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JT Chooses Financial Driver for Budgeting and Reporting

7th July 2013 JT has been a provider of world-class telecommunications services for over 120 years.  Jersey, the largest of the Channel Islands, off the Normandy coast of France, is a world-class financial services hub that manages 2% of the world's wealth; so telecommunications plays a vital role.  JT supports this need by delivering a range of consumer and business services that covers domestic fixed land line through to leading-edge Data Hosting for the e-gaming industry. Kathryn Bryant, Financial Analyst at JT and the person responsible for the budgeting process, explained that they had previously used Excel spreadsheets to input and consolidate the budget. “This process was cumbersome and open to errors,” she added, “ we had problems with version control and authorisation as well as timeliness of producing consolidated results for review.”
It was obvious that something more robust and reliable was needed to streamline the allocation of resources and so the search for a modern, planning solution was initiated. “We originally looked at ‘all singing, all dancing’ solutions that would provide us with dashboard capabilities, MI tools, reporting, budgeting and consolidation” continued Kathryn. “Whilst these tools were very impressive, there were concerns that the complexity of these tools would not allow for a quick implementation.” Like most organisations, JT was under considerable time pressure to implement a solution in a matter of weeks before the start of their next budget process. There were also concerns that the extended functionality of the tools being evaluated overlapped with the scope of other projects that were not yet at the tool selection phase. As a result JT continued their search to see if there were any alternatives, which was when they came across Financial Driver, one of the new breed of cloud solutions that promised a fast implementation time.
Following a short demonstration and a proof of concept, Financial Driver was judged to provide the best balance of functional, commercial, and time-based requirements. It enabled all the desired benefits that JT were looking to achieve while having a ‘no-frills’ feature set. Within a few weeks the system was up and running and being used for the ‘live’ budget process with 70 users. “As we expected”, said Kathryn, “the budget data collection process was streamlined once initial teething and familiarisation issues were resolved. Having a method of version control as well as an authorisation process helped significantly as it meant all budget discussions were around the figures and their drivers as opposed to whether the figures had been taken from most recent versions and whether they had been consolidated correctly.” As well as for future Budget and Forecasting processes JT are looking to use Financial Driver as a method for collecting the Separated Accounts (a regulatory requirement).
Financial Driver is a low-cost, low-risk cloud application that eradicates the time consuming tasks of distributing, collecting and consolidating individual spreadsheets. Developed by UK accountants, Financial Driver handles the consolidation of financial statements involving multi-currencies to International Accounting Standards and provides secure access to a single version of data and results that span multiple years for analysis and reporting. It represents a viable and cost effective option for companies looking to develop advanced budgeting, forecasting and reporting capabilities.