Cost Centers in ServiceNow

With Laurence Tindall

The video tutorial by Laurence Tindall from GlideFast Consulting explains the concept of cost centers in ServiceNow. Cost centers are business units within an organization used for allocating costs and tracking expenses at the department level. By assigning costs to specific departments, organizations can effectively manage budgets, identify overspending, and track expenses and assets.

To create a cost center, Laurence demonstrates the process in ServiceNow. In the Cost Centers module under the Organization application, he clicks on the "New" button to create a new cost center. He enters the name, account number, code, location, manager, and validity dates for the cost center. Laurence uses an example of creating a cost center for the marketing department.

Once the cost center is created, Laurence showcases how cost centers are connected to assets and expenses. In the Hardware Asset Management module, he creates an asset record for an Apple iMac computer and associates it with the marketing cost center. This generates an expense line, which automatically records the cost of the asset and its source.

Returning to the Cost Centers module, Laurence demonstrates how the expense line is visible in the related list of the marketing cost center record. This visibility allows department managers to monitor expenses charged to their departments, promoting financial accountability and enabling better forecasting of IT expenses. The tutorial emphasizes the importance of cost centers in tracking and managing departmental costs.

In conclusion, the video tutorial provides an overview of cost centers in ServiceNow, explaining their purpose, the process of creating them, and how they relate to assets and expenses.

About GlideFast Consulting, A Division of Apex Systems

GlideFast Consulting is an Elite ServiceNow Partner that specializes in delivering exceptional solutions on the ServiceNow platform. We pride ourselves on offering industry-leading services, unparalleled expertise, and a track record of positive customer reviews. Our extensive experience in ServiceNow, combined with our unwavering commitment to customer success, sets us apart from our competitors and enables us to deliver successful outcomes for every client. Whether it's our deep platform knowledge, process-driven standardization, or innovative approach, we are dedicated to providing our customers with the best possible experience. Reach out to our team here.