Situation
- The client relied on a poorly implemented FP&A tool to handle reporting, review, and analytical needs
- The implementation of the current system required multiple “work arounds” and manual processes to create recurring reports
- The client knew that the current system would have to be replaced or reimplemented after a large acquisition made material changes to their accounting coding system
- SLKone was currently retained as a financial advisor. The client approached SLKone to facilitate the vendor/system selection for the FP&A function going forward
Bespoke Solutions
- SLKone generated a business requirements document to specify both the tool capability requirements and the reporting needs
- SLKone performed research, met with FP&A tool vendors, and evaluated two product offerings
- SLKone built an FP&A Tool Evaluation one-pager to assist the leadership team in determining the best FP&A tool
Leading With Results
- Evaluated, selected, and implemented a new FP&A tool. The new tool has led to the automation of recurring processes and the streamlining of reporting
- Board report generation reduced to less than a day. Board reports are now one-click away rather than taking multiple days of manual work
- Improved transparency of transactions. Successful implementation empowered drill-down capability to research trends in one system and reduced complexity of multiple systems
- Error reduction. By automating report generation and managing versions, the new tool eliminated errors related to manual touchpoints