Why Businesses Need Budgetary Control as They Re-Open

ARTICLE — Despite the recent spike in COVID-19 cases, U.S. businesses are increasingly confident that the worst of the pandemic is behind them. They are taking measures to return their business to growth.

That is according to a new survey from Paychex, Inc.

Sixty-three percent of business owners feel the pandemic’s impact on their operations will lessen. Forty-six percent of business owners are fully open and operational, with an additional 42 percent of businesses open on a limited basis, and 12 percent of businesses planning to re-open, Paychex reports.

Business owners are now shifting their attention to managing expenses in the new normal.

One-third of business owners worry they will not have sufficient customer demand upon re-opening their business, Paychex finds. As a result, 14 percent of business owners are reducing expenses.

Deploying a budgetary control solution is one way that businesses can tightly manage their spending in these uncertain times.

Integrated with NetSuite business processes, a budgetary control solution provides complete budget control and visibility from the point of purchase requisition, updates the budget ledger when transactions are modified, and streamlines budget-to-actual reporting.

Want better control and visibility over your spending as your business re-opens?

Click here to request a demo or arrange a no-obligation consultation with one of our experts.