BirchStreet Systems Announces Powerful New Budget Management Tool
Posted on December 21, 2010 at 10:00 AM EST
New Checkbook Drilldown Capability Offers Top-to-Bottom Budget Management
NEWPORT BEACH, CA -- (Marketwire) -- 12/21/10 -- BirchStreet Systems, Inc., the leading procure-to-pay solution provider for the hospitality sector, has unveiled a budget tracking capability called Advanced Checkbook Drilldown, which is built upon the fundamental elements of the popular Declining Checkbook feature. Advanced Checkbook Drilldown adds comprehensive drill-down/drill-around capabilities for more powerful property-wide budget management.
Advanced Checkbook Drilldown allows users to upload budgets and their chart of accounts into the system. General Ledger (GL) accounts are automatically added to purchase orders based on items purchased and other parameters and rules configured into the system. With GL codes applied to each purchase order, the feature will automatically track and forecast budgets with each purchase. In addition to updating and displaying budget funds available, the system will calculate an instant budget variance forecast taking into account other pending transactions in the system.
Users with property level responsibility can view their entire property's budget at once -- in a summary line and broken down into color coded departments: green, yellow and red, depending on budget variance. From there, users can view and drill into GL code balances and variances, then further drill into individual transactions and eventually into line item details on each order. Using the BirchStreet Document Management solution, users can also view images of related source documents such as invoices, statements and credit memos. When used with BirchStreet AP Automation tools, GL codes added to purchase orders are used to automatically code invoices before being sent to the accounting system for payment via one of BirchStreet's many ERP interfaces.
Advanced Checkbook Drilldown also works with BirchStreet's Advanced Workflow Approvals, offering real time budget status information to department heads and others responsible for approving purchases orders and managing to a budget.
"In addition to a great decision support tool for purchase approval, the Checkbook Drilldown feature is a perfect tool for month end closing," said Doug Sanborn, president of BirchStreet Systems. "Users can see and manage every transaction affecting their property-level or departmental budget. Although typically used for operations, the feature also can be used with capital or project budgets."
The Advanced Checkbook Drilldown feature comes standard with BirchStreet's AP Automation application and can also be added for use with BirchStreet's e-Procurement application. For more information on Advanced Checkbook Drilldown, view the post on BirchStreet's official blog at http://tiny.cc/checkbookdrilldown.
About BirchStreet Systems, Inc.
As the recognized leader in the hospitality market, BirchStreet Systems, Inc. provides its web-based procure-to-pay platform to restaurants, country clubs and some of the world's largest hotel companies including Hilton Hotels, Hyatt Hotels, Marriott International, Inc., Omni Hotels and Interstate Hotels and Resorts. BirchStreet's applications are delivered over the Internet, using the "Software-as-a-Service" (SaaS) model, which reduces the total cost of ownership compared with the traditional method of buying and maintaining enterprise software. Currently, thousands of users in over 40 countries utilize BirchStreet to access and manage more than 160,000 suppliers. Established in 2002, BirchStreet is privately held and has offices in Newport Beach, Calif., New Delhi, India and Dallas, Texas. For more information on BirchStreet Systems, please visit www.BirchStreet.net, subscribe to BirchStreet Systems' official blog at www.BirchStreetBlog.com or follow us on Twitter at Twitter.com/BirchStreetSys.
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