Creating a Cost Centre
Setting up Cost Centres in Talenox is a quick and simple process. Just make your way to Profiles > Company Details > Cost Centres and click on the "Add a new Cost Centre" option:
Then, fill in the Cost Centre name and assign the relevant employees to it. 😁
Why set up a Cost Centre?
There are three main reasons why companies would want to set it up:
Categorisation - Allowing you to further categorise your employees according to a specific grouping
Reporting - Users like to view their end-of-month costs based on cost centres, this breakdown can be found in Payroll Report (.xlsx).
Accounting Integrations - Payroll items can be exported via Cost Centres to the accounting softwares that Talenox is integrated with like Xero and Quickbooks. This makes it a more convenient process for users.