Financial Reporting Solution
Comprehensive approach to managing and presenting financial and sales data for a Multinational organisation with more than 30 Production & sales offices across world. It involves streamlining the process of collecting, consolidating, and presenting financial information to facilitate accurate decision-making and analysis. This solution aims to eliminate manual interventions, reduce errors, enhance efficiency, and improve the accessibility of financial data.
Currently, financial and sales figures are presented with the application MIK. This is used for both consolidated figures and figures per entity. The application MIK is run as a standalone application on the personal computers of different users. The process of gathering, uploading, and distributing new data is done over several steps, mainly involving Excel spreadsheets, and it involves a lot of manual interventions and effort.
There are predefined Excel for the input, process, and output reports. Every month Input Excel (Profitability Sheets) are prepared by the Entities and shared for further processing. Data is manually reconciled (using Excel) with the figures from SAP-BO-FC and then processed into MIK.
Financial data from SAP-BO-FC is fed into MIK to populate the cubes for Profit and loss, Balance Sheet, and Cost of Sales Statement. Excel reports are then prepared using the MIK-Functions to share with the Management. The current process of consolidation and reporting takes 2 weeks and is very error-prone. Changes to reporting requirement takes longer and is limited to Excel-based reporting.
For a multinational pharmaceutical company, the client sought a robust financial reporting solution. The primary objectives were to manage monthly financial and sales reporting efficiently, handle data retrieval from over 15 offices, perform consolidation, and execute profit elimination across various entities and markets. The ultimate goal was to generate consolidated Profit and Loss (P&L), Balance Sheet (BS), and Cost of Sales Statement (CSS) reports, integrating them seamlessly with the existing accounting system.
To address the client's challenges and requirements, a comprehensive solution was proposed.
It’s a centralized web-based platform where entity users could log in and input monthly sales and cost data. The controller would review and correct data before marking it for consolidation and intercompany profit elimination. Processed data would then be sent to the Data Warehouse for further analysis.
Data Visualization & Reporting
Microsoft Power BI Dashboards and reports would provide a multi-perspective view of the data, using visualizations to convey insights. Power BI would connect to the Data Warehouse cubes, enabling the creation of dynamic dashboards with the latest data. Additionally, Excel reports could directly connect to the Data Warehouse cubes to generate reports.
The core component storing monthly sales and cost data post-consolidation. Cubes would be defined on top of this data, allowing end-users to analyze information and generate reports. The Data Warehouse serves as a centralized repository, ensuring consistent and accurate data access across the organization.
By implementing this proposed solution, the client can overcome the challenges of manual data handling, error-prone processes, and time-consuming reporting. The system offers a streamlined approach to data management, reporting, and analysis, resulting in more efficient decision-making and a holistic view of financial performance.
Network Flow Diagram
New solution would be based on the Microsoft technologies, which would provide seamless integration and use of latest tools and technologies for development.
Data Warehouse (DWH)
Startup budgets vary, but a general guideline is allocating 10-20% of your overall budget to digital marketing efforts.
Data Visualisation & Reporting
Look for a track record of results, a diverse skill set, transparent communication, customized strategies, and a client-focused approach.