Data Company Ditches the Spreadsheets
The Challenge
The finance team at a Kansas City-based data company found themselves struggling to generate monthly reports that required updates to multiple multi-tab Excel workbooks. Not only did the updates require a specific order, but hidden formulas and hard-coded numbers caused countless complications, especially at the start of a new year. As the company faced the prospect of updating these cumbersome spreadsheets with new product SKUs, company leaders engaged Springline and its implementation team to move to an FP&A software.
Our Solution
The solution was able to pull in both financial and non-financial data for the reporting being requested, as well as account for both recognized and deferred revenue for collections. The Springline team also formatted the reports in the same layout to which the company’s board and executive team were accustomed.
Client Impact & Results
Because the new software was able to forecast the entire set of financials (using drivers and assumptions instead of formulas), the company could now view a more accurate forecast of cash flow. The time to generate reports dramatically decreased, and the scenario planning capability has improved workforce planning, bank covenant reporting, bonus plan evaluation, and even year-end budgets.
