
In today’s post, we’re going to review the concept of a “burden rate” and why it is important. This term may have differing names by industry or have varying calculation...
Most businesses have a disjointed process for submitting, reviewing, and approving purchase requests. Many don’t have a process at all. If you’ve spent anytime using a spreadsheet to track purchase requests, you know firsthand how difficult, time consuming, and frustrating this process can be. A poor functioning purchasing system leads to a disconnect between your company’s financial goals and what actually gets spent. There is a solution though and it functions within the wagon wheel of your automated bookkeeping system! A simple purchase request system that is integrated with your accounting software will bring enhanced financial controls to your business, align your actual spending with your budget, and improve communication between accounting and operations.
Here is how the integrated purchasing system works in practice:
This integrated purchase process will give your business greater control over what is spent but also streamline your process by centralizing the place where requests are received and delegating approval responsibility to your leadership team. This is the definition of a win-win as it saves you time, saves you money, and aligns your business goals with your daily operations.
In today’s post, we’re going to review the concept of a “burden rate” and why it is important. This term may have differing names by industry or have varying calculation...
Before technology and credit cards ruled our lives, cash was king. It was simple to not spend more than you had because if it wasn't in your wallet, you couldn’t spend...