In response to the economic crisis, most strategies were based on cutting costs, sometimes to the limit, because apparently this solution seemed to have immediate results.
On the long term however, this strategy did not have the expected results. As a consequence, the cost control concept has become a common subject of debate in managerial meetings. The concept implies that the company should be more responsible with spending and make constant spending reviews, according to business objectives.
In this context, it is essential for companies to implement effective decision making tools, based, as much as possible, on real time analysis.
BITSoftware, as an ERP solutions provider, is always trying to respond to customer needs and continues to develop and provide new and eefficient control and analysis instruments that:
- Track revenue and expense budgets on multiple accounting schemas;
- Define and track financial indicators - a flexible functionality used to consolidate accounting information, according to reporting needs;
Implementing these functionalities represents a necessary effort, justified by the associated benefits.
- Implementation of the budget functionality brings the following results:
- a better view of revenue and expenses for each organization, according to planned values, with the possibility to review them;
- structured accounting information according to multiple standards;
- budget evolution tracking, even without accounting knowledge
- possibility to limit the expenses, if not supported by the budget
- Permanently correlated to credit and budget control, an effective and also flexible decision making tool, SocratePlus gives you the possibility to define financial indicators for:
- Profit Margins
- Besides the possibility to easily define an unlimited number of indicators, the application is also capable of:
- analyzing current values and comparing them with the reference values;
- graphical or table based views;
- calculating values, simply by pressing a button;
Nevertheless, it’s still not enough for a manager to simply be aware of the importance of cost control even if he possesses the necessary decision making tools, if the employees are not in line with this initiative.
BIT Software, through SocratePlus, offers the necessary tools for helping you stay in control of your business and assists you in implementing them properly in your organization.
For more information please send us an email at firstname.lastname@example.org