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16th June, 2023

Proactive spend management with budgets

By being proactive with spend management, you can control your spend before it happens and say goodbye to the “spend now, ask forgiveness later” culture.

Having an automated spend management platform allows businesses to dramatically increase productivity across their teams.

But it’s not just being able to drive process improvements.

The usual starting point for companies with spend management is with forward planning for the what, why and how much to spend, and at this time of the year budgets are top of mind for most CFOs. 

Budgets that will help everyone in their organisation to be aligned with resources and key business objectives.

Invoice financing little known cash management tool

But no matter how strategic and well planned, if the company budgets are on an excel spreadsheets living on a manager’s laptop, then it’s difficult for staff to be proactive about staying on budget.

ProSpend takes those hidden excel spreadsheets and puts them online so staff are visibly prompted of the budget balance at the time of committing spend.

It’s visibility at the pointy end for users to make smart and informed spend decisions.

Real-time dynamic data

With tracking of every spend transaction including credit card, reimbursement, supplier payments and purchase orders staff have a real-time and interactive view of what was budgeted and what’s available.

Powerful features include:

  • Create budgets that are aligned to your business — by locations, departments, projects, and more
  • Flexible set up options — Decide on period – weekly to indefinite Decide on granularity — GL codes, cost centres, absolute amounts
  • Forecast budgets by period
  • Review spend in previous months and adjust budgets for upcoming months with budget periods and drill down into expense lines
  • Multiple budgets — Assign different budgets across different entities with flexible approval workflows
  • Flexible user permissions — Set granular access and create user roles depending on what needs to be done
  • Track spend in real time — Always be in the know about your spend.  Report at the user and budget owner levels
  • Audit trail — Full history of budget creation and administration with change tracking
  • Over budget alert — Approvers are alerted by email as soon as the budget is overdrawn
  • Opening balances can be included in a current budget
  • Update budgets easily as business condition change
Management accounting is important for all businesses.

Seamless integration

Additionally, ProSpend integrates seamlessly with the MYOB business management platform.

Its business spend management function works hand-in-hand with all six key workflows of the MYOB business management platform — customers, supply chain, projects, employees, finance, and accounting and tax.

In a hyper-digital, connected world, it’s been found that 60% of businesses in Australia believe they have a disconnection problem.

Because of this, businesses are losing, on average, one whole working day per week manually fixing disconnection issues, with 9 in 10 businesses having to duplicate tasks across systems.

Additionally, 7 in 10 Australian businesses are making decisions without full visibility of their business. 

This lack of informed decision-making can have major impacts on your operations, and importantly, your business’ bottom line.

With digitally advanced businesses being 50% more likely to grow their revenue and earn 60% more revenue per employee, a business management platform is the tool your business needs.

Discover more about ProSpend and integrating with the MYOB business management platform here.

A version of this article first appeared on ProSpend’s website