Corcentric Financial Management

Financial Management

Turn identified savings
into realized savings

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 solution helps 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.

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In the Dark

Does lack of real-time data visibility make it hard to monitor budgets and identify savings?

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Looking Ahead

Is the need for system integration leaving you hamstrung during budget planning?

tax-regulation

Tax Compliance

How can you be compliant if you can’t validate the accuracy of your tax calculations?

financial management - budget management

Real-time Budget Insights Enable Smarter Purchase Decisions

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
financial management budget consolidation

Make More Informed Decisions about Product and Service Availability

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

Empower the Alignment of Procurement and Finance

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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/specifications

Source: Aberdeen Group

How Corcentric Financial Management
gives procurement and financial leaders exceptional insights and control

Tracking spend in real time

As soon as a purchase is made or requested using built-in budget trackers on the procurement dashboards.

Manage all budget types

Operational expense (OpEx) budgets, capital expenditure (CapEx) budgets, project based budgets, and contract-based budgets.

Automatically match

Spend to budgets based on purchasing information, such as cost centers, commodities, and GL accounts.

Allocations improved

Identify, aggregate and assign costs to items and services and separately weigh-in costs.

Automatic tracking

Periodic allocations/forecasts from costs centers to line items.

Consistently measure

Improved tracking and forecasting of employee and department spend against budgets.

Trusted by industry leaders and
fast growing companies alike

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”

Convert financial synergy
into bottom-line impact

Learn how we can help you build a business
case to break down stakeholder barriers.

Related Financial Management Resources