Transform your school’s financial efficiency with our cutting-edge Budget Procurement Purchase System (B2P) in Singapore.
Introduction to Budget Procurement Purchase System (B2P)
Procurement planning and budgeting are essential financial management components for any organisation, including the education sector, where funds must be allocated and spent responsibly. With the rising costs of educational resources, facilities maintenance, teacher salaries, and more, schools need to have a robust digitised procurement system in place. This ensures learning institutions obtain value for money with every purchasing decision to support operational expenses.
At NCODE Consultant, we know what it takes to implement and power your budget procurement purchase systems because we’ve been doing it since 2005. Leading education institutions including Methodist Girls School, Raffles Girls School, and School of the Arts (SOTA) who have worked with us have seen a return on investment and increased productivity using our Budget Procurement Purchase system (B2P). Read on to learn a few useful things to know.
The Purpose and Importance of Budgeting for Schools
The purpose of budgeting allows schools to plan ahead and allot funds appropriately for the academic year. A budget outlines expected income and expenditure to ensure the school’s financial viability. It also facilitates comparison between planned and actual spending to identify areas for improvement.
The budget procurement process is especially beneficial for schools that need the resources required to deliver a high standard of education. An organised process helps justify spending and ensures accountability. It also enables schools to leverage group buying power and benefit from economies of scale when purchasing in bulk. This keeps costs low and maximises the impact of funds.
Stages in the Budget Procurement Process
The budget procurement (B2P) process involves several key steps of fund allocation and approval to ensure compliance with relevant financial protocols. The stages in budgeting process include:
- Budgeting: Schools determine budget requirements with thorough consultation for staff to understand resource needs and forecasting. This planning stage is essential for allocating an appropriate budget. For example, for the National Day celebration in 2024, the team in charge for this project from the school will estimate how much they need and this budget will be submitted for management to review and approve under Budget Modules.
- Purchase Request: Teachers will begin to source their preferred vendors to provide food, drinks, and goodie bags. After receiving actual quotations from these vendors, the team will submit Purchase Requests (PR) to their management. Proposals are carefully evaluated for alignment with budget goals. The management will approve the PR and the team will confirm the deal with the respective companies by issuing to them a Purchase Order (PO) under the Procurement Modules, which provides budget checks. For instance, the PR amount will not exceed the budget approved for the event.
- Contract: The contract is signed with the companies and displayed in the Contract Modules for the intended purpose. Whether it’s small/high-value or specialised purchases, the module ensures that all contracts are created and stored securely.
- Payment Request: Payments are made according to milestones which are tracked in the Payment Modules, displaying all payments. When each payment has to be made, the team in charge must submit the Payment Request. The management will approve it for actual payment to happen. This will also come with budget checks in place whereby the payment amount will not be higher than the Purchase Request approved for the event.
On the admin side, the System Module is equipped with following functions such as user management, covering staff, user reassignment, and system logs. Stringent multi-level authorisations from designated budget holders, the procurement team, and accounting personnel ensure spending is properly authorised. It maintains the integrity of the process through compliance and due financial oversight at each stage.
Budget Procurement Purchase System (B2P): Digitisation of Procurement Process
Thanks to rapid technological advancements, many schools are now digitising the budgeting and procurement process for improved efficiency, control and transparency. A cloud-based solution like Budget Procurement Purchase system is an excellent budgeting procurement purchase process example, which automates workflows and enables online ordering, approval and payments. It streamlines operations and frees up time previously spent on spreadsheets or manual, paper-based tasks while minimizing errors. Read more about how we leverage cloud for digital transformation in our other informative blog post.
As Singapore’s leading education technology specialist, NCODE Consultant offers a comprehensive B2P system to help modernise financial management processes through automated digitisation. The system boasts several intuitive features, including:
The Budget Modules display budgets created by staff, highlight budgets needing approval or rejection, show the level of budget utilization, and allow Finance Management to set periods that control staff’s ability to create budgets within specified timeframes. This comprehensive set of features facilitates effective budget planning, creation and utilization within the school.
The Procurement Modules create and manage the purchase requests, list the PR created by staff or shows all of them, highlight PR needing approval or rejection, and display all Purchase Orders that has been converted from approved purchase requests.
Schools can digitally manage all aspects of contracts for easy reference controlled by the powerful authorization under the Contract Moculdes.
The Payment Modules is equipped to manage and process vendor invoices / reimbursement electronically and facilitate both online and offline payments ensuring timely bill settlement.
The centralised system grants role-based user access control whilst generating insightful spend reports to support strategic financial planning including a helpful systems log.
A tailored B2P solution provides increased control, visibility and accountability. Real-time reporting and analytics, including automating manual tasks through integration with reliable software like SAP, saves time and operating costs.
NCODE Cosultant Can Help With Education Budget Procurement
NCODE Consultant has been a trusted software consultant serving Singapore businesses since 1994. We guide procurement digitalisation and implement ideal B2P systems in the education sector. For 18 years, we have transformed schools with our powerful Budget Procurement Purchase solutions. Since 2005, independent and special schools including Methodist Girls School, Raffles Girls School, and School of the Arts (SOTA) have chosen to work with us. Not only private schools, we also currently serve Government schools like Punggol View Primary School and have proudly served Paya Lebar Methodist Girls School in the past.
As the top choice for B2P systems among education institutions, NCODE Consultant saves time and money in improving and customizing budgeting systems. Modernize your systems with customisation to meet school-specific requirements with us. We deliver robust Budget Procurement Purchase solutions and know how to help the education sector succeed from the challenges of digital transformation. We invite you to meet and view a live demonstration of the system. Afterwards you can see if it suits your needs and the necessary customization requirements. Whether it’s integrating with existing school Accounting management systems like SAP or all-in-one budget software system, let us power your budget solutions.
Our company also helps secure government grants and provides affordable, customised solutions. Contact or call our Singapore, Malaysia, and India offices today via WhatsApp at (+65) 6282 6578 to learn how NCODE can support your school’s Budget Procurement Purchase needs.
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