Control Your Spending
Fast-Rite is introducing advanced new features that give our customers enhanced capability to control their spending, set workflow approvals, and minimize their transaction overhead while enabling employees to do their job easily.
Features of spend management
Simplified Cost Accounting
Our advanced system will allow customers to set up their usage items, cost centers, and budgets in our system. This allows costs to be allocated to specific departments, jobs, or cost centers, and to monitor spending by any of these categories. Are your departments living within their budgeted costs? You can see the answer immediately.
Robust Reporting Capacity
A robust reporting capacity allows users with privileges to receive either overview or detail of requisition, pending requisition status, orders, current balance, open balance, invoice aging, and to compare budget to actual orders or deliveries. This system provides all or selected/filtered transaction data for the selected universe, including purchase orders, invoices, credit memos, debit memos, and statements.
Extensive User Control
Once an administrator is created and logged securely into the system, the administrator then can create user and user groups in the system, and grant (or revoke) permissions, assign part lists and spend limits to the users downstream. User groups allow the usage of permission templates to simplify the administration.
When the user accesses the store, their login is validated against the security requirements, and permission is granted or restricted against the permission templates.
They can then shop and order the items they are allowed to requisition. But the process doesn’t stop there.
Workflows Automate Notifications And Simplify Approval Processes
Once the order is created, a workflow is begun, and the requisition then is checked against their permissions. If the items are restricted or if the amount is over their spend limit or the budget limit, then the order is held and an approval request goes up to the designated approvers or managers, starting with the approvers that have the least amount of sufficient approval authority and cascading upward.
The approver can approve, deny, or pass the requisition upstream to the next higher level until a final disposition is made on the request. Notifications are automatic.
What’s the Payback?
Our Spend Management solution makes it easy for customers to see and control their spending in exacting detail while minimizing the transaction load by enabling employees to do their work without unnecessary restrictions but preventing non-budgeted purchases. This speeds up the entire procurement process, reduces the transaction cost involved, creates an audit trail of all purchases, and ensures policy is followed.
Ask us about Spend Management today!