CostTracker Review

Real-Time Budget & Cost Control

Regardless of what company, business, or team you’re managing, CostTracker helps you gain complete control over your committed spending. The software enables you to track and manage your budgets and costs in real-time so you can prevent experiencing cost overruns and getting low-profit margins. It offers a smart and flexible budget module that permits you to easily set up your budgets and divide them into different budget categories.

You can assign costs to the right budgets and monitor the status of budgets. For instance, you’ll be able to find out how much money related to purchase orders is committed, invoiced, and remaining on a budget. Additionally, the module allows you to view all the relevant information and details you need down to the individual transaction level. 

Automatic Matching & Synchronization

CostTracker can be implemented as an integrated solution that seamlessly works with your cloud-based accounting system. Data is synchronized between the purchase order software and your accounting system. This enables you to apply a 3-way matching process which is useful in identifying and solving payment-related discrepancies. In this process, CostTracker automatically compares the invoice and delivery confirmation data from your accounting system against the purchase order data found in its system. 

As a result, you’ll be able to immediately discover discrepancies, such as receiving fraudulent or inaccurate invoices or incomplete, wrong, or faulty goods. If there is a discrepancy between an invoice and the purchase order related to it, the software instantly applies the necessary adjustment to prevent you from sending an incorrect payment. 

Digital Purchasing Process

The software removes your frustrations when it comes to managing purchases in your company or team. Instead of relying on papers, Excel spreadsheets, and emails for creating and sending purchase requests and purchase orders, CostTracker permits you to implement digital purchasing processes. This way, you can save more time and money and improve accuracy.

CostTracker allows you to configure your own purchase request approval workflow. Thus, you can define who should create and approve purchase requests and what budget amounts require approval. Purchase requests are automatically routed based on your configurations. Multiple individuals can approve the same purchase requests and leave their comments as well. 

The software, moreover, makes it easy for you to create and handle purchase orders. You can use its built-in templates to create purchase orders. These templates can be customized like adding your own company logo and info and custom data fields. CostTracker also lets you reuse previous purchase orders, add documents to purchase orders and organize all information about purchases in one place.