A COST ALLOCATION SOLUTION CREATED BY FINANCE EXPERTS
ORYX COST allocations is our add-on module to ORYX that reduces effort by up to 80%. It can reduce the time required for processing expense allocations by up to 50%. The ORYX Cost Allocation software covers all the key manual and intensive elements of the expenses function and puts you back in control, whilst lessening risk and costs. By streamlining processes, we improve the visibility of outgoing costs and provide extensive expense reports through the Cost Allocations information cube. You can use a set of insightful tailored reports for further analysis, supporting compliance of regulatory standards.
WHY BUSINESSES USE COST ALLOCATION SOFTWARE
Did you know over 77% of high-performing businesses look to streamline their Cost Allocation processes by using software? That’s not surprising, considering the challenges faced when dealing with the complexities of Expense Allocations, and the inordinate amount of time to manually process, categories and allocate expenses. Efficient cost and expense allocation software enables a business greater visibility of outgoing costs by:
- Automating and processing, categorization and allocation of expenditure items using workflows to simplify the logging, tracking and resolution of expense exceptions, with actions and sign-offs being recorded for governance best practice
- Ensuring fair and accurate allocation of expenses to each business unit to record true costs and accurately assess profitability
- Providing monthly and annual comparison of actual expenses with budget values
- Ensuring timely and accurate management information as demanded by Business Managers for improving the visibility of outgoing costs
- Supporting regulation and governance requirements of Solvency II and Pillar III, ensuring transparency, visibility and accuracy
TAKE CONTROL OF YOUR FINANCE FUNCTION WITH ACCOUNTAGILITY’S COST ALLOCATION SOFTWARE
ORYX Cost Allocations is an efficient solution to managing and reducing efforts from the finance team by up to 80% and shortens the processing of expense allocations by up to 50%. Using our expense allocation software simplifies your finance processes
IDENTIFY YOUR SHARED COSTS
Ensure there is correct and fair distribution of expenses to each business unit.
DETERMINE THE TARGET
The next step is to specify where you wish to move these expense costs. It’s easy to add and modify business units for example, within our cost allocation software.
DETERMINE THE SPLIT
You can choose to distribute expenses using one of the following ways:
- Distribute evenly
- Proportionally by headcount, square footage, direct labor hours, or any other drivers
- Custom distribution including waterfall and matrix allocations, supported by personalized business logic
Why our clients have chosen us for their Cost Allocations software
AN ALL-ENCOMPASSING SOLUTION
Cost Allocations is an add-on module of ORYX Close. It not only handles expense allocations, vendor analysis and management information summaries, but also offers assistance in regulatory requirements, mitigating human errors and reduces overtime costs.
AN INCORPORATIVE SOLUTION
The ORYX Cost Allocation software integrates a workflow that simplifies the logging tracking and resolution of expenses and costs. All actions and sign-offs are recorded; signatories either approve workflows within the regular process or respond with comments for amendments, streamlining the whole approval process.
ADHERING TO REGULATORY NEEDS
Solvency II regulation requires high degrees of transparency, visibility and accuracy of all expenditure items. ORYX Cost Allocations meets the needs of Pillar 3 transparency mandate with our flexible rules approach.
About Author :
Harish an graduate and been into a technical content contribution I am passionate about learning new things about the technological advancements that help for a better living.