial managers is the flexibility to allocate budgets to, for example, departments, cost centres, cost types or users at multiple levels. In this way an organisation can monitor budgets at any time and display budget usage throughout the year. Budgets can even be updated from external financial or ERP systems. In addition, you can easily create budgets by entering them directly into Esize, via an imported Excel document or through an interface from the financial system.
Continuous current insight
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. In this way they can determine whether to reject or approve expenses based on current information. Once a commitment is made, it is automatically reserved on the budget. This means that all approved orders, contracts and invoices that are in circulation, as well as the payments already made, will be deducted from the budget. As such, budget holders always have insight into the remaining budget when approving transactions, avoiding unexpected over expenditure.
Esize Budget Management enables budget managers to focus on core business activities. Automatic alerts are issued in (threatening) exceeding budgets and it is possible to set up a separate budget approval flow.
Clear budget reports
With Esize Budget Management you have all the information organised in a single dashboard system for comprehensive budget reports. This gives you 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!