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Allocations
Many organizations perform complex allocations to properly link revenue or expenses to the appropriate cost structure. Allocations are essential to create an accurate financial picture.
PROPHIX Supports Multiple Allocation Methods:
Overhead/Revenue Allocations
Overhead allocation is typical in many organizations. Allocations are designed to distribute according to a plan or set apart for a special purpose. PROPHIX allows you to spread and allocate cost over two or more accounting periods, charge a cost or revenue to a number of departments, products, processes or activities. Attempting to dynamically allocate overhead and revenue in spreadsheets or other suites can be difficult, with PROPHIX you can easily manage this process. This saves your organization time and money.
Employee Allocations
PROPHIX provides excellent support for employee allocation to multiple departments. For example, an IT resource is allocated to those departments for which a service is being provided. Employee allocations in the Personnel Planning module makes it easy to incorporate these calculations in the planning process. Employee allocations also enable other calculations relating to, for example, maternity benefits, transfers of employees between departments and allocation of costs between accounts. For example, the latter can be used to allocate between overhead accounts and direct cost accounts.
Manage Allocations through Workflow
Using PROPHIX Workflow allows you to automate the allocation process and gain approvals for any necessary allocations. This provides for a controlled environment where key stakeholders can manage and track the approval process of any allocation.
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