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. Designed to empower users, regardless of skill level, to access and interact with data for timely and effective decision-making. Standardizing business flow processes and predictive analytics provide actionable information to drive business decisions as well as meet compliance requirements.
Klouddata’s expertise on Business Planning and Consolidation helps to unify the business planning and performance management process. Various areas that Klouddata can service the clients with best practices are,
- Sales Planning: This scenario is used to plan revenue and costs of goods sold in local currency by product based on historical data. It is also used to create a report for plan/actual comparison.
- Human Capital Management Planning: The purpose of this scenario is to plan employee expenses.
- Cost Center Planning: It enables the planning of the necessary budget of 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 -planned directly in the Profit and Loss application.
- Legal Consolidation: This scenario describes how to consolidate financial information and report financial data. It is based on US GAAP requirements.
- Business Result Analysis and Simulation: In this scenario, budget planner defines the guideline about how to carry out budget planning for the next year.
- Performance Review and Forecast: This scenario is about the processes of performing budget for next half 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 effort to produce information and reduced cycle times for budgeting / forecasting and consolidating actuals
- Improved access to critical business information
- Cost reductions, better cash management and less financial risk from improved processes and a better view of the future
- Improved process control using system workflow and version controls
- A faster month-end closing process