69% of finance teams feel that they’re viewed mainly as "bad cops" by budget owners. Their own teammates see them as a roadblock from time to time.
Tracking and controlling budgets is tough work. Not only for finance teams, but also for managers. They generally feel weaponless, juggling Excel files, data pulled by finance, shared credit cards, and supplier invoices.
It’s all over the place, and the whole company wastes energy, time & money just to spend their budgets, respect the rules, and meet business objectives.
But what if the finance team and budget owners could see their teams' spend in real time and adjust approvals accordingly? What if finance & budget owners could always be on the same page with real-time budget updates?
This dream might have just become reality with our latest release: Spendesk Budgets. We'll tell you everything you need to know in this blog post.
Budgetary control is a nightmare for the whole company
Every finance team puts lots of effort at the end of the year to prepare for the next period, gathering departmental input to prepare budgets. But making the financial plan a reality is still a major issue.
Budgets live in Excel sheets, and are often disconnected from the day-to-day of spending processes, for a few reasons:
- Managers don’t have real-time updates on their budgets. They need to make fast decisions on purchases, spending approvals, and more. They often lose time analyzing data from their finance team, and end up exceeding budgets.
- Finance teams lack real-time visibility on what’s been spent versus what was planned, and only know that budgets have been exceeded once it’s too late.
- The two work in silos and waste their energy in this uneffective process. 94% of budget owners track their spend in a separate system from the finance team.
All our customers told us the same story: They were sharing credit cards, had no real-time visibility on spending, also had no visibility on spend commitments, and had to manually compute every pound/dollar/euro spent to then align them with the budgets.
With Spendesk, they can pre-approve every type of spending, check all operational spend in real time, with all the information required to identify them to the right budget.
Introducing Spendesk Budgets
Spendesk now helps businesses perform simple, effortless, and reliable budgetary control. It connects teams, budgets, approvals, payments, & real-time reporting in one place.
Finance teams can now hold their teams accountable for managing their budget, with no admin.
Finance teams centralize team budgets
Connect budgets to operational spend approvals and payments made through Spendesk. Every cost center now has an owner and budget directly linked to teams’ spending requests.
Budget owners make approval decisions based on available balance
Budget owners can keep track of their budgets and approve spending based on available balance. They can now check their budgets with no effort, before approving any new request.
Spendesk automatically updates their budget for them.
Everyone gets a live overview of what’s been spent
Budgets are automatically updated in real time based on approved spend commitments and payments made. This includes purchase orders, card requests, and invoices to pay.
Finance teams adjust & hold everyone accountable
No more end-of-quarter surprises, thanks to real-time visibility on budgets spent compared with what was planned.
Putting budgets back at the core of your spending process
Now, with Spendesk Budgets, everyone wins:
- Finance teams have real-time visibility on what’s been spent vs what was planned. They empower their teams to be truly accountable for their budgets.
- Managers can track their budgets in real time and make informed decisions to stay on budget.
- The whole company can save time, money and energy, and reach their objectives.
Built with and for finance teams
We wanted to thank all of our customers who participated in our beta over the last few months. You helped us build a feature that we’re proud to announce today.
We’re also very grateful to the team who built this valuable addition to our current product, and who worked very closely with our finance customers and their internal departments to make sure we always offer the best solution.
Looking to the future
From day one at Spendesk, our mission has been to liberate businesses and their teams from internal bureaucracy. By fixing broken spending processes and removing low-value added tasks, we believe that everyone can be empowered to do their best work and focus on what matters.
After almost five years, we’re committed to going even further. Keep watching for new features and services that will free finance teams - and all business teams - from the tasks that are sapping their energy.
This is just the beginning.