SOURCE: b-pack Inc.

b-pack Purchase-to-Pay Software

December 10, 2013 07:00 ET

B-pack Helps Identify Budget Management Best Practices in 2013

ATLANTA, GA--(Marketwired - December 10, 2013) - B-pack, the technology leader in cloud solutions for procurement, today shared its report called "Closing the Budget Loop." The report, based on a survey conducted by b-pack, was created to better understand how organizations forecast, plan and execute their budget. In that report, you will discover the best practices from companies of diverse industries and sizes, leading to better spend management as well as greater control and visibility.

Finance and procurement professionals are encouraged to read the report to achieve budgeting best practices.

Here are some of the key data of the report:

Budget Levels

The number of budget levels used in an organization shows how detailed a budget structure is. The more level a business uses, the more precise tracking and reporting will be. More than one-third of survey respondents (41 percent) reported using a budget structure including two budget levels. However, it is important to make the difference between SMBs and bigger organizations.

Budget Preparation

Budget preparation can take up to several months, depending on the company's structure and the size, and the number of budget levels used. The survey reveals it takes less than 3 months to prepare a budget for three-quarter (75 percent) of organizations using a purchase-to-pay solution, compared to 65 percent of organizations that are not using such solution. Purchase to pay solutions offer benefits that make budget preparation process easier.

Budget Tracking

According to the survey results, almost half (47 percent) of organizations report tracking their budget in real-time while only 4 percent report tracking them only at the end of the year. These results confirm the constant need for visibility. The survey also reveals that when using a purchase-to-pay (P2P) solution like b-pack, half of organizations (50 percent) report tracking their budgets in real-time, while only 35 percent of non P2P users do.

For more details, please download the report.

About b-pack

Founded in the year 2000, b-pack is the technology leader in Purchase-to-Pay solutions. Our customers use b-pack purchase-to-pay software to automate and optimize their procurement process and spend management. B-pack's Saas Cloud solutions are flexible, On Demand and easy to integrate with your ERP or any system. With offices in North America and Europe, b-pack has global reach to meet companies' management needs. Learn more at http://www.b-pack.com or call +1 404.602.0102. Follow @bpackpurchasing on Twitter.

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