Budget Tracking

Track your project’s budget with EBA DMS Next

Budget Tracking with EBA DMS Next

EBA DMS Next’s budget tracking application, particularly for CAPEX (Capital Expenditures), is a powerful tool that provides real-time insights into financial allocations and expenditures. CAPEX budgeting involves the allocation of funds for significant, long-term investments in assets or projects. Here’s how EBA DMS Next can help with CAPEX budget tracking:

Budget Allocation

EBA DMS Next allows organizations to allocate budgets for CAPEX projects. These allocations can be linked to specific purchase orders or projects, ensuring that funds are earmarked for their intended purpose.

Real-Time Monitoring

The system offers real-time monitoring of budget allocations, showing the current status of allocated funds. Users can quickly assess how much of the budget remains unspent for each CAPEX project.

Purchase Order Integration

Budget allocations are tied to purchase orders, ensuring that funds are allocated when purchase orders are created. This helps in proactive budget planning and prevents overspending.

Budget Revisions

EBA DMS Next allows for budget revisions as circumstances change. If the scope or cost of a CAPEX project evolves, budget allocations can be adjusted accordingly. This ensures that budgeting remains flexible and adaptable.

Cost Tracking

The system distinguishes between allocated costs (budgets set aside but not yet spent) and used costs (actual expenditures with received invoices). Users can easily track the usage of budgeted funds.

Invoice Integration

When invoices for CAPEX-related expenses are received, EBA DMS Next can automatically update the budget tracking application to reflect the used costs. This integration ensures that financial data is always up to date.

Overbudget Alerts

EBA DMS Next can trigger alerts when a CAPEX project’s expenses approach or exceed the allocated budget. This proactive notification helps organizations address budget overruns in a timely manner.

Approval Workflows

The system can enforce approval workflows for CAPEX expenses, ensuring that expenditures are reviewed and approved before being deducted from the allocated budget. This helps maintain financial discipline.

Detailed Reporting

EBA DMS Next generates detailed reports on budget allocation and expenditure for each CAPEX project. These reports offer a comprehensive view of financial status and can be used for financial planning and decision-making.

Historical Data

Historical data on budget allocations, expenditures, and cost tracking are retained in the system. This data is invaluable for analyzing past CAPEX projects, assessing performance, and informing future budgeting decisions.

Compliance and Audit Support

The system provides an audit trail of budget allocations and expenditures, supporting financial compliance and audit requirements. This ensures that CAPEX projects are in line with financial regulations and standards.

Customization

EBA DMS Next allows organizations to customize the budget tracking application to meet their specific CAPEX budgeting and reporting needs. This flexibility ensures that the system aligns with an organization’s unique financial processes.

“The CAPEX budget tracking application in EBA DMS Next offers organizations a comprehensive solution for managing capital expenditures efficiently and transparently. It streamlines budget allocation, tracks expenses in real time, and provides the data needed for informed decision-making, ultimately helping organizations achieve their financial goals while maintaining control over CAPEX budgets.”

Warning Alerts - Before We Run Out of Funds:

Threshold Setting

Users can set specific thresholds or limits for each CAPEX project. For example, if a project has a $100,000 budget, users can set a warning threshold at $80,000, triggering a warning alert when expenses reach or exceed this limit.

Customizable Timing

EBA DMS Next allows users to customize when warning alerts are triggered. Users can specify the timing of the alert, such as receiving a warning when the allocated budget reaches 80% utilization, 90% utilization, or any other defined point.

Notification Channels

Warning alerts can be configured to reach designated recipients through various notification channels, including email, SMS, in-system notifications, and mobile app notifications. This ensures that the right stakeholders are informed promptly.

Recipient Selection

Users can designate who should receive warning alerts. This could be project managers, finance teams, or any relevant personnel responsible for the CAPEX project.

Escalation Procedures

In cases where the warning thresholds are breached and no action is taken, escalation procedures can be defined. For instance, if a warning alert is not acknowledged within a specified timeframe, it can automatically escalate to higher management or finance personnel.

Customization:

Alert Configuration

Users can customize the parameters for warning alerts, including setting threshold values, notification timing, and recipient lists. This flexibility ensures that warning alerts align with the organization’s risk tolerance and decision-making processes.

User Roles and Permissions

Customization extends to user roles and permissions. EBA DMS Next allows administrators to define who can set, modify, or receive alerts, ensuring that the right personnel are responsible for budget monitoring.

User Interface Customization

The system offers interface customization options, enabling organizations to adapt the appearance and layout of the CAPEX budget tracking application to match their branding and user preferences.

Reporting and Analytics Customization

EBA DMS Next allows for customized reporting. Organizations can design reports that focus on specific budget tracking KPIs and metrics that are most relevant to their CAPEX projects.

Workflow Automation

Organizations can customize workflows related to budget tracking and approval processes. Workflow customizations ensure that budget allocation, approval, and expense tracking procedures align with organizational policies.

Integration and Data Sources

EBA DMS Next can be customized to integrate with various data sources and financial systems. This ensures that financial data is up to date, and CAPEX budget tracking is based on accurate, real-time information.

Alert and Notification Templates

Users can create custom alert and notification templates, tailoring the content and format of alerts to match their preferred communication style.

Historical Data Customization

The system allows for customizing historical data retention, ensuring that archived CAPEX budget tracking