How are procurement processes structured within GFEBS?

Procurement processes within GFEBS are structured by integrating procurement with cost tracking. This integration is essential as it allows organizations to maintain a comprehensive view of their project finances. When procurement activities are aligned with cost tracking, every expenditure related to procurement can be directly tied to the project's overall budget and financial performance. This approach facilitates better financial management, ensures that spending aligns with project objectives, and helps prevent budget overruns.

Moreover, having procurement and cost tracking integrated means that as procurements are made, the financial impact is immediately reflected in the project budget, enabling project managers to make informed decisions based on real-time financial data. This integration supports accountability and transparency throughout the procurement lifecycle and contributes to the overall efficiency of project management within GFEBS.