The idea is straightforward: don’t spend more than your budget allows. Controlling spending, however, can be a persistent problem for many organisations, with serious implications for cash flow.
The more purchases are made by more people, the harder it is to monitor spending. To ensure they are not overpaying, they must compare their requisition request to the budget, which is necessary but sometimes irritating, challenging, and occasionally unattainable. Additionally, due to the regular influx of requisition requests, the budget data may contain out-of-date spending totals, creating financial issues with little to no visibility.
Spending must be carefully controlled to stay within the budget’s parameters. The only issue is that applying those rules necessitates the attention and work of accountants, and the incorrect measures can obstruct crucial or urgent acquisitions. How can small businesses manage their spending without overstraining their budgets? This is where Sage Intacct can be used to great effect.
Simple, Intelligent Spend Management Controls
Sage Intacct, a cloud accounting platform for growing and established mid-sized businesses (especially those looking to replace or Xero or QuickBooks), has gained popularity by fusing clever capabilities with user-friendly design. Spend management controls are an excellent example of how Sage Intacct makes high-level accounting accessible.
Users fill out a straightforward form with the vendor, the item, the location, the quantity, and any other relevant information when submitting requisition requests. Sage Intacct checks the amount against the budget once the form is submitted, and if it exceeds the budget, either rejects the request or alerts the user.
There is a lot of versatility. The system administrator can specify specified budget periods and select various budgets to compare spend requests against. Administrators can also alter the automatic approval processes that each requisition request will follow once it is filed into Sage Intacct, such as who approves, what amounts are evaluated, etc.
All parties save time by doing budget checks when expenditure management is managed with Sage Intacct. Additionally, it uniformises the controls so that each purchase is examined and approved in the same way. Sage Intacct, most crucially, foresees budget problems in advance and continuously monitors them to keep them from occurring and getting worse.
Companies can prevent self-created financial problems and various cash flow challenges by using Sage Intacct as the attentive controller of expenditure management. When combined with the other tools this financial management platform has to offer, Sage Intacct users become great accountants that are strategic with their finances.
So, with this is mind, here’s something thing that make Intacct the ideal budgeting partner:
Simple planning and budgeting tools: With its quick implementation, safe data management, and seamless connection with Sage Intacct Core Financials accounting software, it reduces the hassles associated with spreadsheets.
Real-time multi-dimensional reporting: Sage Intacct offers real-time reporting features that let organisations access current financial data and make wise decisions.
Automation of critical activities: Sage Intacct automates crucial financial tasks including the order-to-cash and procure-to-pay processes in their entirety, which decreases manual labour and boosts productivity.
Control and collaboration: The software makes it simple for department heads and finance teams to work together to design, revise, and monitor budgets. Additionally, it offers user-level security to restrict access to private information.
Integration with other business applications: To ensure accurate and efficient financial administration, Sage Intacct can be connected with other company systems.
What advantages come with adopting Sage Intacct for budget management?
In addition to the above, the budget control advantages of Sage Intacct such as:
Budgeting and planning: As mentioned for small to medium-sized enterprises, Sage Intacct Budgeting and Planning eliminates the hassles of spreadsheets and with the information stored in the cloud, more than one person can be using it at the same time.
Multidimensional reporting in real time: The real-time reporting means you have the latest date at your fingertips to make decisions on the most up to date data.
Automation Automates critical financial processes including order-to-cash and procure-to-pay, eliminating manual labour and boosting productivity and reduce the possibility of human error.
Integration with other business software: Intacct can be integrated with other business software and even if you can’t find the automation you want, you can still use Zapier.
What kinds of budget control reports can be produced in Sage Intacct?
Sage Intacct provides a variety of report formats that can be generated for budget control, giving companies useful information about their financial performance. Among the important reports are:
Reporting on Multiple Budgets: Including projections into management reports.
Combined reporting: The Cash Flow Budget Report combines information from the Profit & Loss and Balance Sheet accounts and presents a twelve-month budget in columns to assist managers in making better choices regarding the anticipated liquidity of the organisation.
Profit & Loss Budget Analysis Report: This report highlights differences between the budget and last year’s actual results while comparing the budget with year-to-date actual data and estimates for the remainder of the year.
Financial Report Packages: Sage Intacct offers users to create a number of pre-built financial reports, including a cash flow statement, income statement, and balance sheet, which can be used for budget analysis and control.
Here at Itass Solutions, we know that Sage Intacct is an effective tool for financial management and budgeting. We like it because of the types of different reports the system generates, the cloud-based accounting solution, multiple users can use the system at the same time and integration with other business systems means we’re big fans of Intacct.
Itas Solutions started off serving one client in 1995 and now services over 200 businesses across the UK. We are always available to assist our clients.
Itas is a business that our customers have trusted for more than 20 years, and we have expanded thanks to recommendations from them and IT professionals who value our educated but personalised service.
To discover more about how Itas can help your business with finance automation, Sage implementation, and increased purchasing management, contact us at [email protected], phone us at +44 (0) 1824 780 000, or send an email.