Rest easy with Oxygen’s business planning and consolidation expertise
Building forecasts, setting budgets and consolidating numbers can be recurring nightmares for financial controllers who struggle with poor, time-consuming processes and inaccurate data. But help is at hand
Oxygen is determined to help financial controllers reduce the stress involved in developing departmental budgets. Oxygen Business Consultant, Raj Davé, says organisations, such as state government departments, can streamline budgeting and consolidation processes by deploying the right SAP tools and talking to consultants who understand their core financial needs.
"Traditionally the budgeting process can take months, and involves a lot of ‘toing and froing’ of spreadsheets between finance staff and departmental heads,” says Davé. “Our aim is simple. We want to remove the headaches involved in budgeting, forecasting and financial consolidations."
He says when financial information is spread out across an organisation keeping track of the most current version of the figures is problematic.
"When a financial controller can’t access precise figures in a timely manner the process of drawing up accurate budgets becomes extremely difficult."
Oxygen’s approach to business planning seeks to break that cycle by centralising information and establishing a streamlined business process flow, says Davé.
"Every government department has a number of set steps they follow to build their budget. Our consultants have the capability to understand that process and the business drivers behind it. They have deep financial understanding and can make recommendations on how to best simplify and streamline those steps, while keeping in mind what the end outputs need to be."
As well as business process improvement, Davé says organisations need to look toward better data integrity and security if they want to further improve budgeting accuracy.
"Reducing the risks associated with inaccurate data is paramount. Designing a robust
workflow and approval process, whereby only authorised people can access and change data, is essential to ensuring people have confidence in the integrity of the data."
Oxygen’s financial consultants are experienced in just this type of risk mitigation – both on the master data side and when it comes to accurately reflecting transactions between source and target systems, says Davé.
"Regardless of what underlying financial system a customer is using, we can deploy SAP’s Business Planning and Consolidation software to help provide one single source of truth."
For more information around Oxygen’s SAP Business Planning and Consolidation offering please email us
