Rainbow Office Cost Center Management Overview

septiembre 10, 2021
Article : 068862

This article provides information about Rainbow Office's Cost Center Management.

Rainbow Office's Cost Center Management enables account Administrators to assign purchases of Rainbow Office services to a Department or an individual based on Cost Center Codes, which will help companies manage and monitor the expenses for cost control and budget planning.
Rainbow Office Cost Center Management allows Administrators to create a hierarchical structure of billing codes that reflect their organization by the department and/or location as well as Rainbow Office account, and allocate incurred expenses across that structure as a way to better understand and assign cost.
This feature is disabled by default. You need to contact your Rainbow Office Account Manager to have this feature enabled on your Rainbow Office account.

Features & Benefits

Allows creating codes for groups of users, departments, or locations. Each transaction activity can be assigned to a specific group for better budget control.

Flexible in billing management; create code on the fly; change or reassign codes anytime.

Save time with easy bulk upload with predefined codes.

Examples:

A nationwide car dealer has multiple offices. Each regional location is responsible for its profits and expenses. The company has set up cost center codes for each department in each location to track expenses.

The Admin creates the Cost Center hierarchy for each department that maps the company’s accounting system. For example, COL-X291 for Sales, COL-X292 for Marketing, COL-X293 for Services, etc. in the Columbia office.

• When the Columbia office requests to purchase 3 desk phones and additional subscriptions for new sales, the admin will enter the proper cost center code (e.g. COL-X294) for this transaction.

• At the month-end, Accounting is able to book the expenses in the right department at the right location.

 

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