Take control of your budgets with ApprovalMax

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Accounting & Finance

Budget management is often challenging – but it doesn’t have to be. Whether you’re a small business or complex operation staying on top of your finances is key to making smart decisions, avoiding overspending, and using resources wisely.

By Dee Jones

4 min read •

June 12, 2024

8 reasons to tighten your financial controls for QuickBooks users

8 reasons to bolster your financial controls for Quickbooks users

As businesses grow, they can benefit from strengthening financial controls and approvals to prevent, detect, and correct any financial issues before they arise.

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If you’re using QuickBooks Online (QBO), ApprovalMax’s new Budget Checking feature makes it easy to sync budgets from QBO and manage them directly within your approval workflows. With real-time monitoring, you’ll always know where you stand financially – exactly when it matters most.

Budget Checking in ApprovalMax makes approvals easier. Whether it's a bill, purchase order, or any other expense, the system automatically checks budgets in a window right alongside your request, helping your team stay on track without extra hassle. Automating budget checks removes the need for manual comparison, speeding up the approval process and cutting down having to pull up new files or open new tabs.

Why Budget Checking helps

Budget Checking provides several benefits:

Cost control

Track spending and ensure it stays within set limits

Informed decisions

Compare budgets against actuals for better planning

Proactive oversight

Flag overspending risks early to take action fast

Accountability

Keep team members aligned with financial goals

How ApprovalMax improves budget workflows

ApprovalMax enhances QBO’s budgeting functionality by offering:

Custom tracking: Choose from several timeframes and both net/gross calculations for better alignment to track spending patterns.
Real-time alerts: When a bill, purchase order, or expense is submitted for approval, Budget Checking automatically matches the request against the budget and instantly flags potential overspending.
Effortless syncing: Automatically sync financial data from QBO into approval workflows, including bills, purchase orders, and expenses. This guarantees budgets are checked in real-time without the need for manual updates.

How to get started

Once a budget is created in QBO, using ApprovalMax’s Budget Checking feature is simple:

Set up a budget in QBO

Open the Financial Planning section to create or edit a budget. Currently, ApprovalMax supports Profit and Loss budgets only.

Enable syncing

Turn on the auto-sync in the Budget Checking settings to keep data updated.

Customise settings

Set your budget periods, net/gross budgets and how to handle costs without a planned amount for request.

You’re ready to go: ApprovalMax will now automatically check incoming documents against your budget during the approval process.

Whether you’re managing projects or keeping an eye on cash flow, Budget Checking in ApprovalMax keeps you on track. It automatically checks budgets during approval workflows, giving you a clear view of spending, improving decision-making, and helping you reduce the risk of overspending – all without manual effort.

ApprovalMax’s Budget Checking for QBO is now in beta. Contact Support through the product to request access and join the beta program.

Dee Jones believes the most powerful words are 'Let me tell you a story.' Her passion for storytelling helps her create meaningful, customer-focused experiences while removing friction, so customers never feel the complexities of the org chart.

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