Case Study - Hospitality / F&B

Architectural Design

Improve Budgeting Operation and Financial Planning

Property @FlexSystem
Key Issues
1. Budgeting accuracy & process efficiency
2. Budgeting revision & versioning issues
3. Budget data maintained in spreadsheets
4. Inconsistent budget entry in spreadsheets
5. Updating issues in spreadsheets
6. No systematic budget operation
7. No Audit Trail

Facts at a Glance
1. Global Employees: 150+
2. Country: Australia, China, Hong Kong, Malaysia, Singapore
3. Leading Architectural Products & Services for Building Industry
FlexSystem Solution
1. LedgerBase
Needs and Challenges
1. Only small group of personnel contributing to reviews of budget data
2. Yearly budgeting exercise only and painful
3. Budget data maintained in spreadsheets
4. Prone to human errors when linking too many spreadsheets
5. Different spreadsheet versioning by users complicating budget consolidation process
6. Too many formulae linkages between spreadsheets resulting in slow updates
7. Loss of tracking ability of budget data and lack of tight enough controls
8. Difficulty to develop standard budgeting operating procedures and guidelines
9. Unable to deploy effective automation of computations as well as validation of data/entry
10. Require higher accuracy & efficiencies in budget data & budgeting management
11. Budget compilation process reduced from 1 to 2 days to 1 to 2 hours
1. Every employee is now contributing to budget data
2. Able to produce budgets quarterly with budget versioning
3. Errors around budget data minimised with proper budget operational processes
4. Budget forms unified and centralised
5. Budget reports simplified & straight forward as directly retrieved from the system
6. Every budget updated can be tracked & monitored with certain control deployed
7. Streamlining budgeting operation and able to established with SOP i.e. standard operation procedure
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