Budget Reallocations functionality provides marketing teams with greater agility and a standardized process to make mid-stream adjustments to their budgets in order to optimize marketing spend. Inflexible budgets can result in increased opportunity cost, since there are negative implications associated with not cutting off budget on initiatives that are not working and shifting to those that are.
Users with access to editing budget Line items can initiate a transfer and move money from investment budget totals. Once a request has been submitted, the requester can monitor the process with a transparent approval workflow that shows which budget transfers were completed, are still pending or denied. Also, users can view any transfer request as well as a history log for audit purposes.
For a detailed overview on how to set up the feature see How to Enable Budget Reallocations.
User submits a new request from either the Roll-up Panel, or from within an Activity Plan (Budget). The request will be then captured in the ‘Request view’ with a ‘Status=Pending’. The approvers will be informed via e-mail.
In order for the transfer to be fully approved, both the outgoing and incoming sides of the transfer must have one approver confirming the transfer. If there are several approvers for a side, confirming by one user is sufficient. The approval automatically applies to both sides in case a user is assigned as an approver for both sides. If the requesting user is registered as approver, the transfer is considered self-approved and is executed directly.
If ‘Approved’, the said targets (investment budget totals) in request will be updated to reflect the change and the requester will be notified of the status by email.
The Requests View will display all historic transfers and adjustments.
For more information, please see other related Help Center articles or speak with your Allocadia Customer Success Manager.