why Cloud now: divide expense wizard and billing groups

key takeaways

• darwin.Cloud now offers a divide expense wizard to spread costs across offices or charge agents
• billing groups can be created manually or auto-calculated based on various metrics (e.g., agent count, agci)
• cost allocation of corporate overhead to sales offices is crucial for accurate profit per agent calculations
• reclassification feature allows easy correction of expense allocations using billing groups

topics

divide expense wizard

• new feature allows spreading expenses across all offices, selected offices, or charging agents
• process: bills tab > enter bills > divide expense
• options to divide between offices or agents
• can use pre-set billing groups or manually adjust percentages
• ability to create ap voucher as posted or left open for editing
• option to charge agents without paying a vendor (useful for internal billing)

billing group creation and management

• access: company tab > billing group > new
• two methods: manual entry or wizard-guided setup
• wizard offers auto-calculation based on metrics like agent count, agci, sides, volumes, new listings, etc.
• recommended to update billing groups quarterly or annually
• ensures fair distribution of expenses across offices

cost allocation importance

• corporate office shouldn't be a profit center; expenses should be spread across sales offices
• critical for accurate profit per agent calculations
• ensures each office's true operational costs are reflected
• helps determine if agents are "pulling their weight" financially

bankstream integration

• billing groups can be used in classifying bank stream expenses
• allows automatic breakdown of expenses across offices based on pre-set percentages
• time-saving feature for recurring expenses or credit card charges

reclassification feature

• ability to reclassify paid vouchers using billing groups
• useful for correcting misallocated expenses without un-posting
• helps in cleaning up p&l statements

next steps

• demonstrate bankstream expense classification using billing groups in tomorrow's webinar
• gather feedback on potential ai feature for automatic bill classification based on vendor profiles
• explore the possibility of expanding vendor profiles to include default expense allocation instructions
• continue educating users on the importance of proper cost allocation for accurate financial reporting