Control Your Budget Your Way
Depending on the needs of your business, you can set up budgets in 2 different ways.
Controlling your overall spending is quick & easy - simply set up monthly budget limits for each budget stream, at departments and/or budget categories level, without the overheads of managing multiple versions of budget sheets.
If you need more granular control, or you have large budgets with elaborate budget lines, version-controlled annual budgets composed of budget lines can be used instead. Once an annual budget has gone through the approval process, you have fine-grained budget control of your purchase orders.
For each budget stream, you can set up spending control and monitoring through multiple levels and dimensions.
A budget stream can have multiple limit types including lifetime, annual budget, and budget item. An annual budget can also be broken down into departments or budget categories.
You can pick and choose some or all these controls to suit the scale of your budgets and the needs of your business.
Budget Analysis and Reports
Approvol comes with a set of comprehensive analysis and reporting tools that give you both overall and detailed understanding of your budget performance throughout the year.
Budget dashboard allows you to see an aggregated summary over multiple budgets across a budget year, month by month. Budget distribution by departments or budget categories are shown in dough charts.
When using with annual budget sheets, budget items report in real time covering their PO, invoice, and payment values.
Once cost budgets and income budgets are in place, Approvol can provide profit forecast computed from real time PO & invoice data, for budget streams individually or for business as a whole.