Controlling ongoing capital spending against your planned budget requires a real-time, reconciled view of overall capital spending that many organizations lack. Manual processes for tracking planned and actual expenses don’t deliver timely information with regard to the spending process, allowing unplanned expenses to crop up. Such spending consumes up to 20 percent of capital expenditures in many organizations. Additionally, without an end-to-end, real-time view of the capital allocation and spending process, information needed to make key decisions is difficult to access.
In order to optimize capital spending, organizations must:
- Centralize enterprise-wide capital spend management
- Automate the capital budget review and approval process
- Control capital spending against planned budget in real-time
VFA.spendManager capital spend management software offers enhanced control of capital spending and increases efficiencies, reduces unapproved expenditures, and ensures capital is being optimized while accurately accounting for how capital is managed and spent. It integrates previously disconnected capital processes, helping your organization to effectively manage the process by which capital needs are identified, budgeted, approved and purchased.