Running a business in today’s competitive world markets has greatly increased the need for efficiency and transparency. While busy executives prioritize day to day issues in business, it can be easy to forget about the bigger picture, which is to invest time in creating, managing, and most importantly “controlling” the budget. Structured planning and control in purchasing can make an immense difference in creating competitive advantages, cashflow, profit, and growth. However with that being said, the time and financial investment needed to make this difference is another hurdle to pass.
How can a business achieve efficient control of the budget? This age-old question can be answered with the introduction of Budget Control in SAP Business ByDesign.
The Budget Control solution allows the user to create and manage budgets for all purchasing processes in SAP Business ByDesign. This will enable the user to plan the expenditure by month/quarter/year and monitor the availability of the funds for a project or operation. Most importantly, it performs a real-time check during the entire purchase process (shopping cart to supplier invoice) on whether the funds are available by the company/cost center related to the purchase.
The solution is to control how spending occurs based on pre-defined rules and configuration. The user creates a custom budget category with a list of G/L accounts per category and can monitor/review revisions to the budgets through an approval process. Each budget entry is associated with every purchase at the line-item level which allows fine-grained control of every purchase in the organization and can be reported on (between G/L and Budget Categories).
- Plan and Monitor expenditure in real-time
- Limit the expenses
- Control spending at each level
The Budget Control add-on solution in SAP Business ByDesign has been created as a cost-effective solution to achieve the process shown above. This solution ultimately ties together the need for time efficient control of spending in everyday business leading to large ROI for the SAP clientele.
For any questions, please comment below or contact Sandip Sidhu | SAP People.