Procurify is excited to announce our new Recurring Spend Management feature!
What is it?
Procurify now allows you to easily track and manage recurring spend like software subscriptions and services. It’s easy to lose track of those recurring monthly charges, leading to wasted spending and unused software. Easily track and manage recurring spend in Procurify. Utilize our powerful request to approval workflows to gain control and context, view all recurring items in one place, and see the budget impact over time.
What was life like before?
Previously recurring spend wasn’t tracked easily with Procurify. This meant these purchases were either entered with a time-consuming workaround or not entered at all. When purchases aren’t captured in Procurify, they are not part of a request-to-approve workflow and lack controls, visibility, and context.
How does it work?
Controls for recurring spend
Just like one-off purchases, you can now submit recurring expenses through the request-to-approve workflow in Procurify.
For new recurring order items, select:
- The billing date
- How often it repeats
- The duration of the recurring expense
Procurify will calculate the total cost of the expense, with context about the recurring schedule.
Approve the full amount of the expense and let Procurify do the rest. Recurring order items display how the expense is billed over time and tie back to the owner for future reference.
Accurate budget tracking
Recurring items are allocated appropriately in Procurify’s real-time budgets, which means you can see what’s committed for each Budget before payment processing. Monthly-allocated recurring items rollover budget periods when the item extends beyond the current periods.
Recurring items ready for invoice processing
Purchase orders with recurring order items will be auto-received and generated in the Accounts Payable module each billing date for the duration of the purchased spending. For example, a $1,000 recurring order item billed monthly will generate 1 unbilled item in the Accounts Payable module each billing date of the month. Each bill created with a recurring unbilled item ties back to the associated purchase order, and updates the budget tracking accordingly.