Maximize bottom-line impact through 100% visibility, workflow automation, and collaboration with Corcentric Financial Management
Finance and Procurement are too often out of sync, making it difficult to establish, manage, and report on critical budget areas. Through complete 360° visibility over procurement budget activities and accounting data, Corcentric’s Financial Management software solutions help you improve the alignment of both Procurement and Finance with wider organizational goals. Consolidating budgets, cost centers, general ledger (GL) accounts, and analytic code data gives stakeholders exceptional insights and control to make more informed decisions about budget and spend management forecasting. The results? Budgets are enforced, savings are realized, and spend is controlled. With the use of this spend management software, finance, accounting, and procurement professionals have what they need to keep everything on track and in order.
Maximize bottom-line impact through 100% visibility, workflow automation, and collaboration with Corcentric Financial Management
Finance and Procurement are too often out of sync, making it difficult to establish, manage, and report on critical budget areas. Through complete 360° visibility over procurement budget activities and accounting data, Corcentric’s financial management software solutions help you improve the alignment of both procurement and finance with wider organizational goals. Consolidating budgets, cost centers, general ledger (GL) accounts and analytic code data gives stakeholders exceptional insights and control to make more informed decisions about budget and spend management forecasting. The result: budgets are enforced, savings are realized, spend is controlled. With the use of this spend management software, finance, accounting, and procurement professionals have what they need to keep everything on track and in order.
In the dark
Does lack of real-time data visibility make it hard to monitor budgets and identify savings?
Looking ahead
Is the need for system integration leaving you hamstrung during budget planning?
Tax compliance
How can you be compliant if you can’t validate the accuracy of your tax calculations?
Real-time budget insights enable smarter purchase decisions
Our spend management software makes it possible to address the most complex, concrete, and evolving situations involving budget management for several budget types like operational expense (OpEx) budgets, capital expenditure (CapEx) budgets, project-based budgets, and contract-based budgets.
- Budget allocation
- Budget monitoring
- Multi-level budgets
Make more informed decisions about product and service availability
Our spend management solutions enable you to efficiently manage financial cost allocations based on procurement activity including requisitions, POs, or invoices, and automatically allocate spend for budget-based cost centers, commodities, or GL accounts.
- Cost allocation management
- Mass allocation modification
- Cost distribution
Make managing spend less taxing
Procurement is all about accuracy and efficiency, so we make sure tax compliance doesn’t get in the way. Integrated data across all processes, regardless of source, makes it simpler to validate data for accuracy in calculating tax obligations, exemptions, reconciliations, and even reporting.
- Data import and consolidation
- Use and vendor-charged tax analysis
Financial Management solution, finance department impact
- Open API integration from budget planning and ERP systems
- Real-time monitoring of all OpEx, CapEx & project-based budgets to identify saving opportunities
- Automatically allocate spend for budget-based cost centers, commodities, or GL accounts
- Drive better forecasting and planning for monthly, quarterly, and annual budgets
- Enhanced financial reporting improves decision-making across the company
- Optimize company resource use without negatively impacting costs, and make business units more accountable for their purchases
Real-time Budget Insights Enable Smarter Purchase Decisions
This spend management software makes it possible to address the most complex, concrete, and evolving situations involving budget management for several budget types — operational expense (OpEx) budgets, capital expenditure (CapEx) budgets, project-based budgets, and contract-based budgets.
- Budget allocation
- Budget monitoring
- Multi-level budgets
Make More Informed Decisions about Product and Service Availability
Our spend management solutions enable you to efficiently manage financial cost allocations based on procurement activity including requisitions, POs, or invoices, and automatically allocate spend for budget-based cost centers, commodities or GL accounts.
- Cost allocation management
- Mass allocation modification
- Cost distribution
Make Managing Spend Less Taxing
Procurement is all about accuracy and efficiency, so we make sure tax compliance doesn’t get in the way. Integrated data across all processes, regardless of source, makes it simpler to validate data for accuracy in calculating tax — obligations, exemptions, reconciliations, and even reporting.
- Data import + consolidation
- Use and vendor-charged tax analysis
Financial Management Solution, Finance Department Impact
- Open API integration from budget planning and ERP systems
- Real-time monitoring of all OpEx, CapEx + project-based budgets to identify saving opportunities
- Automatically allocate spend for budget-based cost centers, commodities, or GL accounts
- Drive better forecasting and planning for monthly, quarterly, and annual budgets
- Enhanced financial reporting improves decision-making across the company
- Optimize company resource use without negatively impacting costs, and make business units more accountable for their purchases
New Strategic Treasurer Report
The Definitive Guide to Treasury Technology Solutions
For claimed savings that are not dropping to the bottom line, what do you believe are the primary causes?
36%
say budgets are not enforced and “savings” are spent in other areas
29%
admit realized (vs. negotiated) savings are not effectively tracked
28%
calculated savings were not realistic/accurate
26%
noted a need for changes in needs/
specification
SOURCE: ABERDEEN GROUP
Supplier Portal capabilities:
Tracking spend in real timeAs soon as a purchase is made or requested using built-in budget trackers on the procurement dashboards
Manage all budget typesOperational expense (OpEx) budgets, capital expenditure (CapEx) budgets, project based budgets, and contract-based budgets with this budget allocation software
Automatically matchSpend to budgets based on purchasing information, such as cost centers, commodities, and GL accounts
Allocations improvedIdentify, aggregate, and assign costs to items and services and separately weigh-in costs
Automatic trackingPeriodic allocations/forecasts from costs centers to line items
Consistently measureImproved tracking and forecasting of employee and department spend against budgets
“We’ve partnered with Corcentric to create an end-to-end purchasing solution that provides better visibility into our variable project costs in a dynamic marketing environment.”
VP Global Financial Systems, Global Media, Entertainment Company
“We’ve partnered with Corcentric to create an end-to-end purchasing solutions that provides better visibility into our variable project costs in a dynamic marketing environment”
VP Global Financial Systems, Global Media, Entertainment Company
Empower the alignment of Procurement and Finance
Empower the Alignment of Procurement and Finance
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Resources
Related Financial Management Resources
REPORT
Digital Payments: Expanding the Payments Palette
Discover why CFOs continue to invest in real-time payments technology to meet their customers’ needs.
REPORT
Investing in Payments Systems for the Digital Economy
In an uncertain economy, CFOs are making technology investments that are crucial for long-term success.
INFOGRAPHIC
Digitizing the Procurement Process
CFOs know that investing in digital technology for procurement is the best way to mitigate supply chain disruptions in the future.