The Finance Cycle

Financial Performance Management

Brexit, rising interest rates, rapidly changing technologies, the Fourth Industrial Revolution… Just a few of the changes that are sparking increasing economic uncertainty.

In times like these, rough estimates and intuition-based decision-making simply won’t do. With finance teams under pressure to reach targets whilst being constrained to tighter margins than ever, a different approach needs to be taken when it comes to decision-making.

Now, to respond to the rapid pace of change, and to compete in the volatile marketplace, it’s essential that data is at the heart of all financial initiatives. 

Financial Performance Management is all about aligning strategic financial goals with the wider operational targets.

Download our e-book below to discover how financial workforce planning is saving companies valuable time and optimising their ROI:

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Financial performance management focuses on answering three important questions:

 

 

How is your organisation doing? 

Understanding where your organisation currently is crucial in knowing if you’re on target to meet your objectives.

 

 

Why is that happening? 

Drilling down to understand why things happen the way they do and determining the factors that influence a particular outcome is essential for improving and moving forward.

 

 

What should you be doing to reach your targets? 

Through understanding the above, the next step is considering alternative strategies that can be taken to correct your course.

 

The Problem

The issue is, many organisations still rely on spreadsheets to answer these questions, which gives rise to errors and can leave finance professionals spending more time on creating, aggregating and distributing data than actually analysing the information.

In contrast, research shows that top-performing businesses spend 20% more time on analysis of financial data than on gathering it, but to do this effectively, being armed with the right technology is fundamental.

The Financial Performance Management Cycle

Financial Performance Management is a continuous cycle and it’s important that each stage in the cycle is optimised for success.

At MHR Analytics, we specialise in offering software and services to cater for the entire Financial Performance Management (FPM) Cycle to ensure that you’re fully equipped to meet your financial goals.

 

CONSOLIDATION AND CLOSE

 

What is it?

The Financial Close & Consolidation stage is a core part of the FPM cycle. This is encompassed of everything from financial consolidation, corporate reporting and regulatory filing; to intercompany eliminations, tax reporting variables, disclosure management and consolidation of financial statements.

Delivering your reporting in a way that’s compliant and accurate, whilst closing and consolidating quickly is a balance that can be difficult to deliver.

Our tailored solutions help you to streamline and automate this process so that you can have greater control over your reporting and time.

 

 

Solutions

Benefit from:

  • Fast, accurate reports – Mistakes can cost your organisation in a big way. Create reports quickly and have peace of mind that your information is accurate.
  • More time – Automate the repetitive tasks in the close process and create more time to spend on the tasks that generate the most value.
  • Simplified compliance – The issue with relying solely on spreadsheets is that it’s impossible to create a clear audit trail. Our solutions enable you to add transparency to your audit process so that you always know where you stand.
  • Reduced risk – Having more control over your processes ensures consistency across financial close and consolidation activity, which reduces the risk of errors.
  • Quickly respond to change – The ability to closely monitor processes gives you the power to adapt to any changes that take place internally or externally.

 

Find out more

"CCH Tagetik has accelerated our reporting processes and improved our financial and business analytics. We have gained more control over our financial data and can produce four-week reports and analyses for our executive board faster and more efficiently than before.”

Paul van Hameren, Controller Reporting & Consolidation, PLUS Group

 

BUDGET AND PLAN

 

What is it?

The truth is that relying on manually inputting data into spreadsheets alone will never provide you with the accuracy you need to effectively plan, budget and forecast for the future.

Our solutions automate your planning, budgeting, forecasting and analysis processes so that they’re free from the risk of human error. They work to transform your entire planning cycle by providing you with complete visibility, and give you the freedom to plan with confidence.

 

Solutions

Benefit from:

Increased speed

  • Start instantly and grow quickly
  • Get ease of use without complexity
  • Automate plans, analyses and reports

 

Increased agility

  • Quickly align financial plans, corporate objectives, operational tactics and market events
  • Easily adapt systems to changing business strategies and realities

 

Increased foresight

  • Make analytics easy for everyone to infer trends, explore drivers, model scenarios and visualise impact
  • Leverage external data to anticipate the future

 

Find out more

"By implementing our Financial Workforce Planning solution to streamline its budget setting process, Rotherham Metropolitan Borough Council were able to save 2,000 days off their pay budget setting and deliver savings which equated to 250% in ROI."

Rotherham Metropolitan Borough Council

 

REPORTING AND ANALYSIS

 

What's it all about? 

Effectively analysing your data in order to draw conclusions is at the core of the financial reporting and analysis stage, but your data is only as only as valuable as the insights you’re able to get out of it.


Our solutions bring your financial, HR, and payroll data into one place so that you can drill down to understand what’s driving your performance and create reports you can truly trust.


Are you ready to take your insights to a new level?

 

Solutions

Benefit from:

  • Fast, accurate reports – Mistakes can cost your organisation in a big way. Create reports quickly and have peace of mind that your information is accurate.
  • Look forward – The traditional approach to reporting is looking back at what has already happened. Our technologies allow you to harness the power of predictive analytics to predict what might happen next so you can plan for the future.
  • More time – Automate the repetitive tasks in the close process and create more time to spend on the tasks that generate the most value.
  • Business empowerment – Self-service management technology provides even users without specialist knowledge of analytics with the power to unlock insights.
  • Quickly respond to change – Using scenario planning, users can model a range of possible scenarios and quickly adapt to changes when they happen.
  • Powerful reports and dashboards – Unlock the full potential of your data with beautiful visualisations that clearly communicate your data to others.

 

Find out more

“With IBM Planning Analytics, we have improved various vital processes and gained new, relevant insights which allow us to take better decisions.”

—Olivier Bonomini, Head of Business Engineering, EF Education First

GUIDE: Getting the most out of your Finance Data

This downloadable guide reveals how the role of the finance professional is changing and how to get more out of your finance data with analytics. 

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E-BOOK: Using Workforce Planning to Your Advantage

This exclusive e-book lays out the key things that finance professionals have to consider in order to fully optimise the largest cost to their organisation - their people. 

READ

Lease accounting for IFRS 16 compliance

IFRS 16 is here and it's bringing a new level of accuracy, transparency and accountability to financial reporting. Discover a better way of ensuring your organisation is compliant... 

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CASE STUDY: How Rotherham make 250% in ROI savings

This case study video explores how Rotherham Metropolitan Borough Council were able to transform their budgeting, planning and forecasting processes to make 250% in ROI savings. 

WATCH

TRY OUR SOFTWARE

With data constantly flowing in and out of an organisation, it's important to establish repeatable processes to build and maintain standards for data quality. We’re the experts, get in touch.

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