Budget Control with finway

Full budget control

Take full control of your budgets by setting them at cost center level and have real-time insights into incurred and outstanding expenses at any time. This helps you avoid budget overruns and plan more securely and transparently.

 

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Attention

No surprises

See all expenses before they happen and not only when your budget is exceeded

People 4

Clear responsibilities

Define cost centres with budgets and assign responsibilities to your managers

Echtzeit Budget

Transparency at all times

Quickly identify correlations and get a holistic picture of all your business budgets.

Real-time reconciliation between budget and expenses
Determine responsible persons and budget for cost centres
Even more budget control through sub cost centers

Reconciliation between budgets and expenses in real time

All expenses incurred and pending are automatically reconciled with your defined budgets. So you always have clarity about your budget status.

Planned Purchase in finway

Set budgets and responsibilities flexibly

Define a budget and a person responsible for each cost centre. You can assign different budgets on a monthly basis and adapt the budget planning to your company.

Automated budget control with company cards

More budget control through sub-cost centres

Plan your budget even more granularly and work with sub-cost centres. The respective sub-budgets together result in the budget for the higher-level cost centre.

FAQs about budget control

What is budget control?

Budget control involves the ongoing monitoring and analysis of budgeting carried out by the company. Budget control is usually a target/actual comparison, for example, by comparing planned costs with actual costs for a period.

Why is budget control important?

Only if you always have an eye on your budget can you identify possible deviations in your budget plan at an early stage and react to them. In addition to the actual detection of deviations, the analysis and derivation of suitable improvement measures is thus a central task of budget control.

What's the difference between budgeting and budget control?

Budgeting is an essential part of controlling and defines the process of setting and agreeing on budgets for a specific planning period (e.g. quarter or fiscal year). Budgeting defines target figures that a company should ideally achieve in the planning period. Budget control, in turn, monitors and analyzes this process.

What types of budgeting exist?

Basically, a distinction is made between three types. Operational budgeting has a short-term time horizon and focuses on the concrete planning of the company’s resources. In addition, there is also tactical budgeting and strategic budgeting, which have a medium to long-term time horizon. You can find more information on budgeting here (Article is in German).

How do i plan my companies budget?

There are different ways to plan your budget. You can plan your budget bottom-up or top-down as well as combine both methods in a countercurrent process. Find our more in this article (text is in German)

How does budgeting and budget control work with finway?

With finway, you can assign a budget for each of your cost centers. Then you assign a responsible employee to each cost center and the budget, e.g. the CMO for the cost center “marketing”. In addition to annual budgets, you can also assign different budgets on a monthly basis, i.e. assign a different budget to the cost center in January than in February, and thus take seasonal factors into account in your budget planning. If you want to divide individual cost centers into more specific projects or areas, you can create sub-cost centers in finway and assign the budget granularly for the individual sub-cost centers rather than for the superordinate cost center.

Why does the combination of spend management and budget control software make sense?

Managing your company’s expenses requires thorough tracking and control. If you manage different budgets and expenses with different tools or even still work with paper receipts, media disruptions occur, making it difficult to gain transparency over your expenses. With a software like finway, you unite expenses and budgets on one platform. Thanks to the automatic synchronization of budgets and expenses, you always have real-time insight into your financial data, avoid errors and work more efficiently.

How can the right financial software support your business?

With the right tool, you can easily set budgets and monitor them on an ongoing basis. You see target/actual comparisons in real time and quickly get an overview of your current status. This allows you to avoid budget overruns, make strategic decisions based on the right data, and initiate appropriate countermeasures, such as not releasing certain expenses or rescheduling the budget.

What's the deal with real-time budget control in finway?

You may be familiar with it: If you work with a company credit card, you only receive the statement (and thus clarity about the actual expenses) retrospectively and not at the moment when the money is spent. Likewise, you have to manually note planned expenses, e.g. enter them into an Excel spreadsheet. This is no longer necessary with finway, especially if you work with purchase requests, whose specified purchase amounts are mirrored as planned expenses in the respective (cost center) budget immediately after the request is submitted.

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