Controlling expenses is a big part of running any business and budgets are crucial to preventing overspending of company resources. However, with many resources and employees it can be hard to maintain control over spending. With the Intacct spend management system you can automatically apply those spending limits in the purchasing module and keep your budget in check.
The Intacct spend management system is integrated right into the purchasing module. Once configured, the system will validate all purchasing transactions against the specified budget. During configuration, you can specify which combination of dimensions the system will compare transactions against. That means you can budget by one set of dimensions but only validate by a subset. For example, your company might budget by location and department, but you may only validate based on department.
Intacct spend management can also be setup to validate against a specific period such as the current month, current year, or current year through current month. If you picked current month for example, then Intacct will validate expenses for the month based only on the budget for that month.
Another feature available in spend management is the ability to select only certain purchasing transactions for validation. With this functionality, your company could allow users to enter purchase requisitions without validation, but still enforce your budget before converting those to purchase orders.
After the validation runs, if Intacct has determined that any particular budget amount has been exceeded, the system will either warn the user about the budget overage or deny posting the transaction completely based on your preference.
Controlling expenses is now easier than ever with Intacct spend management. It’s one more reason Intacct is the most innovative and most award-winning cloud ERP system on the market. Gain rich features by migrating to Intacct today – and control your expenses! To get more information on Intacct, contact us or view our Intacct page.