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In today’s competitive marketplace, payer organizations can’t afford project cost overruns. Get costs under control with Oracle Modern Best Practice. Leverage mobile, social, analytics, and the cloud to gain standardized expenditure controls and timely visibility. Capture and account for project costs and commitments from across applications and third-party integrations. Automate cost allocations. Spot and address cost issues early with up-to-date comparisons of actual versus budgeted costs.
Standardize and automate cost collection for all project-related expenditures using transaction and budgetary controls.
Streamline import, validation, pricing of project costs from multiple sources. Perform borrowed and lent processing for cross-charges.
Apply buildup of indirect costs to expenditure items to report and account for the total cost of a project.
Compare budgets with actual costs. Analyze account activity and reconcile balances. Perform adjustments online to recalculate or transfer costs.
Generate and post accounting entries for direct costs, indirect costs, borrowed or lent costs, adjustments, allocations, and accruals.
Record capital and retirement costs, such as construction-in-progress, removal cost, and proceeds from sale against assets. Calculate simple or compound capital interest.
Allocate overhead costs, such as salaries, administrative overhead, and equipment charges to projects that benefited from the costs.