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What are budget controls and why do you need them?
Budget controls are spending limits placed on the types of products purchased in your organization such as equipment or even advertising. Establishing budget controls will help your organization protect against maverick or off-contract spending, as well as provide data that managers in your firm can use to forecast future spending.
For example, a manager in your organization can set an equipment budget of $10,000 for the marketing department. This will ensure that marketing does not spend more than that amount on their equipment purchases (i.e. computers or cameras).
Budget controls will also improve communication across teams and employees because all parties have a firm understanding of their spending limits.
To further streamline departmental spending, Procurify’s Product Catalog feature ensures all equipment spending is done through pre-established vendors. For example, a manager will input a pre-established vendor for all computer purchases. So, the next time an employee needs a new computer they know exactly where to buy it from. That pre-established relationship, more often than not, includes preferred pricing. In addition to cost-saving benefits, however, the Product Catalog will increase efficiency in your company because employees will spend less time deciding where to purchase products from.
Lastly, the forecasting benefit of budget controls is worth another look. The ability to forecast spending for another year – or see what spending worked and what didn’t – is critical for a business. It will give you insight on what to expect in the future and whether or not you can expand or have to contract.
Ready to see how Procurify can help your purchasing system establish budget controls? Book your free demo today and find out how.