finance in the cloud - jpk group in the cloud september 20, 1:15pm ... project mgmt software ......

JPK

Gro

upBusiness Forecasting and Analytics Forum

September 19-20 • Chicago, IL

Finance in the Cloud

September 20, 1:15pm

View presentation online at:https://jpkgroupsummits.com/attendee5

Andy McBride – Opportunity International

Erika Rodriguez – Opportunity International

An innovative, case study on the process and hurdlesof transitioning to collaborative, cloud based spreadsheets

and financial reports

F I N AN C E I N T H E C L O U D

2

FINANCE IN THE CLOUD

Andy McBride & Erika Rodriguez

AGENDA

• Introductions

• Opportunity International

• Cloud Based Financial Management Tools

• Benefits

• Examples

• Implementation Challenges

• Other Potential Uses

• Q&A

3

Andy McBride

Career

• VP Financial Planning – Opportunity International

• Follett (College Bookstores)

• Northwest & Mesaba Airlines

• KPMG Peat Marwick

Education

• Miami University - Economics

• Case Western Reserve U. – MBA, Finance

Claim to Fame

• Started FP&A departments at three organizations

• 3 teenage daughters

4

Erika Rodriguez

Career

• Director Financial Planning – Opportunity International

• Archdiocese of Chicago

• JPMorgan Chase

Education

• Northwestern University, Kellogg School of Management – MBA

• National Louis University

Claim to Fame

• Talented cook. Make the best lasagna!

• Avid runner and cyclist; Professional drummer

5

O PPO R T U N I T Y I N T ER N AT I O N A L

O U R M I SS I O N

7

NEARLY ONE BILLION

PEOPLE LIVE ON LESS THAN

$1.90 PER DAY

FINANCIAL SERVICES

Developing and protecting a sustainable income

SAVINGSLOANS INSURANCE

Growing and improving

businesses with capital

Securing moneyfor the future

Protecting againstdisaster

9

DIGITAL

BANKING

Managing accounts

online and via cell phones

TRAINING AND SUPPORT SERVICES

Maximizing the impact of financial services

MARKET

CONNECTIONSPARTNERSHIPS

Streamlining networks to

increase profits

Supporting

community-

led initiatives

10

FINANCIAL

LITERACY

Deepening money

management skills

PERSONAL

DEVELOPMENT

Focusing on

social and

spiritual

evolution

WHERE WE SERVE

24 COUNTRIES 23,000 LOCAL EMPLOYEES MORE THAN 14M CLIENTS

Bangladesh*

China

Colombia

Dominican Republic

Democratic Republic

of the Congo

Ghana

Honduras

India

Indonesia

Kenya

Macedonia

Malawi

11

*MicroEnsure Insurance only

Mozambique

Nicaragua

Niger*

Nigeria*

Pakistan*

Peru

Philippines

Romania

Rwanda

Serbia

Tanzania

Uganda

13

CLOUD BASED FINANCIAL

MANAGEMENT

14

• Calendars, Task tracking

• Repository

• Compile Data• Communications

Email / Chat / Instant

MessagingSpreadsheets

Project Mgmt Software

File Sharing

Cloud-Based Management Tools

What are they? Why are they useful?

• Web-based collaboration and work management tools

• User friendly interfaces (includes spreadsheets, workspaces,

‘cards’)

• Used for tracking project progress, task assignment,

information repository, managing calendars, document sharing,

etc.

• Features include email alerts, version control, integrations with

Microsoft Office, mobile apps, group chat, task management

15


Applications

• Project management

• Reporting (financial, operational, sales, etc)

• Planning / Budgeting / Forecasting

• Goal management

• Annual audit process management

• Internal control and compliance management

• KPIs / dashboards

• IT issue tracking

• Purchasing / capital requisitions

• Vendor/contract management

• Vendor/performance management

16

Advantages / Benef i ts

• Collaborative

• Transparency

• Standardization

• Customizable

• Familiar interface

• Integrations (Outlook contacts, Box file share)

• No IT development

17


Why Now?

Easy to Use

Inexpensive

Flexible

18

Cloud Based Management Tools

What products are on the market?

19

Smartsheet (used at Opportunity)

BaseCamp

Wrike Microsoft Planner

JIRA Copper

ProWorkflow Podio

Asana TeamGantt

Clarizen Mavenlink

Opportunity International Examples

Annual Budget

Background / Issue

• The Annual Budget took 6 months to prepare, rollout, collect,

consolidate, revise, finalize, and upload to G/L. Use of offline

spreadsheets created massively inefficient process for Finance to

administer (version control, security issues, not timely, accuracy

problems, poor collection of commentary, little time to analyze)

Solution

• Created a web-based budget system in 6 weeks using a cloud-

based spreadsheet tool. Budget process reduced to 2 months

20


Annual Budget

Highlights

• Collaboration - Web-based, inputs from around the world. Multiple users can view live sheet simultaneously.

• Handled all formulas we needed (in similar Excel context)

• Instant consolidations

• Easy manipulation of data to create reports

• Single version of the truth

• Audit history of changes

• Security

• 85% of functionality of large ERP financial systems for < $10k

21


Annual Budget

Additional features:

• Embedded comments

• Easy to upload data to/from G/L or reporting system (data connector

feature on Excel). Once connected, refresh data to reflect latest

updates.

• Email updates (send request for updates/ receive notification of

updates/new information)

• Form distribution

• Designed and maintained by Finance staff

22

23

Budget Example: Annual Consol idation

24

Budget Example: Monthly Detai l

25

Budget Example: Addit ional Information


Project Spending Report

Background / Issue

• No visibility to financial status of major projects, Project Managers

and Accounting utilizing one-off spreadsheets, in different formats, to

report project spending. A full update on portfolio of projects took

weeks and was already outdated when presented.

Solution

• Created an online spreadsheet to track available funding and

spending on all projects.

26


Project Spending Report

Highlights

• Collaboration - Web-based, inputs from around the world. Multiple

users can view live sheet simultaneously.

• Handled all formulas we needed (in similar Excel context)

• Single version of the truth

• Audit history of changes

• Secure

• Updated each month during month-end close

• Huge efficiency gains

27

28

Project Spending Example

Implementation Chal lenges

Issues to Overcome

• Buy-in from stakeholders

• Training needed, online tutorials

• Approach each solution with open mind, agility / creativity

• Need to do the same testing you would do with a typical system

rollout

• Security admin and access

29


Other Opportunities for Use

Uses for these products is almost unlimited

• Help desk / issue resolution

• Event management

• HR: Employee onboarding

• HR: Employee hiring

• Vendor selection process

• Legal: contract repository

30

31

Questions?

finance in the cloud - jpk group in the cloud september 20, 1:15pm ... project mgmt software ......

Documents