AccTech assists Government with capital budgets and expenditure
Legislation and Government policies are forcing Government sectors to plan their expenditure more accurately in order to manage its workforce, improve productivity and ultimately improve bottom-line profitability.
For capital expenditure, AccTech Systems’ solution manages the entire budgeting, acquisition and receipting and asset registry process in one user-friendly interface.
AccTech Chief Executive Officer Tertius Zitzke says every organisation, including Government, has to plan for capital expenditure. “Whether it’s a new building or the renovation of an existing building, a new vehicle or a new piece of equipment, these assets add value to your organisation. The process of budgeting for these capital items is often fraught with difficulties.”
“How do you manage the budgeting of CAPEX items across different divisions in your organisation? How do you manage the approval process of these divisional CAPEX budgets? Once acquired, do you still manually add these CAPEX items to your asset register?” he asks.
With AccTech Capital Budgets, CFOs and financial managers can produce familiar Microsoft Excel budget templates that allow divisions to submit their budgets in a uniform and consistent manner. Through its customisable workflow framework, budgets can be approved or declined, and its standard audit trail capabilities track every user-action, providing improved corporate governance.
Divisions can also budget on multiple levels, a function that is not always available in a standard general ledger. Once the budgets are approved, AccTech Capital Budgets manages the entire procurement cycle, again through multiple levels of work-flowed approvals. Once receipted, the newly acquired items are automatically added to the asset register allowing for immediate and accurate depreciation rules to kick in.
Standard reports include an overview of divisional and total CAPEX budgets; CAPEX spend analysis and CAPEX Vendor Analysis, including aspects such as Vendor BBBEE ratings.