Situation
- The client was an $80M Software-as-a-Service (SAAS) company
- Senior management was undergoing an intense period of change in personnel during a critical transition
- The board was unable to make strategic decisions due to reporting delays
- Reporting by business units had limited visibility of cost detail and revenue streams
- Required improvements in reporting which would facilitate efficiency improvements in the organization
Bespoke Solutions
- SLKone took over existing reporting assignments for internal and equity sponsor stakeholders to ensure prompt delivery of reports
- Developed a dashboard with clear initiatives and metrics showing progress on a monthly basis. Automated the reporting of financial statements
- Developed a higher level of visibility into cost detail by implementing an improved Transaction Coding System (TCS)
- A feedback loop was created to provide better reporting of activities across departments; integrated ownership and feedback about status and hurdles
Leading With Results
- Increased the level of business insights, cost saving opportunities, and understanding of profitability drivers
- Identified $200k in monthly direct expenses incorrectly reported leading to additional reporting inconsistencies related to payroll and benefit allocations
- Improved profitability decision making enabled by the developed TCS increasing accountability at the business unit level
- Reduced cycle time by 10 days to generate financial reports, including accounting close