Are you generally finding out what you have spend when the suppliers invoice comes in?
This is how many companies track their spend – when its too late.
Its very hard to budget effectively for both capital expense and operational expense when you have no idea what your budget should be or if you have a budget how you are performing against that budget.
One of the strengths of a good eProcurement system (like ours of course) is that when properly deployed, it will give you real insight into your spend, give you relevant alerts and allow you to take action before any financial mishap occurs.
Using the eBuyerAssist purchasing system from Eyvo, you can empower all the stakeholders in the purchasing cycle to be actively aware of what their budgets are and how much they have available to spend in that period. We’re talking requestors, approvers and the buyers in the purchasing department plus any other interested groups.
The way we do this is by actively monitoring in real time your spend as it happens, we then watch the cumulative totals against the indicated budget by line of business and provide graphical representations that are insightful and easy to understand at a glance. As an example take the two screen shots below.If you had data like that – displayed in a timely fashion, reaching the right decision makers then you would be ahead of the curve – you would have no excuse to not always come in at or under budget for the year – this equates to strong financial control, ease of audit and transparency.
This is an easy sell for any CFO or CEO to get on board and take advantages of using a state of the art system. For more information about this aspect of our eProcurement platform or any other aspect that you see on our web site please contact us today to schedule a demo .
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