Compleat Budget Management
Compleat centralises budget control back to the finance department. This replaces the common practise of delegated departmental budget management, each maintaining their own systems independently, often leading to unexpected and maverick spend.
It is common for recurring costs such as maintenance costs in the IT department to be forgotten, or to fail to financially plan for costs that recur on a regular quarterly or annual basis. The result is a breach of budget which often only comes to light on the production of the management accounts – weeks if not months after the event.
Centralised Budget control: All budgets are accessed in real time from the accounting software, together with data on commitments, accruals and expensed costs for the relevant periods for the complete picture.
Instant Budget Lock down: Any change to the corporate budgets will instantly be applied to every requisition in the approval chains, providing the ability to senior management to lock down corporate spend at a moments notice. Multiple Budget Periods:
Compleat provides the ability to control raising purchase orders for future periods. The ability to incur costs into the future often varies from department to department. A marketing department will need to make commitments 3 – 12 months in advance, whilst a stationary order should never be more than one calendar month in advance. Budget Methods: The available budget can be preset based on the nature of the expenditure and the department it relates to:
Month, month and quarter to date, month and year to date, month, quarter and year to date, future years)
Current period plus one (close to period end) etc. Project Budgets: In addition to normal expenditure and capital budgets, Compleat also provides the ability to set up specific project based budgets and allocate costs within the requisition process. Workflow Approval Process
Compleat automatically reviews the available budget at each stage of the approval process (as a budget may be consumed by a previously approved requisition) and will automatically change the approval workflow to address an out of budget request.
The result of implementing Compleat is that any breach of budget will only every take place by management with the appropriate approval levels, leaving a clear and complete audit trail of the decision (individual, time and date).
Budget Management Fact Sheet
Contact Us
|
|
|