1 port cost management. port cost module - key benefits 2 efficiency gains and improvements in data...
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Port Cost Module - Key Benefits
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• Efficiency gains and improvements in data fidelity:– Direct single-source data entry via e-commerce– Reduced number of interfaces
• Business-wide data visibility: – Integrated data set across MXP modules– Collaboration between office, ships and agents
• Other benefits include:– Forensic report generation and trend analysis functionality– Significant time savings at month end / end of financial period– Scope to drive internal process alignment
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Port Cost Module - Overview
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
5
System Configuration / Maintenance
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
18
Estimate Requests / Budget Preparation
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
36
Forecast
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
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Accruals
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
40
Accruals - Overview
• MXP’s accrual functionality automatically selects the latest available financial data by line item, markedly increasing both the efficiency and visibility of the monthly accruals process
• The Accrual Wizard specifically enables:– Accruals by line item / GL accounting code– Automatic deduction of prefunding and / or preliminary payments– Accruals for items paid outside of MXP (ex. intercompany, govt taxes)– Tailored outputs to meet specific financial / system requirements
• The key business benefits are:– High levels of completeness and accuracy in accrual data– Significant time savings at month end / end of financial period
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Budget Forecast Accrual Prelim Final Mth Accrual2,500.00 2,500.00 2,500.00 0.00 0.00 2,500.00
2,500.00 2,000.00 2,000.00 0.00 0.00 2,000.00
2,500.00 2,000.00 3,000.00 0.00 0.00 3,000.00
MXP Accruals - Logic (1)
• Let’s first review how MXP selects the latest financial data:
• Key points to remember:– Data populates forward (budget / forecast / accrual)– Accrual Wizard pulls data from the accrual column– Accrual column updated by ship with quantities– Accrual Wizard is only as accurate as the most recent data
Budget Forecast Accrual Prelim Final Mth Accrual2,500.00 2,500.00 2,500.00 0.00 0.00 2,500.00
Budget Forecast Accrual Prelim Final Mth Accrual2,500.00 2,500.00 2,500.00 0.00 0.00 2,500.00
2,500.00 2,000.00 2,000.00 0.00 0.00 2,000.00
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MXP Accruals - Logic (2)
Budget Forecast Accrual Prelim Final Mth Accrual
2,500.00 2,500.00 2,500.00 0.00 0.00 2,500.00
2,500.00 2,000.00 2,000.00 0.00 0.00 2,000.00
2,500.00 2,000.00 3,000.00 0.00 0.00 3,000.00
2,500.00 2,000.00 3,000.00 2,500.00 0.00 500.00
2,500.00 2,000.00 3,000.00 2,500.00 2,750.00 0.00
• Now let’s consider the impact of prefunding / preliminary payments:
• Key points to remember:– Wizard subtracts prefunds / prelims and accrues the difference
– Payment of final invoice automatically zeroes the accrual
Budget Forecast Accrual Prelim Final Mth Accrual
2,500.00 2,500.00 2,500.00 0.00 0.00 2,500.00
2,500.00 2,000.00 2,000.00 0.00 0.00 2,000.00
2,500.00 2,000.00 3,000.00 0.00 0.00 3,000.00
2,500.00 2,000.00 3,000.00 2,500.00 0.00 500.00
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Prefunding
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
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Preliminary Invoicing
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
67
Final Invoicing
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
86
Normalized Port Costs
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
88
Reports
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
95
Port Cost Module - Recap
System Configuration
Estimate Forecast Accruals
Preliminary Invoicing
PrefundingFinal Invoicing
Reports Normalized Port Costs
96
Additional Module Functionality
• Port Service Requests• Vessel Call Summary• Contact Issue Tracking• Port Agent Portal (under development)
Port Cost Module - Key Benefits
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• Efficiency gains and improvements in data fidelity:– Direct single-source data entry via e-commerce– Reduced number of interfaces
• Business-wide data visibility: – Integrated data set across MXP modules– Collaboration between office, ships and agents
• Other benefits include:– Forensic report generation and trend analysis functionality– Significant time savings at month end / end of financial period– Scope to drive internal process alignment
RECALL SLIDE