Automated Financial Reporting Yields Higher Quality, Lower Costs, Faster Cycle Times
Overview
A mid-size non-profit organization dedicated to advancing the care and understanding of dermatitis, this organization has over 1,000 members, including dermatologists, allergists, nurses, and other healthcare professionals.
Challenges
The company’s month-end reporting process was manual, time-consuming, and error prone. The process had relied on too many manual steps, which had increased the risk of human error. Also, data had been collected from multiple sources, which had been difficult to reconcile and integrate. The company had also used too many templates in its month-end reports, which had made it difficult to compare data across different reports.
Finally, the company’s reporting processes were owned by a costly consulting firm. This had meant that the company had not been in control of its own reporting processes, and it had been at the mercy of the consulting firm’s fees.
dF Solution Statement/Results
deFacto Power Planning was used to enhance financial reporting. Detailed dynamic statements were created, which were organized by company, location, and time, providing rolling 12-month detail for easier investigation. This allowed for a more granular view of financial performance, enabling prompt identification of trends and potential issues. Additionally, detailed GAAP, bank, and regional month-end packages were developed to track location progress based on specific and stated required parameters.
After implementing deFacto Power Planning, clinic and regional managers were able to easily review and investigate their actual versus budget data and P&L trends for their locations monthly using customized templates. Financial analysts were able to easily run reporting packages, which included acquisitions, same-store, and opened/closed clinic analysis in addition to standard P&L and balance sheet reporting.
With deFacto Power Planning’s powerful financial reporting, analysis and book publishing capabilities, this company’s month-end reporting process time was reduced by over 95%. By automating their reporting processes, they were able to eliminate the need for an outside consulting company, saving them both time and money.