Advanced Budgeting Engine
Establish and enforce any corporate budget throughout the entire requisition and procurement process.
Budgets are a necessary part of the operation in every company, and ensuring purchases stay within your established budget parameters makes smart business sense. But your senior managers shouldn’t spend their time being budget police, and staff members shouldn’t have to chase down budget figures prior to making a purchase request. By incorporating the procurement budget and spend tracking details right into your purchase requisition and approval workflow, everyone can see at a glance what the spend management parameters are.
Paramount WorkPlace helps purchasing organizations stick to their budgets, eliminate unmanaged spending, and generates cost savings by enabling buyers, CFOs, CEOs and purchasing management to enforce pre-purchase approvals on a consistent basis by providing them with maximum budget visibility.
Paramount WorkPlace automates and strengthens budget control by optionally informing requesters if the request is over budget, and by alerting approvers if a request is over budget — triggering special routing rules or approval workflows for over budget expenses.
To further ensure that the purchase request is within the scope of the company’s budget, the approver can check the status of the budget before giving approval. In this way, budget management works hand in hand with a requisition and purchase order system to reinforce control over the entire process. If items being requested are associated with a particular project or job, then purchase requisitions can be associated with the project. The budget allocation then becomes automatically linked to the overall project budget.
With Paramount WorkPlace’s Advanced Budgeting Engine, you can establish and enforce any corporate budget throughout the entire requisition and procurement process.Ensure the expenditure does not exceed the budget category by building in controls to automatically flag the purchase requisition for a separate over-budget approval routing.
Benefits and Features:
- Enforcement: Configure budgets to be strictly enforced
- Approval routing: Define approval routing rules to specific budget or when exceeded
- Real time: Real time GL budget validation
- Visibility: Budget detail visibility throughout the entire requisition and procurement process
- Project and Job Costing: Project and Job Cost budget validation
Define specific budget controls and enforce them throughout the procurement
Terms & Definitions
What is Requisition:
A requisition is a documented way to request an action or item for delivery by a certain date, department or individual.
What is a Purchase Order:
A purchase order is a commercial document issued by a buyer to a seller, indicating types, quantities, terms, and agreed prices for products or services.
What is Procurement:
Procurement is the act of obtaining or buying goods and services.
What are Approval Rules:
Approval Rules are rules the company establishes to cover its purchasing activity. Rules may cover such things as approval dollar limits, routing, individual approvers, escalation conditions, etc.
What is Unmanaged Spend:
Unmanaged spend is spending that is not under the direct control of the procurement department.