Cost budgeting in a large company is an exhaustive process. A tremendous amount of detail and input goes into this iterative procedure where each senior team member brings a cost budget from his or her team and the finance leader integrates it and then negotiates with the senior team members to get the numbers where they need to be. Budgeting is a collective process in which each individual operating units or Cost Centers prepare their own budget in conformity with company goals published by top management. Since cloud is quite scalable and often teams exceed their budget or don’t have a clear visibility over projected spend which leads to budget mismanagement and overall havoc for IT Directors to re-evaluate budget and get the approval of the Finance department. Also, at times IT Directors wish if they were able to set budgets at a very granular level that could diminish any kind of uncertainty. This is where Botmetric’s Budgeting can help you create a comprehensive budget model.

So, what is Enterprise Budgeting?

Who will benefit from Enterprise Budgeting?

Which Botmetric subscription plans have access to Budgeting?

Botmetric Workflows Used In Budgeting:

  • User: User workflows with write permission will be allowed to only set the budget which will then be sent to a financial admin for approval.
  • Admin: Admin workflows/roles can provide the user with read and write access to budgeting. An admin can set the budget but only a financial admin can approve it.
  • Financial Admin: A Botmetric admin can also be a financial admin whose role will be to define the budget goal in Budgeting and approve the budget set by other users. By default, the owner of a Botmetric account will also be a financial admin.

Understanding Botmetric’s new Smart Cost Center

I.Based On Tag-Key

II.Based On Account(S) Or Combination Of Multiple Account(S) And Tags

Let’s say you have different nomenclature for the same tag-keys such as user:TEAM, user:team, user:Team, then you can multi-select these tags and get complete clarity on your cost center group.

Please note that you can only choose one option at a time. You cannot have a few cost centers created based on tags and few on account and tags combination.

How to set, track and monitor the budget?

1. Allocate & Review

I. Budget Goal:

Based on your company size it can take upto 72 hours of time to enable, process and crunch your data.

II. Assigning Budget To Individual Cost Center:

2. Budget Overview

3. Cost Center View

Moreover, each Cost Center has a corresponding budget trend graph to show the comparison between actual, allocated and estimated spend. If you have a huge list of Cost Centers in your cloud, the search bar will help you to quickly find the desired Cost Center.

Botmetric’s Enterprise Budgeting will empower IT budget owners to define and track budgets at every granular level. This will also streamline budget processes in your organization and bring composure in the chaotic world of budget goals setting. Signup for 14 days free trial and check how it can help your organisation in cloud cost saving.

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