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New Creation Tools and Processes Help Develop Historical and Forecasted Key Metrics

Division Donovan & Watkins, Professional Division

February 7, 2020

Business Scenario:

Our client used QuickBooks for their accounting and reporting software systems and used Excel-based worksheets to forecast both operational and financial metrics. They realized they were duplicating efforts and had allowed themselves room for errors.

Project Scope: Our team of Consultants worked directly with the client to develop a timeline for a two-phase solution.

Phase 1)

Identified the client’s requirements, both current and future, in forecasting and reporting requirements.

Phase 2)

Evaluated the ability of QuickBooks to facilitate the requirements and evaluate the current chart of accounts in QuickBooks.

Phase 3)

Developed an Excel tool that provided both historical and forecasted key metrics using input screens for certain business drivers and download tools to import from QuickBooks.

Phase 4)

Review the tool on an ongoing basis with the client.

Clients Return on Investment:

Prior to the project, our client did not have the ability to run different planning scenarios or generate combined actual and forecasted resulting in using the same tool. With the new tool and processes, they were able to stay with the QuickBooks, did not have the expense or challenges of going to a new system and were able to generate financial forecasts for investors and creditors on an ad hoc basis.

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