Introducing the ApprovalMax Budget Checking feature Budget Checking is the latest addition to the ApprovalMax functionality. It improves spend control and saves time
because approvers get a clear real-time overview of the
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Konstantin Bredyuk, Director (Product), ApprovalMax With roots in business process management and optimisation software development, Konstantin has undertaken hundreds of product implementations for ApprovalMax clients worldwide. Konstantin has consulted multiple organisations with profiles ranging from SMBs to governments and industry tycoons. His unique industry knowledge and expertise cover both the finance and the technology fields.
budgets impacted by the documents they are approving. Budget Checking is launched as part of the ApprovalMax Advanced plan. This article is
W
ho is this for?
Budget Checking is essential for any company that has explicit budget policies and requires stricter spend control. It allows approvers to collate the amounts of pending purchase orders and bills with existing budgets to make their decisions accordingly.
Below: Budget Checking in ApprovalMax - the approver’s view
This feature saves time because approvers no longer need to search for budgets and open them in a separate tab, or
consult a colleague to learn where the budget currently stands. Instead, they can view it right next to the document that’s awaiting approval. Budgets are synchronised in real time and the approvers can see which documents have already impacted a specific budget. ApprovalMax uses account codes and document dates to pull the relevant budgets for each of the line items in the document under approval.
Being able to validate spending against the budgets and see immediately whether funds are available to cover the amount of a transaction prevents overspending and strengthens control over the organisation’s funds. How do you set up Budget Checking in ApprovalMax? Budgets can be pulled from Xero, or get uploaded from a CSV file. Xero budgets are synced daily (or manually if and when required). In ApprovalMax, you can select which budgets you want to sync in order to exclude draft budgets. While budgets are defined for a month by month spending, organisations often define rolling budgets per quarter, semester or financial year. ApprovalMax provides such aggregated views including YTD view. In terms of the budget check period, several options are available for tracking budgets; for instance, 1, 3, 6,12 months, or YTD. Budget Checking could start from the beginning of the financial year (this setting is synced from Xero). Organisations whose budgets are not tied to the
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