A Budgeting and Forecasting Case Study
HFI empowers Finance team with a Budgeting and Forecasting Project
"Changes or tweaks such as adding headcount, changing inputs to see projected results of P&L are now much smoother and simpler to do."
Michael Terry
Senior FPA Manager, HFI Inc.
Before ProLytics Implementation
HFI’s financial processes were rigid, making it difficult and time-consuming to perform any budgeting and forecasting-related tasks. Although Excel was familiar and easy to use, it lacks control and collaboration when the Finance team manages the data.
Team members often resorted to the copy-and-paste method, creating disruption to their FP&A workflow. While waiting for the current user to finish their changes, upcoming users may have long wait times until it comes to their turn. Unable to track changes, HFI realizes that their team needed a more sustainable and live solution to cut out unnecessary manual tasks and bottlenecks in their system.
Working without version control or concurrency features, the HFI team did not have the ability to know whether the current user was using the most recent data.
Cruising through Financials
Before working with ProLytics, HFI has already been using the Vena Solution’s ecosystem to deploy Financial Accounting workflows. In this way, a Budgeting and Forecasting project was a logical and natural extension of their current solution in order to maximize the use of their EPM software.
By extending the use of their current system, HFI’s Finance Team can finally carry out reporting, budgeting, and forecasting for the cycle with ease: The project allows HFI to compare and analyze the company’s actuals with Budget and Forecast reports.
Without the constant bottlenecks between spreadsheets and other software, all Financial Close and, Budgeting and Forecasting data will live in one single source of truth.
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