VIDEO — Automated budgetary control solutions are just what organizations need in times like these.
The technology seamlessly integrates with the NetSuite ERP to check for budget availability before vendor commitment. Proposed purchases that exceed budget limits are rejected or digitally routed for approval, based on pre-configured business rules. The technology then provides a single source of truth for budget performance and compliance with spending rules across the enterprise.
Finance leaders don’t need to be sold on the operational benefits of automated budgetary control. The technology eliminates time wasted keying information, fixing inevitable errors, chasing down information, managing CapEx project expenses and OpEx budgets, and manually generating reports.
However, CFOs may believe that now is the time to invest cash in working capital, not automation.
With an automated budgetary control solution, an organization can achieve impressive cost savings by avoiding budget overruns, and the scramble to cover unexpected expenses through adjustments to other spend categories or costly borrowing and account transfers. In many cases, the savings from fewer budget overruns alone can cover the license fees for an automated budgetary control solution.
But an automated budgetary control solution also delivers the dramatic improvements in liquidity management, cash flow analysis, and risk mitigation that CFOs crave in a turbulent economy.
- No more guesswork about whether there is budget available for a purchase.
- No more budget overruns caused by coding errors caught during the financial close.
- No more assumptions about whether a purchase runs afoul of a company’s financial goals.
- No more gray areas about how a purchase aligns with an organization’s mission statement.
- No more audit headaches caused by overcharges per terms of a donor or grant agreement.
With an automated budgetary control solution, CFOs always know where things stand.
Upfront controls. Single source of truth. Less risk.
These are the things a CFO wants to see in a proposal for an automated budgetary control solution.
For more strategies on convincing CFOs and other senior executives to automate budgetary control, listen to PyanGo’s latest Budget Bite, How to Sell Budgetary Control for NetSuite to your CFO.
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