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ORYX Expense Allocation For Insurance - Accountagility

ORYX Expense Allocation For Insurance - Accountagility
Expense Allocations that reduce costs How ORYX Expenses improved the expense allocations process and gave greater visibility and reporting to the business at a world leading Insurance company The company’s old expense allocation model comprised of multiple linked spreadsheets and required significant manual input. It left the business struggling to control unapproved allocations, and without a way to reconcile back to the original entries. How did finance add control over its expense allocation process to provide better visibility and reporting for the business? Client Fact File Leading global insurance and reinsurance companyPart of a global group, with assets of $12 billion1,600 employees in almost 40 offices around the globeProviders of speciality insurance solutions Key Project Metrics Background The processing, categorisation and allocation of expenditure items was performed by using multiple linked spreadsheets. The Project The ORYX Solution Key Outcomes Strategic Benefits

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FINANCIAL PLANNING AND FORECASTING - Accountagility We understand the challenges faced when undertaking Financial Planning and forecasting; the integration of data from multiple sources and systems, the countless structural challenges, the complex numerical calculations, and the need to complete plans within stringent fixed deadlines. We know that the success of your planning function largely depends on the speed at which you can create and analyse your plan information, and then adapt your business logic to meet fresh requirements and new initiatives. In corporate enterprises, the complexity is multiplied by the differences in regional requirements. You need a system that accommodates local variations within a single corporate financial planning and analysis strategy. We also appreciate that to do all of this manually is very time consuming and complex.

Financial consolidation Do you work in an organisation with multiple structures or entities? If so you’ll know how much effort goes into Financial Consolidation… and how much the picture can change from one quarter or year end to another. You may have different systems used by different parts of your organisation, you may have different regulatory and compliance regimes. There is the challenge of multiple currencies and exchange rates. There may be different Charts of Accounts, Balance Sheets and other underlying data. Cost Allocation Software Solutions ORYX Cost Allocations is our add-on module to ORYX Close that reduces effort by up to 80%, and shortens time by up to 50% for the processing of expense allocations. We know businesses spend an inordinate amount of time manually processing, categorising and allocating expenditure. It can be a challenge to ensure a correct and fair distribution of expenses to each business unit. And these time consuming actions often generate backlogs which mount up and make Quarter and Year End activity even more stressful. We also understand Business Managers want to improve visibility of outgoing costs add to your workload by requesting timely and accurate management information.

Financial Consolidation Software Solutions With the increasing pressure of global businesses, the demands on Group Finance teams have changed dramatically. That’s because Group Finance plays a crucial role in every corporate or multi-national organisation, but there are precious few solutions aimed at reducing their workload or to help them become more efficient. Introducing ORYX Consolidation, the solution that unifies all of your general ledgers, for multiple entities, multiple currencies and multiple reporting standards together with your non-financial information, whenever you need it. ORYX Consolidation allows the automation of three key processes – accounting, reporting and consolidations.

Financial Close Solutions In a busy Finance function, the month end closing process is a recurring challenge. Many companies have multiple P&Ls, balance sheets and data sources, not to mention international structures that come with their own needs. Because of this, there never seems to be enough time to meet demanding deadlines, and that added pressure often affects accuracy. As if that is not enough, emerging regulatory requirements are making it even harder, with extra time being needed to create reports for compliance regimes such as Solvency II. Finance staff have to deal with the heavy workload of manual adjustments, which adds complexity to the task of supporting all stakeholders.

Financial Planning And Analysis Solutions As accountants ourselves, we understand the challenges of financial planning and analysis. We also know that success of your planning and analysis is down to the speed at which you can create and analyse the plan information, and adapt. In global business, planning and analysis is made even more difficult by the differences in regional requirements. Outsourced finance and accounting service Why You Should Outsource your finance and accounting function. What is Outsourcing? The practice of a company hiring a different company to supplement its services at a lower cost. For example, a company may outsource its accounting to another firm, which would then prepare and provide appropriate statements for the company Top 5 Reasons why it pays to outsource your finance and accounting function The Skymark Approach

Financial Projections for Startups in UK Why it is Important to have a Financial Projection for your Startup or Small Business When running a business it’s easy to get bogged down with day to day problems and miss the bigger picture. Successful businesses allocate time to create and manage financial projections, prepare and review business plans and regularly monitor their financial situation and business performance. Financial Projections automatically updated from your small business cloud software partner If you want to take more control of your budgeting and cash flow forecasting, CaFE allows you to create 3m, 6m and 12m forecasts in just a few clicks*. Once the base forecast has been created for you, you can then customise it as you need to by editing individual items of income and expenditure.

Online Accounting and bookkeeping providers aid to conserve 50% UK Cost E-accounting really cut shorts the moment taken in order to swap in between the clients and audit firm. This is much more resourceful and quicker. An online accounting firm has dynamic access to the sourcing files of the clients companies and also can access anytime any type of information it needs from its customers side. E-accounting and also online accountancy operates in net, when you are most likely to service e-accounting solutions, you may have more clients function or you are working for other person or a company. The online bookkeeping system also enables the audit firm access to client data source from any of the website. Far missing place at the a few clicks on the web.

Bookkeeping for small business in UK What is Bookkeeping and why is it so important for business owners? Bookkeeping is the art of recording your financial information so that it’s easy to see what money is coming in and what you’re spending. In order for your business to be successful, you need to be balancing the books every single month, otherwise, you might struggle with paying for things like stock, suppliers and even your taxes. What is the deal with outsourcing accounting and financial services in UK? In recent years there has been a shift of outsourcing a company’s finance and accounting work to other parties. This trend is still continuing and has been turned out to be a major strategy for companies especially small businesses. This is so that they can avoid wasting extensive time to fix their finances and start focusing more on their business. But still there exist a myth that outsourcing can only bring you more costs and less control of your business but that is not true at all. If you call out any company who have given their finance work to this said outsourcing companies they will only have good things to say because it is that affective for a business. One of the primary reason a company outsource their finance and accounting is that they do need to hire employees.

Outsourced Financial Controller in UK Accountant Taunton Somerset UK You went in to business because you have a passion for what you do, not because you wanted to spend all your spare time buried under a mountain of paperwork, worrying about whether you are doing everything correctly, and dreading that brown envelope from HMRC landing on the mat. It will give you peace of mind, a mental state of calmness or tranquility, a freedom from worry and anxiety. By using an Accountant, you will have more time to spend on existing and new clients. You will have more quality time to spend with your family in the evenings and weekends. It will make you more profitable as an accountant can look after your finances much more efficiently, giving you more time to play to your strengths.