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.
Getting Started with Budget Reallocations
The Reallocation feature must be enabled by a User who has access to the Master Settings and has the list of Approvers defined. Configurations are available for setting up the Approvers, the Approval Workflow and the Budgets.
There are no User Permissions specific to ‘who can make a transfer’, as any User that has the ability to ‘Edit Line Items’, is able to request a transfer.
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’.
At this point, the Approvers are notified via email and can view the pending request details in the Request View. The Approver then approves or denies the request.
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.