Case Analysis - Other Services
Issues for the Computation of Executive Compensation
Computation of executive compensation can be a tedious exercise as the basis of computation is associated with the financial performance of business operations responsible by an individual executive.
Unlike preparation of tax computations for each fiscal year, computation of executive compensation will involve more frequent changes of computational rules. In addition, the measurement is not limited to financial performance of their responsible business unit but is often broader in nature with both short and long term components. The measurement, recognition, disclosure and presentation for these management accounts can be fundamental different from financial accounts.
The workload for the preparation of the management accounts in this situation can be significant and costly when most of the transformation work is manipulated manually on a spreadsheet system. To integrate all relevant information into financial accounts is not practical as it may violate the measurement rules of accounting standards.
The preparation of management accounts should be improved to support strategic human resource management and in addition, new systems should be able to support fast changing computational rules for performance management.
FlexCalc is able to allow for the configuration of calculation rules with different computational basis being applied to different effective dates. In addition, preparation of management accounts with multiple scenarios is also supported by the system.
The system can motivate and support the management team within organizations to closely monitor business and financial performance for their responsible business units as the system can generate relevant financial information very quickly and reliably.
Senior Executives Consume Excessive Time to Digest Sales Reports
Traditional consolidated financial reports are often presented in excessive detail and it is not easy for senior executive to digest them quickly.
Mobile devices offer senior executives a great opportunity to fully utilize time and by using different types of data presentation like graphs and tables allows for quick detailed assimilation of data.
FlexCalc supports to output decisive numbers to PowerBI for effective implementation of Executive Dashboards. It can be deployed on mobile devices and can allow users to retrieve summarised information by different chart types.
Incremental benefits derived from mobile solutions are significant in that they can be real time or time lapsed allowing for quick on-the-fly analysis.
Achieving Performance Management Improvements for Strategic Business Units
Strategic business units are different from legal entities so management accounting is different from financial accounting. Preparation of financial accounts reflects the financial position and performance of a legal entity as a whole. However, each legal entity can operate multiple strategic business units and different legal entities can be involved in the business operations for the same strategic business unit at the same time so the preparation of management and financial accounts can be a challenge.
Customers believe that their primary objective is to execute performance management effectively and that the preparation of management accounts and consolidation for strategic business units is just one task. However, the preparation of management accounts is still important and processes should be automated by a modern accounting system.
FlexCalc is capable of handling the mechanical work very efficiently. Through the proper configuration of processing rules and relevant lookup tables, FlexCalc is able to generate relevant scenarios of vouchers for both financial and management accounting.
The return on investment is significant as the system can output most of financial information relevant for performance management as well as statutory reporting. Professional staff can focus on providing professional insight of the information this enhancing shareholder value.
Consolidation of Consignment Sales
Inventory management and sales analysis for consignment businesses can be a complex area as often there is no direct interface to integrate data flows between the point-of-sales system of the consignee and the inventory management system of the consignor. So, managing the inventory level for each retail outlet on a real time basis is not practical. The use of spreadsheets to record daily consignment sales information by each retail outlet can be an interim solution however consignors are still required to be involved in intensive data manipulation to consolidate and summarize data files collected from each sale outlet.
Users expect to spend more time reviewing and analyzing the sales and stock movements of consignment stock rather than spending extensive time for data manipulation.
FlexCalc can be deployed on the web with zero installation for retail outlets. Each retail outlet can upload relevant consignment sales information through a web login to the system and most importantly, FlexCalc is able to recognise a lot of data files with different presentation and formatting. In addition the consignee can opt to export relevant consignment sales data from the system managed by the consignor rather than be input by the retail outlet.
Consignor can obtain most updated information in respect of sales and inventory movement and can be managed on a more proactive basis.
Reducing the Tedious Preparation of Multi-dimensional Reports
Preparation of sales analysis reports for a global retail network is not that simple. It involves massive volumes of sales transactions and different combinations of data dimensions. Most of reports will involve aggregation of sales amounts and /or quantities in a different combination of dimensions such as sales transaction date, outlet code, product code, salesman code, currency code etc.
Using spreadsheets to analyze the sales data will involve extensive mechanical work for the transformation and standardization of the sales data exported from the different kinds of point-of-sales systems operated by a global retail network so some users may try to write some spreadsheet macros to automate at least some of the data manipulation processes.
Extensive effort spent on manipulation of sales data is not justified for cost or quality concerns. Since the presentation and design of sales analysis reports always change over time, the new system should allow users to customize the required financial reports efficiently.
FlexCalc offers different kinds of data source extractors to enable relevant sales data to be collected, validated, transformed and stored directly. When all relevant sales data is contained within the centralised data store of FlexCalc, users can design their sales analysis reports by using our calculation functions.
FlexETL and LamiShow allow users to define aggregated values (e.g. sales amount and quantity) for different combinations of data dimensions. In addition it can define date range, product code range, market code and other dimensions and present these in a very easy to use format.
Without changing the existing systems each business unit can obtain their sales analysis reports very quickly for a portfolio of retail outlets on a timely basis.
Budgetary Management for Retailing
Traditional accounting systems provide limited assistance for budgetary management in modern retailing businesses which are not just limited to managing the performance for individual products, but also in managing performance at different operational levels and which may involve the oversight of regional or global product managers.
A great deal of dimensional information needs to be analyzed over time on, for example, an individual basis or group basis, at a shop or multi shop level and these details are often inaccessible from traditional systems on a practical basis.
As a result it is not deemed cost effective for the preparation of budget reports from a control and decision making perspective as it demands extensive work to manipulate large volumes of actual and budget data often in the form of spreadsheets.
Systems integration between POS systems and accounting systems is necessary to improve the process of budgetary management and to allow budget owners to manage the budgeting process more efficiently by allowing them transparency into past data trends so that they can utilize most of their time for data analysis rather than manipulation of data.
FlexCalc has an integrated ETL to integrate different kind of external systems to its ledger system. It allows budget owners to retrieve relevant information quickly and directly giving rich analysis for control and decision making.
Budget owners of different business units and departments can work with the finance department more efficiently and effectively on strategic rather than procedural tasks.
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