Advanced Budget Manager
Advanced Budget Manager provides instant insight into the status of your budgets. This information helps you prevent budget overruns and accurately measure budget vs. actual expenses for projects, departments, capital expenses and other categories.
Budget data can be loaded into Verian software or linked to from an external system.
Each expenditure that is processed through Verian's Purchase-to-Pay or Invoice Automation products can be associated with one or more budgets. Users of the system are able to view on screen the status of each budget and the impact a potential purchase would have on budgets.
Settings in the Advanced Budget Manager module allow organizations to prevent or require authorization for expenditures that would create a budget overrun. The system can also place a temporary "freeze" on funds in a budget when a purchase request is created so that a simultaneous purchase request would not attempt to spend the same funds. When a purchase request is authorized and a purchase order issued, the temporary freeze is lifted and the budget is encumbered. Many public sector and nonprofit organizations, particularly ones that receive government and foundation grants, are required to practice this "encumbrance accounting" (also known as fund accounting) and would benefit from Verian's Advanced Budget Manager module.
Inventory/Materials Manager
ProcureIt's Inventory/Materials Manager module allows all staff to be aware of stock levels and ensures that inventory is optimized. Organizations are empowered with real-time information that enables them to make determinations based on reliable data.
Materials managers can implement Just-in-Time (JIT) practices, thus minimizing inventory carrying costs. Using the demand forecasting features, a component of JIT, reorder points and quantities can be set to trigger automatic replenishment through the seamless integration with Purchase Manager — thus eliminating the need to overstock inventory.
Key benefits of the Inventory module:
- Reduces organizational wide inventory by 20%
- Identifies build up of excess or obsolete inventory
- Provides for Just-in-Time practices and automatic stock replenishments
- Integrates with wireless devices such as barcode scanners
e-Invoicing (EDI/xML)
e-Invoicing
is designed to eliminate manual invoice entry because
the buying
organization and suppliers are linked electronically. Electronic
integration cuts adminstrative costs, leverages supplier
relationships, and increases data exchange accuracy. Electronic
links between suppliers' invoicing systems and your
organization allow invoices to be uploaded and reconciled
without manual intervention, except when the system
catches discrepancies that are outside the tolerance
levels you set.
If you're interested in e-Invoicing, check out these other modules for streamlining accounts payable processes:
Vendor
Connect (Punchout)
The cornerstone of true e-Procurement — Vendor Connect is designed to reduce the overall cost of
business transactions to both vendors and buyers. This is achieved through
tools and services that:
- Increase
company responsiveness
- Decrease
transaction cycle times
- Reduce
data errors
Vendor Connect allows organizations to strategically
focus on planning and analysis of relationships, rather than managing catalog data.
Vendor
Connect allows users to order items from a vendor's Web site and bring them back into ProcureIt for procurement policy enforcement. All
management of this data, previously maintained on the buyer
side, is now distributed to the various vendors. This lowers
your maintenance cost while increasing the quality of the
information.
Verian
offers an innovative approach in order to
overcome the hurdle of system-to-system communication. Though standards exist (cXML, xCBL, EDI,
etc.), there will always be slight differences among vendors.
Verian accommodates these differences while presenting a
unified process to the end-users. The end result is the
ability to take advantage of vendor capabilities with minimal
impact on the user's experience.
