FutureLog Debuts Digital Capital Expenditure (CAPEX) Management Solution
FutureLog, the leading provider of innovative cloud-based procure-to-pay solutions for the hospitality industry, unveiled its latest innovation last month: a trailblazing smart Capital Expenditure (CAPEX) Management solution.The intuitive platform streamlines the process of managing, tracking, approving, and analysing CAPEX investments across hospitality enterprises.
"We are very proud of this latest addition to FutureLog’s market-leading suite of procure-to-pay solutions" notes FutureLog CEO, Frank Dierberger. "Efficiently managing CAPEX is the backbone of any thriving hospitality organisation. It's more than budget allocation or tracking investments; it's a continuous process that requires informed consideration of many factors, including guest expectations, brand standards, industry trends, and competitive market pressures. With our latest solution, companies can easily optimise their processes, improve financial stability, and drive growth".
FutureLog's CAPEX solution is built to aid precise planning for any project size or scope by offering holistic visibility, real-time collaboration, and improved operational excellence. It allows for quickly creating detailed proposals, centralised document storage, and managing multiple currencies. It also provides a complete budget status overview and supports vendor selection by managing team feedback and supplier quotations for each project.
One key benefit of the product is its transparency. The system leverages advanced technologies to accurately check expected and actual spend based on assigned invoices and specifies planned (budgeted) or spontaneous (unbudgeted) expenses for the organisation. The tool also enhances communication needed for smooth approval workflows through an integrated messaging function, keeping all decision-makers informed throughout the project. Time-stamped activity logs and comprehensive overviews ensure everyone is updated on the latest actions.
To make resource management more efficient, projects can be flexibly searched and sorted by status, name, supplier, or approval stage. This simplifies project overviews and enables managers to set spending limits, assign invoices, and see all supplier contracts at a glance.
The flexible cloud-based solution is customisable to fit each organisation's unique needs, regardless of size. It seamlessly integrates with existing financial systems and provides a modern interface that simplifies the capex management process. With this solution, companies can confidently allocate resources, mitigate risks, and achieve their financial goals.
Click here to learn more about our smart CAPEX Management Solution and how it can benefit your hospitality business.