The first step in managing business spend in Intacct is first determining which modules are used in the process – Purchase Orders, Accounts Payable, or General Ledger. Not all companies require to use all three functions – applying spend management controls can be applied modularly depending on your structure.
Intacct’s budgeting capabilities automatically validate the budget versus actuals, providing real-time information. Using real-time information is more effective than periodic reports that do little to change spending behaviors and enforce your spending policies. Intacct uses dimensions to segment your information and assists in identifying areas of concern.
Spend can be automatically compared against budgets that are time-based (annual, monthly) or project-based. The system can monitor according to preferences set and enforce control policies where specified. The ability to view budget impacts, availability and commitments via contracts or outstanding purchase orders can provide critical information for the drivers behind purchasing issues.
Intacct possesses functionality that provides perspective into overages and underages at certain points of time with specific transactions, thus preserving the budgetary impacts of transaction categories.
Intacct allows you to use the data you already have to understand the spend patterns and performance based on dimensions such as clients, suppliers, goods, etc. Intacct is the systematic piece in enabling more extensive insights through its spend management controls.
Given the business spend management insights provided by Intacct, your organization is now equipped with information to perform (external to the system):
The business results yielded from leveraging this module include:
Withum’s Management Consulting Services team can help guide your organization into structuring processes that support an entire spend management function so that it can leverage Intacct to its fullest potential.
Author: Kim Gordon, MAcc | firstname.lastname@example.org