Spend tracking and Budgeting in procurement is essential, whether you are a small business owner or a large organization. Often, we tend to forget what we ordered from a supplier. We remember it only when we receive an invoice for the same.
While this does not do harm to you right away, it is surely not prudent. Most organizations track spend when it’s too late. It is always wise to have a budget and track spend beforehand to avoid over-spending and maverick spending.
Having an eProcurement software which helps you track spend efficiently and manage your budgets is crucial. Especially when you have multiple orders going out daily to your suppliers. Keeping track of your spend is essential in managing your suppliers and developing a long-term relationship with them.
Eyvo can help you track spend efficiently and manage budgets on a timely basis.
What makes our eProcurement software so efficient is that when deployed correctly, it will give you real insight into your spend, alert you about an overdue payment and much more.Why is it important to track spend and keep budgets?
The primary objective of tracking and managing spends and budgets is to identify and exploit savings opportunities and boost your organization’s productivity. Effective spend analysis and budgeting hold a crucial place in procurement that can help boost profits and improve productivity in your organization.
Moreover, you can identify purchases that have been made twice (if any) and, negotiate with suppliers on bulk orders which will lead to direct savings.
Management of spend also directly improves spend visibility and transparency. This in turn, leads to improved compliance within your organization and better audits.
Risk management comes as a part of tracking spend as your organization is well aware of the expenses. This will eliminate any unwanted expenses and improved relationships with your suppliers.
Managing spend efficiently can help you streamline your purchasing cycle and help you find all your expenses in one place. Spend and budgeting in procurement will help your business grow exponentially.How can Eyvo help?
With Eyvo, you can actively monitor your spend in real-time with graphical representations that are insightful and easy to understand with just a glance.
Our new and improved dashboard displays data in a timely fashion which can be viewed by the right decision-makers. This will enable your organization to make informed decisions ahead of the curve which has less room for error.
Efficient spend tracking and budgeting in procurement equates to strong financial control, ease of audit and transparency.Spend and budgeting in procurement through Eyvo’s improved Dashboard! Eyvo has upgraded to a new look!
Our eBuyerAssist software has an all-new look. Our new eBA v1.5 is all about modern design which is user-friendly and easy to navigate.
With our all-new dashboard, you can track all your spend at one place and work effortlessly through the purchasing process. The modern design will let you glance through all your important orders and approvals and get work done on time.
We have not only streamlined the entire purchase to procure cycle for you, but also made it easier to navigate our system without any hassles.
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