Digitization of financial and operational controlling with Jedox in the “FP&A as a service” formula
Why FP&A as a service?
With the growing expectations in the area of planning, reporting and data analysis on the part of investors, owners, management boards and business departments, and at the same time the growing volume and complexity of data, further development of financial and operational controlling using Excel is simply impossible.
Even with the increased number of financial analysts and computing power, the planning, budgeting, reporting, and data analysis cycles will take longer because, with unrelated data, the quality of the reports will be so low that analysts will have to spend most of their time reconciling the numbers.
Intuitively, the need for change is felt, by digitizing processes in controlling, so that analysts become support for the business that it so badly needs. Few companies have internal resources to do it on their own in the light of such rapid technological changes. And managers who undertake such a project are afraid of failure that may affect their further professional career. Therefore, the solution is to find the right external support.
How will I benefit from FP&A as a service?
First of all, you will gain a partner in the digital transformation of controlling and finance function in your company. You will receive everything a company needs to carry out the change successfully.
Thanks to cooperation with us, not only the efficiency of the entire finance and controlling department will increase significantly, but in particular the role of the CFO in the company. We will help the CFO to successfully carry out the digital transformation of his division or department. How this is possible is explained below.
- Combining competences in BI / CPM technologies and finance
Your company does not have any BI / CPM system yet? No worries. As an authorized Jedox partner, we are able not only to implement, develop and maintain the Jedox system, which is a world-leading technology in this area, but we also know finance matters very well. We perform the functions of interim CFO, financial controllers and analysts, we have ACCA qualifications, statutory auditor qualifications, and even doctoral degrees in economic sciences. It has never happened to us that we were unable to solve the problems of even the most demanding Financial Directors or Management Boards.
- The Jedox technology that finance directors love Why Jedox?
The answer is simple – it is the best platform for integrated planning, budgeting, reporting and data analysis known to us, which thanks to its flexibility, scalability, ease of use and deep integration with Excel, Power BI or virtually any other system can be adjusted to any company no matter the industry and size. It is enough to try it once, and then it’s hard to imagine life without it.
- Maintenance, system development and financial controller in one person (All in One Solution)
What if the financial controller was familiar with BI / CPM technology and was able to independently build IT solutions for planning, budgeting and reporting without the need to involve additional consultants, programmers, and database specialists? Your job would be much simpler, easier and would bring much more fun – for that you need a Digital Finance Controller. That is why we develop such people and this is our hallmark.
- Replacement for holidays, illness and other events
We realize how important the continuity of reporting is, which we feel especially when a key person leaves, for whom it is difficult to quickly find a replacement. It is often a source of headache for many managers responsible for finances. That is why we provide a person acting as a shadow analyst who occurs in the event of unexpected events, including illness, leaving work or other random cases involving a person dedicated to cooperate with you. This additional consultant is known to you beforehand, because he participates periodically in the work in order to be able to enter smoothly, if needed.
- No worries about knowledge management and employee training
We will take care of creating and constantly updating documentation describing how the system for planning, budgeting, reporting and data analysis was designed, what is its business logic and how it is reflected in the Jedox system. We will describe the scope of responsibilities and applied procedures to ensure safety for the manager of the finance department and to meet the requirements of internal or external audit. We also place great emphasis on the continuous improvement of our controllers in the area of finance and IT, thanks to which our clients have access to the latest knowledge and competences in both areas.
- Supervision of an experienced expert
The controller dedicated to work with you is in constant contact with a manager with ACCA qualifications and / or a statutory auditor and extensive experience in the implementation of strategic projects in international corporations, as well as with experienced Jedox consultants. As a result, our digital finance controller working for you will be supported by a team of experts who are able to work out the best solutions to problems should they arise.
- One fixed monthly fee
All benefits will be provided for one fixed monthly fee. Thanks to this, the costs related to the IT and controlling area are easy to plan and the risk of unplanned expenses is reduced to a minimum. There are no surprises here.
Who is FP&A as a service for?
This is a service for companies that consider or intend to:
- transform their controlling, financial reporting, analysis and other departments, but they do not know where to start from and are afraid of the risk of failure, high IT costs, lack of competences, internal resources or simply time to perform the change;
- increase the effectiveness of controlling function without significantly increasing or even reducing the overall costs of the related departments, or
- increase the competitive advantage in the area of finance and controlling thanks to the benefits of digitization.
Can it be successful? Is it really working for someone else?
Yes, it does work. We have been working in the full FP&A as a service formula for over two years with the largest corporations in the world, where we are responsible for financial controlling at the group level, cooperating with local companies, and at the same time developing the Jedox system, which is used for planning, budgeting, reporting, financial consolidation and data analysis. As a result, the extant financial controllers could be moved from Excel reporting to a direct cooperation with business departments and management.
Not to mention, that this approach increased reliability of reporting, speeded up the planning and reporting cycles and improved the overall satisfaction of the finance clerks and managers in the company.