Cost allocation tags enable detailed tracking of cloud resource costs by tagging resources with key-value pairs, such as tagging them with the respective department's name. This facilitates detailed cost attribution to each department, based on their actual resource use, thus aiding in accurate internal chargebacks and financial governance. Using tags can make it easier to organize and visualize spending on cost management dashboards and reports. AWS Budgets is more about setting limits and forecasting, without assigning costs to specific entities. Multi-account billing consolidates payment across accounts, but does not attribute costs. Savings Plans offer discounted prices for committed usage and do not attribute costs to individual users or departments.