To consistently manage your company’s performance, you need accurate, timely financial and operational data to effectively plan, budget, forecast, analyze and report. You also need the ability to seamlessly integrate corporate and departmental planning, intelligently model cost scenarios and perform sensitivity analysis to determine operational budgets based on strategic plans and assumptions. Lastly, you need a fully documented audit trail and compliance with strict guidelines for consolidating and reporting company information internally and externally.
Business Planning and Consolidation drives consistency, transparency and reliability in financial planning, management. consolidation, business reporting and operational activities. It is designed to empower users regardless of their skill levels, so that they can access and interact with data for timely and effective decision-making.
KloudData’s expertise on Business Planning and Consolidation (BPC) helps to unify the business planning and performance management processes. Various areas that KloudData can service their clients with best practices are in:
This scenario is used to plan revenue and costs of goods sold in the local currency based on historical data. It is also used to create a report for planned/actual comparisons.
Human Capital Management (HCM) Planning
The purpose of this scenario is to plan employee expenses.
Cost Center Planning
It enables the planning of the necessary budgets for cost centers in the organizational structure of your company.
Profit and Loss Planning
Profit and Loss Planning is based on data from HCM, sales, overhead costs, non-operating costs and taxes. Sales data is uploaded from the BP Sales application. HCM data can either be uploaded from the HCM application or if the HCM scenario is not installed, then planned for directly in the Profit and Loss application.
This scenario describes how to consolidate financial information and report financial data. It is based on US GAAP requirements.
Business Results – Analysis and Simulations
In this scenario, budget planners define the guidelines about how to carry out budget planning for the next year.
Performance Reviews and Forecasts
This scenario is about the processes of performing the budget for the next half of the year, and approving planning data. It also delivers reports to be able to analyze and adjust new plan data. Data will be moved into the Profit and Loss application.
Benefits of Implementing BPC
You can realize the following benefits with a BPC implementation:
- Reduced efforts to produce information and reduced cycle time for budgeting, forecasting and consolidating actuals.
- Improved access to critical business information.
- Cost reductions, better cash management and less financial risks from improved processes and a better view of the future.
- Improved process controls using system workflows and version controls.
- Faster month-end closing processes.