Allocations

Introduction

Redistribution of values across multiple GL codes, dimensions, and entities, such as splitting a utility cost across multiple departments, can be a difficult and time-consuming process for finance teams. With cloud accounting, you can automate this to split these using custom definitions.

Typical Problems

The lack of automation leads to an increase in the time needed to manually adjust the data and can be prone to errors causing account discrepancies.

When the functionality is available, it can suffer from a lack of information available, meaning reports may need to be taken out of the system, or additional journals posted, to give you the level of detail you require.

Solutions

With modern cloud accounting solutions, most of the manual elements of the allocation process are resolved through intuitive templates.

This functionality, also allows for the automation of splitting of values, removing the need for manual entry of transactions across entities or dimensions. With this, it allows you to have the detailed reporting information you need, allowing you to fully automate the process.

Benefits/ROI

Through system automation, businesses can achieve a reduction in time-consuming manual processes, reducing duplication of work and errors for a more efficient process.

With dimensional reporting, businesses can take advantage of powerful cloud analytics with a greater depth of information available which can be delivered using automated report scheduling.