Challenge
Difficulty extracting critical business information from the General Ledger for financial analysis and management reporting- Significant reliance on Excel for the Consolidation and Financial Planning Process resulting in manually intensive process (include complex Cash Flow)
- Need for robust, timely, and accurate information to satisfy senior management’s financial reporting and analysis needs
- Lack of analytic reporting capabilities surrounding currency analysis and GL detail
- Improved accuracy and accountability in the planning process
Solution
- Establish a flexible and scalable Planning and Consolidation platform
- Implement a global consolidations system, creating one uniform consolidation process
- Single chart of accounts, Multi-Currency analytics, Operational P&Ls (FX Neutral)
- Location, Community, Cost Center level detail
Automate Cash Flow, Allocations, (Admin Fees, Royalties, S&W etc.), Metrics/KPI Reporting- Implement FDM to automate data transformation process for multiple locations/source systems
- Produce consolidated financial reporting package allowing end user access for ad-hoc analysis
- Redefine the planning process to leverage Planning best practices
- Build a driver-based Planning solution that supports integrated P&L, BS, Cash Flow, and Workforce models along with supplemental data input
The solution has been running in production since 2007
Benefits
- “One version of the truth” for all planning, consolidations, reporting, and analysis needs
- Streamlined and automated the ETL, analytic and reporting environment for the entire consolidation process (reduction in close days, greater visibility, etc.)
- Improved the FP&A team’s ability to efficiently and effectively support planning, reporting, and analysis requirements driven by internal and external stakeholders