- The following article explains what the new feature flexible spend tracking is in Procurify.
What is it?
Flexible spend tracking allows organizations to categorize and organize spending according to their unique organizational needs and processes. Previously, budgets were only assigned to a single account code under a single department. Flexible spend tracking allows customers to create a new object in Procurify called a spend category, which can be organized into various hierarchies and groups.
How to organize budgets with flexible spend tracking:
- Budget by an Account Code under a single Department.
- Budget by Department across all Account Codes. e.g., Track spending for the Marketing team as a whole.
- Budget by an Account Code across all Departments. e.g., Track spending for all Kitchen Expenses because it’s shared across the organization.
- Budget by multiple Departments. e.g., Track spending for the centralized Marketing department that sits across numerous Locations.
- Budget by multiple Account Codes. e.g., Track spending for the Computer Accessories code specifically and the parent code Office Supplies.
- Budget by a combination of Departments and Account Codes. e.g., Track spending for Office Supplies for Engineering and Product teams vs Office Supplies for the Marketing team.
- Multiple budgets across the same time period. e.g., Create both a monthly and yearly budget to know how they are doing in the short and long term
How does it work?
- Spend category reports appear on a side drawer during approvals (see image below).
- Customers can create budget categories that capture a future period (e.g., one for this month and another for next month).
- Users must be assigned permission to view budgets. Accounts Payable users do not receive access by default.
How does flexible spend tracking work with recurring spend?
The budget will be impacted by a specific budget period based on the recurring expense timeline. When an order is approved, it tracks the billable items impacting a specific budget period. e.g. If there is a 12-month $12k contract started in June, the next fiscal year will be allotted the remaining $6k spend.
How can I start using Flexible Spend Tracking?
To begin using Flexible Spend Tracking, fill out the following contact form, and a team member will contact you to enable this feature and assist you with any questions you may have.
- How to set up flexible spend tracking?
- If this feature is enabled for your existing Procurify account, data will not be migrated over from previously created budgets at this time.
- How to import flexible spend tracking.
- Users must be assigned permission to view budgets.