Client: Guernsey
ERP Platform: Deltek Vantagepoint
Client's Goals: Replace its manual Excel-based budgeting with a centralized, automated system to improve accuracy, efficiency, and accessibility in financial planning and reporting.
Our Team's Role: Citrin Cooperman led the implementation of Prophix, a corporate performance management (CPM) software, to modernize Guernsey’s financial planning and budgeting. The team streamlined financial data management by transitioning from manual processes to a centralized, automated system, enhancing accuracy, efficiency, and accessibility.
Citrin Cooperman led the implementation of Prophix, a corporate performance management (CPM) software, to modernize Guernsey’s budgeting processes. The team transitioned financial data from manual Excel spreadsheets to a centralized, automated system.
Challenges
- Heavy reliance on manual Excel spreadsheets led to time-consuming and inefficient budgeting processes.
- Lack of automation in Operating Committee reporting resulted in delays and data inconsistencies.
- Decentralized financial data across departments hindered collaboration and real-time decision-making.
Citrin Cooperman's Approach
- Implement Prophix CPM to streamline budgeting and reporting, reducing reliance on Excel.
- Centralize and structure financial processes for improved efficiency and data integrity.
- Develop a scalable, automated platform to support future process enhancements and growth.
Results
- Accelerated budgeting efficiency, completing the annual budget process within three months.
- Streamlined financial planning, replacing manual spreadsheets with a centralized, automated system.
- Enhanced scalability and accountability, enabling regular forecasting, extended reporting, and future process improvements.
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