Budget Control
The feature monitors budget allocations in real-time and sends automated alerts when spending approaches or exceeds set limits.
Key Features
Real-time budget monitoring
Continuously tracks budget allocations and expenditures across all departments when PR is being raised, ensuring procurement stays within financial limits.
Automated budget alerts
Sends instant notifications when spending nears or exceeds budget thresholds at the time of PR raise, enabling proactive management to prevent overspending.
Integration with financial systems
Seamlessly connects with ERP and financial systems to synchronize budget data, providing accurate and up-to-date information for procurement decisions.
Approval workflows for budget exceedances
Automates approval processes for purchase requisitions that go beyond budget limits, routing requests to authorized personnel for review and approval.
80%
PO creation & dispatch time
Converts approved PR into PO automatically based on the company's templates. It can send POs automatically to vendors based on configurations.
5min
PR creation time
Co-pilot auto-fills most of the complex forms in ERPs and procurement systems by reducing the effort to 5 minutes
Auditability
Human Errors
Approvals
PO Closing & Other KPIs
VALUE PROPOSITION
Why Hyperbots Procurement
Co-Pilot?
Hyperbots PR/PO Co-pilot automates purchase requisition and order processes, including PR creation, approval workflows, and PO dispatch, ensuring efficiency, compliance, and seamless integration with ERP systems.
Before and After Hyperbots PR/PO Co-Pilot
FAQs: Budget Control
What happens when a Purchase Requisition (PR) is raised and the budget is exceeded?
When a PR exceeds the allocated budget, the Co-Pilot automatically flags the requisition and triggers the predefined approval workflow. This ensures that any overspending is reviewed and authorized by the appropriate personnel before proceeding.
What happens when a PR is within budget?
If the PR is within the allocated budget, the Co-Pilot proceeds with the standard approval process without additional alerts. The requisition is seamlessly approved and moves forward in the procurement workflow, ensuring efficient processing.
Is PR creation allowed if it exceeds the budget, or is it configuration-based?
PR creation exceeding the budget is governed by configurable settings. Organizations can define whether such requisitions require mandatory approval, are automatically blocked, or follow a specific escalation path based on their financial policies.
Can you have a different workflow for purchases that are beyond the budget?
Yes, the Co-Pilot allows customization of workflows for out-of-budget purchases. Different approval paths, additional authorization steps, or specific notifications can be configured to handle such cases, ensuring tailored compliance with organizational policies.
Does the Co-Pilot send special alerts for out-of-budget PRs?
Absolutely. The Co-Pilot sends specialized alerts to relevant stakeholders when a PR exceeds the budget. These alerts ensure that finance and procurement teams are immediately informed, enabling prompt review and decision-making to address the overspending.
Why Hyperbots Agentic AI Platform?
Finance specific
Hyperbots Agentic AI platform specializes exclusively in finance and accounting intelligence, leveraging millions of data points from invoices, statements, contracts, and other financial documents. No other platform has such large pretrained models on F&A data.
Best-in-class accuracy
Hyperbots achieves 99.8% accuracy in converting unstructured data to structured fields through a multimodal MOE model integrating LLMs, VLMs, and layout models. With contextual validation and augmentations, the platform ensures 100% accuracy for deployed agents.
Synthesis of unstructured and strutured finance data
Hyperbots agents emulate finance professionals to autonomously perform F&A tasks by reading and writing data like COA, expenses, and vendor masters from core accounting systems and integrating it with unstructured data from financial documents such as invoices, POs, and contracts.
Pre-trained agents with state of the art models
Hyperbots' Agentic platform, pre-trained on millions of financial documents like invoices, bills, statements, and contracts, ensures seamless integration, high accuracy, and adaptability to any accounting content, form, layout, or size from day one.
Company specific inference time learning
Hyperbots' Agentic platform employs state-of-the-art Auto ML pipelines with techniques like reinforcement learning to enable inference-time learning for tasks such as GL recommendation and cash outflow forecasting, ensuring continuous improvement and adaptability.
Ready to take the next steps?
Book a demo with one of our Financial Technology Consultants to get started!