ORYX Cost Allocations is our add-on module to ORYX Close that reduces effort by up to 80%, and shortens time by up to 50% for the processing of expense allocations.
We know businesses spend an inordinate amount of time manually processing, categorising and allocating expenditure. It can be a challenge to ensure a correct and fair distribution of expenses to each business unit. And these time consuming actions often generate backlogs which mount up and make Quarter and Year End activity even more stressful.
We also understand Business Managers want to improve visibility of outgoing costs add to your workload by requesting timely and accurate management information.
Then there’s tighter regulation and governance requirements of Solvency II and Pillar 3. The need for transparency, visibility and accuracy intensiﬁes the necessity for speed and precision in both the allocation and valuation of expenses.
What if you could address off these issues, free up more time for your team, and be able to spot issues and trends early?
Accountagility’s Cost Allocation module makes this intricate area efficient whilst adhering to regulatory compliance.
Streamline Your Cost Allocations
ORYX Cost Allocations automates an area that is often based on highly manual processes, where valuable resources are often devoted to this painstaking and detailed work. It is a complete solution for the areas of expense allocation, accruals, exception handling, vendor analysis and management information summaries, whilst providing support for regulatory requirements through the automation of transfer pricing.
You can substantially mitigate the potential for coding errors, and at the same time satisfy audit requirements and support regulatory needs. You can improve staﬀ conditions and morale, reduce overtime costs, whilst eliminating errors and improving accuracy. You can release time to perform other regulatory and reporting processes, so that the information is produced ﬂawlessly.
Speed up Expense Processing
ORYX Cost Allocations automates a thoroughly manual set of processes. The result is substantially reduced effort to process expenses and a shorter time cycle to handle them. Clients report reduction in effort of up to 80% and shortening of elapsed processing time of up to 50%. This means that the accounts are more detailed and timely and the P&Ls are more accurate.
Exception Tracking and Governance
ORYX Cost Allocations incorporates a workflow that simplifies the logging, tracking and resolution of expense exceptions, with actions and sign-offs being recorded for governance best practice. Signatories can either approve workflows within the regular process, or revert back with comments for further amendment, saving time on the approval processes.
This saves time right the way through the exception handling cycle. Not just simple, but automated, documented and above all, common sense.
Support for Regulatory Requirements
The introduction of the Solvency II regulatory regime on 1st January 2016 placed a renewed spotlight on improving the visibility and accuracy of all expenditure items. The need for higher degrees of probability (99.5%) intensifies the need for speed and accuracy in both the allocation and valuation of expenses.
ORYX Cost Allocations supports the Pillar 3 transparency mandate by offering flexible rules that can be applied to aspects such as transfer pricing.
Once established, each rule is repeatable into future periods, for further efficiency and consistency. With ORYX Cost Allocations you can reduce the burden of reporting and ensure accuracy of compliance, without having to add additional resources to your team.
Vendor Analysis and Control
ORYX Cost Allocations allows the full analysis and reporting on vendor expenditures, consolidated at all levels up to Group as required. There are two key benefits to the business from such information:
- A full understanding and views of exposure to individual vendors or vendor groups
- The facility to control cost heads with your larger vendors to allow fuller exploitation of economies of scale.
Thus you can gain superior understanding of business risk whilst being able to control and reduce costs.
ORYX Cost Allocations produces an information cube from which you can simply produce expenses reports and analyses, in the form of output documents or spreadsheets.
You will be provided with a set of insightful standard reports for you and your management colleagues to study. Apart for the standard set of reports, which you can easily tailor, you also create your own set of customised reports and outputs from the cube views, and automate them for future periods. Use our automated commentary tools to annotate your numbers, or even upload your workings. Our analysis tools provide full management account-to-transaction drilldown as standard.
Designed for You
Our fully-featured allocations solution has been created by financial experts, just like you, with similar backgrounds and experience. ORYX Cost Allocations covers all the key manual and intensive elements of the expenses function, and puts you back in control.
Delivery Options that Work for You
Through years of experience of working with different companies across the World, we’ve managed to fine tune our delivery solutions, so that they give your business exactly what it needs.
Fixed price or Agile delivery – the decision is yours.
Our solution offers great value and is competitive to any other product. Challenge us today. Ask us to provide a free report on your existing Cost Allocations process to see if we can deliver improved flexibility and reliability, as required by your business.