Budget Automation offers a range of robust functionalities to simplify and optimize budget management within organizations. Below are the key functionalities that enable seamless allocation and administration of budgets:
1. Flexibility in Allocation Cycles
- Organizations can choose how often budgets are allocated, such as monthly, quarterly, semi-annually, or annually.
- The ability to select allocation dates within each cycle aligns with industry standards, offering predefined options based on best practices. Although the initial allocation date can be customized to meet your requirements.
2. Budget Holder Identification and Rule Setting
Tailor budget allocation rules based on specific organizational hierarchies and roles:
- Grade: Assign budgets relative to an employee’s grade or level.
- Designation: Define allocations for employees with specific roles or titles.
- Reporting Structure: Allocate budgets depending on the number of direct or indirect reports an employee has.
- This feature also supports handling unique cases through exception rules to address special scenarios or requirements.
3. Comprehensive Rule Setting for Budget Expiry and Rollover
Manage unused budgets efficiently with customizable rules:
a. Complete Rollover: Carry forward the entire unused amount to the next cycle.
b. Complete Expiry: All unused budgets expire at the start of a new budget allocation cycle.
c. Complete Rollover with expiry: Carry forward complete unused budgets with an expiry date.
d. Partial Rollover Calculated on Unused Budget: Carry over a percentage of the unused budget to the next cycle, with a specific expiry date set for the carried-over amount.
e. Partial Rollover Calculated on Original Allocated Budget: Carry over a percentage of the original budget to the next cycle only if the budget holder has used a minimum percentage of the allocated budget in the previous period.
Note: Click here to learn in detail about rule-setting.
4. Dynamic and Predefined Fund Allocation
Budgets can be assigned based on organizational priorities using flexible options:
a. Predefined fixed amounts for straightforward allocation.
b. Dynamic calculations linked to factors such as:
- The number of direct and indirect reports under a manager.
- Grade groups of budget recipients to ensure equitable distribution aligned with organizational goals.
