SERVICES
Implementation of a financial reporting in Power BI
The situation
Although we were mainly hired to implement a financial reporting in Power BI aimed to our client’s management team, we soon discovered major hiccups within their accounting processes as well as major inconsistency in their recently implemented accounting systems.
The task
Our initial scope was somewhat shifted to remedy core accounting critical issues within the financial & accounting function. So, albeit we faced a few obstacles, we were requested to stabilize the accounting function by re-engineering many of their old processes to best practice processes. These improvements range from streamlining time-consuming tasks to more fully use their software capabilities.
Further, we were also solicited to support them during the audits as well as to complete their annual report.
In parallel, we also worked on the main projects which consists of elaborating a Purchase order process and to create a full reporting package for the management in Power BI. This also implied elaborating for a first time a budget within their accounting package.
Further, we were also solicited to support them during the audits as well as to complete their annual report.
In parallel, we also worked on the main projects which consists of elaborating a Purchase order process and to create a full reporting package for the management in Power BI. This also implied elaborating for a first time a budget within their accounting package.
The action
- As part of the Financial & Accounting team stabilization we first created adequate financial reporting to fulfill the needs of the management and the board members
- Thereafter, we re-engineered many of their old processes to best practice processes. These improvements range from streamlining time-consuming tasks to more fully use their software capabilities
- Next, we took over the follow-up of the audit 2019 as some of the main deliverables were still unresolved
- Moreover, we have reorganized the accounting team by incorporating some of our consultants and so, reinforce the accounting know how during the stabilization stage
- As part of the Purchase order implementation we provided a detail business case and templates to facilitate the design by the digital team
- In relation to the BI Reporting creation, we were to set a strong data model based on the different software used by our client and then design the main report used by the management for controlling purposes.
The results
- Firstly, we have ensured proper finalization of the 2019 and 2020 audits considering that a new accounting package was poorly implemented before our arrival
- Next, we have provided the management team with an Excel formatted Financial reporting to allow adequate business activity follow-up. This, in waiting for Power BI reporting development to be completed
- In the meantime, we were also able to set the data structure needed for our Power BI reporting and, have produced some of the requested management reports
- Additionally, we have reworked their management accounting object structure to allow proper segmentation of their business model
- In terms of the Purchase order process, we are half-way in finalizing implementation knowing that will automate accruals entries but more importantly will ensure proper control within their purchase process flow.