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.
In the Dark
Does lack of real-time data visibility make it hard to monitor budgets and identify savings?
Is the need for system integration leaving you hamstrung during budget planning?
How can you be compliant if you can’t validate the accuracy of your tax calculations?
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
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
For claimed savings that are not dropping
to the bottom line, what do you believe are
the primary causes?
say budgets are not enforced
and “savings” are spent
in other areas.
admit realized (vs. negotiated) savings are not effectively tracked.
noted a need for changes in