Setting a budget for a business is crucial for successful financial planning, but there are several elements to making sure your budget and cost analysis is successful:
- Create realistic budgets based on the most recent actual figures available
- Make sure your budget is shared with the right people
- Analyse your budgets regularly
- Ensure problems and significant variances are investigated and adjust budget accordingly.
A good budget will help to achieve more effective expense management, by keeping control over costs associated with specific departments or cost centres.
With this in mind, we are excited to announce another new feature that will be available to add-on to the MyExpenses & InvoiceFlow modules.
This new software release gives you the ability to incorporate Budgets into your expense and/or supplier invoice management, allowing you to keep tighter control over your company’s spending.
New features included in Budgets are:
- Set budgets per financial year and periods
- Set expenditure limits using a combination of coding (projects, departments, or cost centres)
- Determine hard or advisory limits
- Set advisory threshold values so users are warned if new claims will exceed budget
- Clear visibility of budget vs actuals for administrators
- A set of reports for budget analysis, including custom filters
If you would like to see a demonstration of our new Budgets module, please email firstname.lastname@example.org
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