“At the weekend, I managed to build a reliable P&L with two versions to compare and report, which took about half an hour. In the past, this would have taken hours on Excel."
From a very high specification, the Formulate team put together a solution in very little time, which has transformed the efficiency of our forecasting and budgeting. What would have once taken hours now takes minutes, while we can still enjoy the many other benefits of Excel.”
“Add to that the cloud capability, which allows for great collaboration between sectors, the easy online access and the integration with other systems – such as Budgeting Xero – and there is no doubt in my mind that we put our faith in the right team. They were an absolute pleasure to work with.”
Few companies have achieved such spectacular growth as KRM22. In August 2017, the firm’s headcount was three. They now employ over 80 people.
Yet, such a speedy expansion comes with its difficulties – particularly when it comes to scalability.
As a leader in risk management solutions, KRM22 initially struggled with this. Their original spreadsheet models for forecasting growth and reporting were placed under immense pressure.
With the company expanding, the financial planning of the company needed an innovative, time-saving solution.
Established as an innovative company that thrives in the “new world”, KRM22 is a big advocate of organisations increasing visibility across their operations.
It’s for this reason they wanted to model data from multiple systems in one specific location when they started up. This approach meant that all financial planning was placed into a single Excel spreadsheet. In a matter of months, this spreadsheet file grew to epic proportions. Not only was it growing in size, but because spreadsheets only deal with static data, they needed constant updating.
All in all, upkeeping such a ginormous spreadsheet became a burden as they tried to grow the business. The idea was to create a single source of truth. However, as the file grew, it became too unstable and would often crash when auditors tried to open it.
Such system fragility and time inefficiencies can cause lots of disruption. Yet, there was also a real risk of manual data entry mistakes.
When these mistakes occur, data integrity is compromised. This can throw a company’s future projections off and bring numerous negative consequences, especially to a business that is constantly evolving. Luckily, the team at KRM22 made several wise decisions to improve their financial planning process. The first was getting in touch with Formulate.
“One thing I love is the personnel sheet. We've recruited so quickly and have contractors and permanent staff based in several countries paid in different currencies. I can download the relevant columns, send it to everyone to check, and then everything updates automatically its bliss."
With time constraints and the pressures of growth, KRM22 turned to Formulate as an established, experienced and trusted partner for firms looking to install Workday Adaptive Planning software. Such software connects different feeds of data into one continuous stream. This data flows automatically into Microsoft Excel, Word and PowerPoint documents.
Formulate helped to design these streamlined documents as templates, working with only the existing, temperamental spreadsheet and an interim finance KRM22 employee. As this was an inexperienced member of the team with limited knowledge of the business, Formulate’s expertise was much needed. Formulate’s certified Workday Adaptive Planning consultants fashioned a system that could create reliable forecasts and powerful reports within minutes.
By building in great data visualisation techniques, everyone across the business could quickly engage with process planning, analysis and reporting. This would breed effective collaboration, as everyone could get reports issued immediately.
The system also offered a seamless way to bring together data from disparate systems to provide a comprehensive view of performance across the business, all in one centralised location. However, first and foremost, the solution was created for the finance team to effortlessly track and report on Key Performance Indicators (KPIs) that provide real value to the overall organisation.
If you’re looking to improve your forecasting and budgeting processes like KRM22, Formulate are here to help. With vast experience and understanding of all the challenges involved with the financial planning of a company, our team at Formulate would be delighted to share their advice.