01
Starting point
Reporting and planning were done manually in spreadsheets, which slowed down decisions and increased the risk of errors.
100
departments in the organization
200
department cost items
200
users involved
in budgeting and forecasting
250
average number of tasks per project
(20+ large projects a year)
01
Reporting and planning were done manually in spreadsheets, which slowed down decisions and increased the risk of errors.
02
The challenge was to integrate and simplify reporting and forecasting of project and department costs in a complex organizational structure.
03
The company needed a fast, central tool giving key stakeholders access to up-to-date financial data and forecasts.
The solution was built on Fincorex®, which enabled detailed planning of more than 200 cost items per department alongside task-based planning of project costs. Flexible forms let users adjust the level of detail of the data they enter, while automatic calculation rules kept it consistent and correct across the organization.
Actuals were integrated with the source systems, making it possible to pull details down to invoice level, with mapping. Users can build forecasts and budgets in unified templates and, thanks to storing multiple plan versions, compare them across different layouts and time perspectives. Cost allocation mechanisms, driver-based planning and multi-currency reporting made the process consistent and fast.
In addition, groups with cross-access to multiple system dimensions let a single user plan both costs shared across the organization (e.g. the car fleet) and all costs of their own department – without needing several user accounts. This greatly simplified access management and made users more efficient.
Fincorex® brought project and department costs together in one application, giving fast access to data and reducing manual work. The system also supports analysis from summary reports down to individual invoice lines, enabling thorough control and audit.
The system automatically calculates and allocates costs, enabling almost immediate actuals reporting after the books close, while data integration with external systems eliminates time-consuming manual consolidation and reduces errors.
Planners can build budgets and forecasts in unified forms, use automatic driver-based calculations and manage different versions of their plans. This makes it easier to compare scenarios and keep data consistent.
The system presents data in different currencies, units and scenarios, ensuring consistent information and control of variances against plan and forecast.
With cross-access groups, one user can plan costs for different departments and projects without needing multiple user accounts.
As a Proof of concept, we'll rebuild your reporting or planning model in Fincorex® and show it to you at our next meeting.
