Challenges Faced by KeyServ in their FP&A:
Bogue Dick, Data Analyst at KeyServ shares the main challenges KeyServ was facing and how Datarails has transformed their business.
These include:
- Time-consuming manual financial reporting process
- Errors in data handling and consolidation
- Inability to quickly analyze financial data across multiple branches
- Limited insights for decision-making
- Difficulty in scaling reporting processes with company growth
Before implementing Datarails, KeyServ’s financial team spent hours manually downloading and consolidating P&L reports from their ERP system, Acumatica.
Pulling the reports alone took at least 30 minutes each (“on a good day” says Dick). Given KeyServ’s expansion plans and with 8 branches pulling the reports alone would take Bogue over 4 hours.
“This process now takes about 3 minutes to click refresh and get all our updated data downloaded”
Bogue Dick
Data Analyst
“This would not include all of the manual errors and mistakes in the report, where everything would need to be done over again,” Dick adds.
The manual nature of copying and pasting between Excel files made the process prone to errors and inconsistencies, which became increasingly difficult to manage as the company continued to acquire new businesses.
Solution:
KeyServ found the perfect solution in Datarails to consolidate, automate, and streamline their financial reporting processes with their different systems including Acumatica and their HR system.
They needed a more efficient and accurate way to manage their growing financial data needs.
“Within 2 weeks, all of Datarails’ functionality was there and it was mind-blowing”
Bogue Dick
Data Analyst
Results: “It is such a drastic difference in our company. It is wild.”
Dramatic time savings:
Pulling and refreshing financial reports now takes only 3 minutes, compared to the hours it took previously.
“We pull it up, hit refresh, and all of our data is updated. It takes about 30 seconds.”
Improved accuracy and consistency:
- Automated data consolidation eliminated manual errors
- Easy to identify and correct discrepancies using drill-down capabilities
“The search to find errors is now down to 20 seconds with the drill-down capabilities.”
Enhanced financial visibility and analysis:
- Ability to quickly drill down to transactional level data
- Exception reporting highlights unusual variances for investigation
- Created dashboards for board members and branch managers.
Better decision-making:
Leadership has access to up-to-date, accurate financial data and can quickly identify and address issues, such as revenue shortfalls
Scalability:
Datarails easily accommodates KeyServ’s growth, effortlessly integrating new acquisitions into the financial reporting process. Dick considers Datarails the best FP&A solution for a company looking to mature rapidly.
Better board reporting:
Board members and the CEO have noted significant improvements in the quality and presentation of financial reports.
“It was commented at the very first board meeting after we implemented Datarails how different and better the financials look.”
Increased productivity of the finance team
- Freed up time to create additional and detailed reports
- Able to perform more in-depth analysis and provide better insights
“The difference cannot be understated. We went from producing zero reports beyond our basic financial package to creating multiple insightful reports that drive decision-making across the organization. Datarails has lifted a floodgate, erasing an insurmountable amount of technical debt that was bogging down our company.”
Bogue Dick
Data Analyst
