Complete budgeting and expenses tracking
The application for finance and budget management built on the Productive24 platform provides support for financial controlling, allowing to comprehensively monitor the entire financial operations within the organization.
The solution guarantees a smooth document and financial information flow. It allows companies to measure cash flow, manage budgets, outsource invoicing of contractors and prepare the necessary reports while ensuring compliance of all processes with the regulations and applicable procedures.
Our finance management tool will help your company to:
System functions
Counterparties
Budgets and expenditures
Banking operations
Cash reports
Cost accounting and settlement of advances
Flow of financial documents
Purchase order (PO)
Invoicing order
Counterparties
- A list of all counterparties. Easy filtering, sorting and searching for selected entries.
- Creating a new entry from the list.
- Integration with Statistics Poland – automatically (based on the Taxpayer Identification Number) downloaded and updated account’s data.
- Updating counterparty’s details by adding necessary information such as business contacts, banking operations, selected contracts, and bank transfers with a split payment option.
- Verification of the white list of VAT taxpayers.
- Possibility to conduct a discussion and add files under each counterparty.
Budgets and expenditures
- Automation of the budget planning process based on previously agreed financial plans for certain departments or projects.
- Various ways to model the decision-making process.
- Recording all budgetary expenditures (also with the aid of OCR technology).
- Automatic validation of provided values and verification of items on predefined lists.
- Clearly presented current budget. Reporting total anticipated and budgeted spending. Change management – submitting a request for the transfer of funds between projects, and modifying the budget in accordance with the submitted request.
Banking operations
- Recording and monitoring all current banking operations. Keeping the register up-to-date and tracking the status of each operation. All in the context of a given cost.
- Importing all banking operations performed by a selected bank, with the frequency followed by the organization’s requirements.
- Classifying operations by the type of transaction, amount, and date of payment. Adding selected parameters or attachments, conducting discussions, and providing clarifications.
- Controlling the completeness of cost documents in relation to banking operations performed in the current period.
- Verifying the white list of VAT taxpayers after completed transactions.
- Automatic update of the available budget funds after accepting selected bank operations.
Cash reports
- Creating detailed reports.
- Cumulative financials statement – all reports available in a single place.
- Available funds.
- Integration with any software for control of cash ledgers (e.g., cash receipts and disbursements etc.).
- Attaching required documents, such as invoices, etc.
Cost accounting and settlement of advances
- Extensive control over the costs in the company (including the off-budget ones).
- Processing advance payments i.e., form submission, approval, payout/collection, and settlement.
- Reporting costs on all platforms and mobile devices, with the use of a built-in camera, even offline (OCR technology).
- Information about the limits per employee for a given type of expense, as well as the total of reported expenses in the current billing period.
Flow of financial documents
- Automatic creation of new documents (e.g. applications, forms).
- Defining any approval path for the selected type of application, i.e., assigning executors, their stand-ins (e.g., in case of absence of the main executor), and observers. Moreover, granting permission rights in accordance with company policy.
- Entering account assignments with apportioning costs to the specific cost centers.
- Setting the completion time for certain elements as well as the entire document or the entire process.
- Monitoring the statuses of processed documents on an ongoing basis.
- Document versioning—tracking all changes made to the documents during their processing.
- Support for any complex workflow.
- Attaching documents (any type of files) or mapping them with the aid of available forms.
Purchase order (PO)
- A single, central place for storing offerings, supplier data, and information about the purchase order approval process.
- Creating and booking POs including information such as company name, order number, product/service type, quantity, prices and key dates, etc.
- Assigning a P.O. number to each Purchase Order.
- Monitoring all goods and services purchased from suppliers, including their status and arrangements. Transparent cost structure.
- Order validation – an integral part of the audit trail, allowing to significantly improve the entire process.
- Automatic notifications as a response to a certain action, e.g. a new document ready for approval.
Invoicing order
- Ongoing invoicing orders of selected counterparties.
- Creating tasks and reminders, monitoring statuses.
- Possibility to split invoice line items in order to bill each of them separately.
- Possibility to assign a PO number to a selected invoice to improve procurement compliance, ensuring that there are no discrepancies between a purchase order (PO) and an invoice.
- Conducting discussions in the comments section.
Nowadays, all finance professionals need intelligent tools, advice, and guidance to successfully deal with complex financial matters and to communicate their findings and insights to the company in order to support its growth and profitability.
Deloitte
Financial analysis and control in the company
Financial controlling enables not only to monitor the cash flow on an ongoing basis, but also to optimize key processes in the company. However, one should not forget that finance management includes among others expenses planning, effective budget management, automating the flow of financial documents, monitoring document status, financial reporting, and much more!
Although all of these activities have a common goal – the complex control over the finance in the organization, their course is strongly dependent on the specific business of the company. Thus, it has become crucial to find a tool that fully maps even the most complex processes and flexibly adapts to the requirements of each organization.
Thanks to Productive24 we abandoned the inefficient and insufficient spreadsheets. The solution provided has significantly improved the efficiency of our budgeting process, ensuring automatic categorization of project expenditures.
Monika Król
The Deputy Director for Entrepreneurship and Economic Ecosystems in the Department of Strategy and Investor Relations
Lublin City Office
Lublin City Office
Create your own business application ecosystem!
Czy wiesz, że wszystkie rozwiązDid you know that all the solutions built based on the Productive24 platform can combine, permeate and influence each other to create one comprehensive business application ecosystem? The tool for a comprehensive finance management will perfectly match the following solutions:
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