At times, it might seem as if your company’s spend management is like taking money out of a piggy bank without knowing how much is left inside. As various departments and locations try to manage their expenses, spending can easily end up off target. Sage Intacct Spend Management, an add-on to the cloud accounting software, allows you to see exactly how your business spends its money. You can also track how expenses measure against the budget and control overspending.
A data-driven look at spending
Sage Intacct is known for its comprehensive and easy-to-understand dashboards. In Spend Management, these real-time views of spending can you help stay aware of your company’s purchases as they happen and decrease budget discrepancies. You can look at data from a number of perspectives, while always seeing up-to-date numbers that can help you make informed decisions more quickly.
Visibility is a huge benefit of Sage Intacct Spend Management. At any time, you have a clear view of transactions and you can see how much your company has left to spend. As spending requests come in, you can review the numbers to see if there are enough funds in the budget to pay them.
With Sage Intacct Spend Management, employees who aren’t involved with budgeting – and in some cases, may not even be able to see the overall numbers – can still see how their expenses impact the budget. Based on department, location and spend requests, you can create spending validation rules that allow you to enforce spending limits and control budget compliance. Staying within your budget can help your company meet its financial goals and objectives.
Sage Intacct Spend Management can be particularly beneficial for larger companies or organizations, especially those with multiple budget owners, such as department heads and managers, who work with a variety of vendors. Spend Management can also help teams save time as manual processes like updating spreadsheet numbers are replaced with automation.
Detect overspending right away
As expenses are entered, Sage Intacct Spend Management informs you when there is a budget overage. Spend Management can be configured with the amount of control that’s right for your company. Depending on how it is set up, Sage Intacct Spend Management can give users a warning to let them know they have entered an expense that is over budget or can completely block them from entering overages. You can opt to receive email notifications when an expense exceeds the budget and then decide whether or not the funds should be disbursed.
If a user is budgeting by department or location, Sage Intacct Spend Management can be configured to the appropriate dimension. You can track expenses as they go toward particular departments, locations or vendors. Nonprofit organizations can see exactly how expenses match up to grants for various programs.
No matter how you use Sage Intacct, an audit trail is part of every feature, so everything is tracked. With Spend Management, for example, you have a detailed record of your spend history, which allows for greater budget insight. Spend Management can make it easier for your business to track and cut costs.
Better spend management can increase your company’s financial efficiency and improve overall accountability. To find out more about how Sage Intacct Spend Management can help your company, schedule a time to talk with one of our experts.