Musqot Financial & Budget Tool
Creating purchase orders directly in Musqot is an excellent way of saving time and enabling increased cost control for your organization’s marketing department. By creating a new purchase order for a given amount, that amount will in effect be handled as “reserved” in your chosen level of the plan hierarchy. Therefore, issuing a purchase order is one way of securing funds for specific marketing investments ahead. Musqot not only saves the purchase order information for your organization’s users, but also distributes it digitally to your selected vendor/supplier.
Manually adding an invoice in Musqot should be done when a vendor/supplier has invoiced your organization, for a cost associated to one of your Plans, Projects or Marketing activities. If you have previously created a purchase order for the specific cost, the amount will automatically be transferred from “reserved” to “spent” as soon as you have added the invoice. However if you never created a purchase order for the cost to begin with, the invoiced amount will be saved directly as “spent”
Benefits of using invoices in Musqot
Marketing plans change, and the final costs for any given Plan, Project or Marketing activity can differ from the initial budget or from the amount that was allocated at the beginning of the year. In order to stay on top of marketing spending, and to enable a real-time view into the financial aspects of your marketing resource situation, use the invoice features of Musqot.
The budget figure is a guiding reference during the planning process, which typically takes place towards the end of a year, when budgeting and planning is usually being done for the next coming year’s marketing activities. The Owner typically saves the budget figures, in order to provide input for the work group members about how much they can expect to spend on any given Plan, Project or Marketing activity. The budget figures have no technical function once they have been locked and the marketing plan has become active. Financial resources must still be requested for allocation before they can be reserved or spent, even if there is a sufficient amount in the budget.