Creation and implementation of a new financial reporting tool


Creation and implementation of a new financial reporting tool


The situation

Our client is a Belgian non-profit organization that offers trainings for employees and unemployed people. It is the biggest training company in Belgium.

As a non-profit organization, they had never felt the need for proper and standardized accounting and reporting principles.

But growing years after years, having more and more employees overtime, and having the financial resources increasing each year, the need for new standardized accounting and reporting methods appeared.

BFS’s mission was then to bring new professional methods within a particular context for an organization that had never been used to working with complex financial processes.

The task

Our client asked Business & Finance Solutions to support their financial team in two ways:

-Daily accounting:

BFS is now entirely in charge of our client's accounting process with three consultants. One of them oversees the entire A/P process, the second one oversees the G/L accounting and the last one oversees the financial control of the company.
The BFS team has been able to master our client's entire accounting process in a short period of time.

As the financial controller consultant, I am mainly in charge of:
-The annual budgeting process and the monthly follow-up of the budget
-The monthly reporting by delivering a proper financial report to our client's management
-Performing various controls to look for discrepancies in the accounting
-Teaching new financial principles to the client's employees
-Writing various procedures on the tasks that I perform

-Implementation of new IT tools:

In addition to the three consultants dealing with the daily accounting of our client, we also have three other consultants in charge of implementing new IT tools for our client.

Our team has been responsible for implementing new accounting software, a totally new cost accounting system, and new IT tools such as a reporting fully made with PowerBI.

They are also in charge of implementing an automatic Purchase Order - Invoice reconciliation process.
This will save our client a lot of time as they currently have three employees dedicated to performing this task.
Creation and implementation of a new financial reporting tool - Situation

The action

  • At the beginning of the mission, we have been trained by the client on its business, its budget, its accounting, etc.
  • We also got a lot of support from the three consultants in charge of implementing the new IT tools as they had started their mission before us
  • After getting enough information, we developed standardized budgeting tools that are now used by every department to prepare their annual budget
  • We helped every budget owner in the preparation of their budget
  • Thanks to these standardized templates, we are now able to properly prepare an annual budget, and to report monthly figures to compare the budgeted amounts with the actual costs
  • We also worked a lot on developing a standardized reporting tool that is now used monthly to analyse the client’s revenue and costs and to check if it is in line with what had been foreseen during the budgeting period.

The results

The project is a long term one and is not done yet. But we have already accomplished a lot as a team in 6 months:

  • We now entirely master the client’s accounting process and are in charge of everything related to the client’s accounting
  • The client has a more accurate accounting
  • The client has now a much clearer view on its budget and on how it is used on a monthly-basis
  • The client has a proper monthly reporting
  • In the future, the client will also have a PowerBI reporting which will allow them to report almost any kind of reporting they need for any department, any business unit, any FSLI, any period, etc.