Real-time budgets enable you to see how much you’re spending on the set budget you’ve made for your company. Your managers will be able to see the real-time budgets in each pending approvals and decide whether to approve or deny the order.
Using Budgets in Precoro one can solve the following problems:
- lack of up-to-date information on procurement and budget implementation;
- over-expenditure of the budget for purchases;
- misunderstanding of persons responsible for procurement of the budget funds for payments and whether these funds can be used.
How do our clients use Budgets?
Budget is created by the accountant, mentioning the amount of money available for the purchase. Manager, responsible for procurement, mentions in the Purchase order the budget that should be used for this PO. An accountant or any other responsible person can review the flow of funds for this specific budget. The information from budgets can be used in financial reports, audits, and planning of future budgets.
Once you mark the budget as limited, no one can overspend this budget. It would not be possible to create an order if there are no sufficient funds. If you don't mark the budget as limited, it's possible to overspend this budget.