Organizations with fixed sources of funding are under constant pressure to ensure that spends do not exceed the cash available for daily operations of the organization. To that end, constant effort must be place on ensuring that expenses are controlled through budgetary segmentation and a workflow to control even routine expenses.
The Pre-Spend Budgeting solution takes care of that by defining a demand plan for every part of an organization based on segmented spending – staff salaries, supplies, capital purchases, repairs, training for example. That demand plan follows a formal budgeting exercise carried out by the organization annually, after which all purchase requests and other expenditures are compared against that plan and disbursements are approved based on them.
- Preparation and analysis of budgets on a per department or business unit basis.
- Role-based preparation, review and approval of budgets as an annual exercise
- Tiered approvals for budget approval
- Email alerts on all expense requests exceeding approved budget
- Automated approval of routine expense requests that fall within planned budget parameters
- Overspend restrictions and budget allocation request functionality
- Integrated with NetSuite standard budgets for Budget vs Actual comparisons
- Increased transparency in planning and execution of budget controls improving company-wide alignment
- Intuitive and easy to use purchase request process aligned to approved organizational budgets
- Collaborative, role-based process
- Real-time dynamic reporting and analysis