Allocations - Legerity

Allocations are a way of life for most finance teams.

However, allocation processes are often challenging, being undertaken on spreadsheets and other end user computing applications. This leads to significant inefficiencies, lack of control, dependency on key individuals, little transparency and are often error prone.

FastPost Allocations provides a highly flexible, on demand cloud-based allocation engine, that shortens month ends and establishes a fully controlled and audited enterprise allocation process. It frees up valuable time for added value business insight and reduces the need for reconciliations and error correction.

FastPost Allocations best in class functionality includes:

Run multiple allocations types and scenarios - define different allocations configurations using the same pool of input data
Financial and non-financial drivers – based on financial amounts or transactional or usage values
Flexibility of balance and dimension selection - wide range of selection criteria on which sub ledger balances and dimensions are to be applied
Percentage based allocations - allocation bases can be a fixed percentage of the source balances
Outputs from the allocation process in the form of a balanced journal - highly configurable journal output
Iterative and nested allocations - ability to re-use allocation source pools, bases and outputs across different allocations
Easy to use GUI – full business ownership of allocation creation and maintenance
End to end audit trail – full transparency and reconciliation
Ultra High Performance via on demand SaaS – ability to process complex allocation and massive amounts of data in minutes

The Importance of Allocations for IFRS17

IFRS17 is a great opportunity to take a fresh approach to allocations, implementing procedures and automated processes that both meet IFRS17 and wider finance needs.

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