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Date Posted
29 April 2021
Industry
Property Services
01_SDLGroup

"I was convinced that the cloud was the way to go, and the other week when I was slicing and dicing data, I knew it was the right choice. I can’t tell you how important it is to be able to do that."

Martin Webster
Project Manager
SDL

Building a Central, Error-Free Financial Reporting System for a Leading Property Specialist

SDL is an East Midlands property specialist, trading since 1989. SDL offer risk management, surveying, lettings, estate agency, mortgages, and insurance broking across the UK.

In July 2017, they were named one of the fastest-growing East Midlands firms, following a 75% increase in profits over the past three years.

Due to multiple acquisitions and their fast growth, SDL needed a forecasting solution to support the necessary legal consolidation.

The Challenges

SDL wanted to be able to provide the management team with an operation overview of the same data.

SDL encompasses many sectors and subsidiaries and is based all around the UK. Unsurprisingly, month-end was taking far too long, requiring input from multiple teams in separate locations.

SDL’s management pack needed to successfully present information by division, property, area and service, covering all company boundaries.

Furthermore, internal resources were unexpectedly moved off the project for three months. Deploying Workday Adaptive Planning software, Formulate stepped in and worked tirelessly in the background to keep delays to a minimum.

"Implementation is the most daunting part of adding new software, and we were helped enormously by Formulate. They were able to get under the skin of our business and understand what we needed, which meant we could get out of the blocks very quickly."

Martin Webster
Project Manager
SDL

How Formulate Helped

Drawing upon their experience as a leading Workday Adaptive Planning partner, Formulate created a new system. This robust solution enables data to be quickly uploaded from several source systems, reducing workload and speeding up the consolidation process.

Intercompany differences are quickly identified, even before month-end. This allows eliminations and consolidation adjustments to be handled automatically.

The financial and management accountants can now forecast and budget from the same integrated set of data simultaneously.

Martin Webster, Project Manager, had been concerned about implementation but was quickly put at ease.

Multiple teams based around the UK now report into one central location via the cloud. This considerably reduced the time spent on sharing and manipulating data thanks to Workday Adaptive Planning.

Errors have been minimised, and the business has greater trust in the numbers. Financial reporting is now management friendly, allowing Martin and his team more time to focus on the numbers and gain greater analysis.

The advantages of this are twofold, with the strict legal requirements demanded by consolidation reporting now being met in full.

 

"I was convinced that the cloud was the way to go, and the other week when I was slicing and dicing data, I knew it was the right choice. I can’t tell you how important it is to be able to do that."

Martin Webster
Project Manager
SDL

The Benefits & Outcomes

  • More relevant and advanced management-friendly financial reporting.
  • Strict legal requirements for consolidated financial reporting are now easily fulfilled.
  • Multiple teams can report finances into one central location to create one single source of truth. 
  • Less time spent on sharing and manipulating financial data to help the team focus on other aspects of their job roles.
  • Errors minimised and a greater trust in numbers across the business. 

Want to learn more about working with a leading Workday Adaptive Planning partner? At Formulate, we combine the disruptive power of technology with the knowledge of our team to bring you smarter forecasting and budgeting solutions. Get in touch to find out more.