Budgeting brings about a formal budgeting discipline. It helps ensure expenses are tagged to budgets making MIS easier.

With the budget module, organizations can assign approved budgets based on account code / cost center. Budget could also be assigned to hierarchical business units.

With the budget module, organizations can tag expenses to budgets so as to ensure that expenses are within the allocated budget. With budgeting module, expenses could be managed well ensuring no over spending is done. Informed decisions could be made in case expenses are exceeding the budgets.

Budgeting would also ensure that business unit heads have clarity and hence accountability for the budgets allocated. Everyone is committed to keep the expenses under control.

 

Budgeting Module


Budgeting module would include budget definition, budget allocation and budget utilization. It also includes powerful MIS.

Budget definition would include defining of locations, business units, account codes or cost centers. Business unit heads would define funds required by them for Capital expense - Capex and Operational Expenses - Opex. There would be approval for budgets defined.

With defined budgets approval, it is allocated to locations or business units. Budgets could be allocated for different duration based on Capex or Opex budgets. For example, Opex Budgets would be monthly; Capex budgets could be quarterly.

System would keep track of budget utilization by tagging every expense to the respective allocated budget. If expenses are exceeding the allocated budget it would be flagged in the system before expense approval. This ensures tab on the overspending and informed decisions are taken by the respective business heads.

Integration with your Accounting System / ERP

NEXSTEP Expense Management provides an integration layer which makes it easy to integrate with your accounting system.

You could integrate with various systems like SAP, Oracle Financials, or SUN Accounting, amongst others.

This offers you the benefits of:

• you save time in creating accounting entries

• you leverage your investments in the Accounting System you own

• you ensure that data is not re-entered, if it exists in the Accounting System, thereby simplifying the management of master data.