Case Study: Slater Gordon Solutions
Monthly reporting is part of what it means to work in a company finance department.
It’s about comparing actual plus forecast performance to budget and tracking the variance between the two.
Understand this and you begin to understand the company.
A forecast, actual & budget operating model is a spreadsheet financial model that provides the variance between actuals plus forecast, and budget, for the current year.
It also provides a near-term forecast that may extend a further one to four years.
And it plots the results in the format that suits your business. It also accepts the management accounting actuals in the format that suits your business.
Here we describe a monthly reporting project for Slater Gordon Solutions, a UK company in the automotive services sector.
Slater Gordon Solutions Motor, UK
Slater Gordon Solutions (“SGS”) is a UK company operating in the automotive services sector providing services such as:
- Mobility Solutions
- Repair Management
- First Notification of Loss (FNOL) and Claims Management 24/7
- Legal Services, including Rehabilitation Programs
- Pro-active Third Party Capture
- Insurance Product Administration
During 2017 SGS acknowledged the need for an updated reporting and operating model.
To meet this requirement Lazuli Solutions built a short-term reporting and operating model in Excel.
Here are some of the features of the solution model:
- highly detailed operating analysis across multiple business units and products
- focus on business driver modelling
- detailed and highly flexible working capital functionality including full accruals modelling
- VAT modelling
- recovery modelling
- detailed payment profiles across the business
- full management accounting actuals inputs
- full consolidated company financial statements in actuals plus forecast format
- monthly reporting module across all financial statements
- actuals plus forecast versus budget and calculated variance analysis
And some of the key benefits to SGS:
- Fast and flexible monthly reporting
- Understanding key business drivers
- Vision of company cash flow
- Understanding true impact of VAT and working capital
- True business unit comparisons from modular modelling approach
Monthly reporting & operating model for UK company, 2017
Monthly Reporting Modelling
Slater Gordon Solutions Motor Ltd (slatergordonsolutionsmotor.co.uk)