Budgeting at a healthcare industry leader
Budgeting in the enterprise in a coherent system
After analyzing the client's needs, we focused on creating a system composed of several models of enterprise budgeting and financial planning. We used IBM Planning Analytics, which comprehensively supports the processes of budgeting and forecasting revenues and costs of units. Including, among others: planning the amount of depreciation, salary costs, intra-group transactions, or the comprehensive presentation of plans in many systems of profit and loss accounts. This system works flawlessly. Along with the client's development, we introduced new solutions to facilitate financial analysis.
The number of changes made looks impressive. At the moment, the company has several separate applications and budget models. The budget is mainly based on Rolling Forecast. The outpatient clinics are more than 1,000 cost centers that are planned in IBM Planning Analytics (TM1).
Closing the month in a quarter of an hour
A project from a completely different area, also completed using IBM Planning Analytics (TM1), was the reconciliation of balance sheet account balances. Proper documentation of accounting account balances greatly speeds up cyclical audits of financial statements. Currently, the reconciliation process has been launched at several client's companies. Dozens of people are involved in the process. Reconciliation takes place at the level of individual accounting accounts in monthly cycles, which are subject to a 3-tier review and approval process. At the final stage, they are validated by those managing the entire process. A repository for reconciliation documents has been set up on the Sharepoint/Teams portal.
Cooperation based on trust
As emphasized by Paweł Pośnik, Partner & Consulting Manager in charge of this project, this is a very broad undertaking, which by its very nature covers different areas and businesses.
- For a long time, the subject of this project has not just been budgeting in the enterprise. The systems we support have been recognized by client as critical systems, which is why we have also introduced 24/7 technical support during quarterly and annual closings.