Stats 1

Full budget control

Take control of your budgets, spend appropriately and avoid budget overruns.

No bad surprises

See expenses before they happen and not when the budget is over.

Clear responsibilities

Define cost centres with budgets and the responsible persons.

Complete overview

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

Real-time reconciliation between budget and expenses

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.

Determine responsible persons and budget for cost centres

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.

Even more budget control through sub cost centers

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.

Use purchasing requests for better budget control

Make informed budget decisions

When approvals are made, you can directly see the impact on the budget and only release what your budget allows. Thanks to detailed reporting, you can quickly take the right measures and optimise your budget planning if necessary.

Automated budget control with company cards

Automatic budget control with finway cards

Allocate unlimited virtual cards to employees with pre-defined spending limits. This way you avoid budget overruns and give your team more flexibility for their spending.

FAQs about budget control

What is budget control?

Budget control is the continuous monitoring and analysis of the budgeting carried out by the company. Budget control is usually a target-actual comparison, e.g. by comparing the planned costs with the actual costs for a period.

Why is budget control so important?

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

How are budget control and budgeting related?

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

What types of budget planning are there?

Basically, three types are distinguished. Operational budgeting has a short-term time horizon and focuses on the concrete planning of the company’s resources. There is also tactical budgeting and strategic budgeting, which have a medium to long-term time horizon. You can find more information on budget planning here.

How do I plan the budget for my business?

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 counter-current procedure. You can find more information on the procedures here.

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

Managing your company’s expenses requires thorough tracking and control. If you manage different budgets and expenses in different tools or even still work with paper receipts, media discontinuities arise that make it difficult to get transparency on your expenses. In a software like finway, you combine expenses and budgets on one platform. Thanks to the automatic synchronisation of budgets and expenses, you always have real-time insight into your financial data, avoid errors and work more efficiently.

How can the right software support your business?

With the right tool, you can easily set budgets and monitor them on an ongoing basis. You see target-performance 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, e.g. not releasing certain expenses or rescheduling the budget.

Sign up for a demo