Digital Innovation for Financial Planning & Analysis
Streamline, automate and enhance tedious financial processes like consolidation, reconciliation, reporting, planning and analytics using modern digital solutions.
Digital Innovation for Financial Planning & Analysis
In today's fast-paced business environment, organizations need real-time financial planning and performance management solutions to stay ahead of the curve. Baker Tilly's digital consulting solutions offer a comprehensive suite of financial planning and analysis (FP&A) and financial performance management (FPM) services designed to help businesses optimize their financial processes enhance decision-making and achieve sustainable growth. Leveraging our knowledge and state-of-the-art tools, we deliver tailored solutions to meet your unique requirements.
Assessment approach
Assess
Examine current processes and capabilities
Identify
Target future state capabilities and optimization
Prioritize
Determine and prioritize solutions
Execute
Develop, plan, and execute solutions toward improvement
FP&A services
Document current state across your FP&A activities and develop a finance transformation road map to build best in class processes, tools, and teams.
Baker Tilly can help gather requirements, identify potential solutions, draft a request for proposal (RFP), evaluate vendor responses, facilitate demos and assist in the final selection of FP&A and business intelligence (BI) solutions.
Evaluate, implement and optimize the right FP&A tools for your organization.
Build real time reporting capabilities and interactive business intelligence dashboards for strategic insights and execution.
Utilize data science techniques and machine learning to enhance plan accuracy, automate forecasting and predict other future trends and outcomes.
Identify the right KPIs and metrics that align to your business model and drive performance by setting achievable reach targets.
FP&A assessments
Baker Tilly’s FP&A assessments are thorough evaluations that can be customized to address an organization’s specific processes and challenges. Our assessments focus on key areas such as:
We help streamline and enhance your planning cycle, ensuring efficiency and accuracy. Improve your budget policies, procedures, guiding principles and other documentation to improve communication across budget stakeholders.
Assist in developing robust plans, deploying the right budget methods, aligning assumptions across budget inputs and building up to accurate organization-wide budgets and forecasts.
Align your strategic objectives with your budgeting process and evaluate the return on investment.
Our specialists guide you through plan approval and execution while continuously monitoring performance and adjusting forecasts.
Analyze your current set of reports and dashboards for gaps and ensure they provide the right guidance and key takeaways.
FP&A solutions should align to your processes and enable efficient and accurate planning processes and reporting.
Selecting the right FP&A software tailored to your business needs is crucial for steering your organization's financial health towards success. Baker Tilly's fit-gap analysis methodology ensures a structured approach evaluating your organization's current processes, systems and capabilities against your organization's desired outcomes. Baker Tilly's methodology identifies the gaps that hinder your financial performance and efficiency.
FP&A implementations and optimizations
Implementing and optimizing FP&A processes can significantly enhance an organization’s financial planning capabilities. Our services include:
Robust system architecture is crucial for ensuring efficiency, security, scalability and enhanced decision-making.
Our services include:
- Application architecture: Maintain a user-friendly structural design of your financial performance software application.
- Data organization: Refine data organization with structured dimensionality for all data types enabling multidimensional analysis.
- Integration: Seamlessly integrate with other financial, supplemental and third-party data sources.
- Flexibility: Gain insights and make informed decisions from various data point intersections.
- Scalability: Support large data volumes and complex calculations while maintaining fast system performance.
- Performance: Optimize data storage and retrieval enhancing fast query responses and real-time analytics.
- Security and compliance: Ensure the protection of sensitive financial data through encryption and authentication all the while adhering to regulatory requirements and industry standards.
Accurate and consistent metadata is crucial for effective financial performance management.
Our services include:
- Chart of accounts: Maintain a consistent chart of accounts across all applications.
- Data integrity and compliance: Ensure the integrity and compliance of your financial data.
- Versioning capabilities: Track changes over time with versioning capabilities.
- Streamline data management: Simplify data management processes with easy export and import capabilities.
- Automate metadata: Leverage configurations of sources systems and business rules to automate dimension hierarchies.
- Approval workflow: Incorporate governance process and configure approval policies at different levels of metadata life cycle.
- Audit capabilities: Implement audit capabilities to track changes and ensure compliance.
Align your financial planning with your long-term strategic goals.
Our services include:
- Support for various methodologies, including top-down, bottom-up, zero-based, traditional incremental, activity and driver-based budgeting.
- Design tasks specific to business processes for ease of adoption.
- Integrate accurate and consistent data for actual and variance reporting.
- Unleash the power of artificial intelligence (AI) and machine learning (ML) to build forecast models based on historic trends, assumptions and events.
Streamline the financial month-end or year-end process by ensuring accurate, compliant and timely financial reporting.
Our services include:
- Workflow automation: Provides a structured workflow for the close cycle with task assignments, due dates and alerts.
- Intercompany reconciliation: Automated elimination of intercompany revenue, expenses, receivables and payables.
- Currency translation and consolidation: Execute fast and accurate currency translation and consolidation for reporting.
- Journal management: Design process to allow manual or system-generated adjusting journal entries for proper close-out.
- Ownership management: Review and analyze your organization’s ownership structure to ensure proper consolidation percentages, equity eliminations, and control handling in a parent-subsidiary hierarchy.
Efficiently manage cost and revenue allocations to accurately measure profitability.
Our services include:
- Business-driven allocation methodologies: Implement methodologies tailored to your organizational objectives.
- Transparency and traceability: Ensure visibility and accountability in allocation logic.
- Automated workflows: Minimize maintenance efforts with streamlined processes and automated workflows.
- Reports and dashboards: Utilize prebuilt reports to monitor and analyze allocation results.
Ensure compliance and accuracy throughout the reconciliation process.
Our services include:
- Reconciliation compliance: Ensure compliance with regulatory and organizational requirements throughout the reconciliation process
- Transaction matching: Automate high-volume, labor intensive, complex reconciliations and transactions across multiple data sources
- Reports and dashboards: Built in reports for user provisions and audit of task activities for users and auto reminders
- Automate business process and streamline data: Our experts guide you through automating tasks and highlight areas to gain efficiency.
- Intelligent performance management: Create ML models and leverage predictive planning.
Automating your internal and external management reporting packages is essential to driving data-informed decisions. Our services include:
- Business intelligence dashboards: Identify key metrics for your organization to support strategic insights and execution of business decisions.
- Management reporting packages: Automate real-time internal and external reporting packages for compliance and performance monitoring.
- Ad hoc reporting capabilities: Mobilize on-the-fly ad hoc reporting to gain relevant insights and make informed decisions, quickly.
- Drill-through reporting: Enhance your organization’s decision making and contextual analysis with drill-through reporting from summary to transactional detail.
- Compliance and governance: Establish workflows and approval phase processes for streamlined compliance and accurate reporting.
Mobilizing predictive analytics and machine learning (ML) is essential to making informed decisions in ever-changing business conditions. Our services include:
- Predictive planning and ML integration: Close the gap in your organization’s planning and forecasting using historical and sophisticated driver methods to produce adaptive, ML-based forecasts.
- Scenario analysis: Perform what-if analyses using integrated models to make informed predictions and data-driven decisions.
Choosing the right key performance indicators (KPIs) is essential for measuring and driving performance. Our services include:
- Business model review: Identify key business drivers and sub-drivers.
- Leading and lagging indicators: Determine the indicators that best predict future performance and review past results.
- Statistical correlation: Evaluate the significance of existing and proposed indicators.
- Effective stretch targets: Set realistic and challenging targets that align with your organizational goals.
- Cascade targets: Ensure targets are aligned throughout the organization
Selecting the right FP&A software tailored to your business needs is crucial for steering your organization's financial health towards success. Baker Tilly's fit-gap analysis methodology ensures a structured approach evaluating your organization's current processes, systems and capabilities against your organization's desired outcomes. Baker Tilly's methodology identifies the gaps that hinder your financial performance and efficiency. Our services include:
- Evaluate requirements and current state processes
- Identify and analyze gaps
- Analyze all viable software solutions
- Ensure compliance and security requirements
- Cost analysis
- Informative demonstrations
- Vendor reputation and support
- Implementation and action plans
Understand where you are today and identify the gains from modernizing your technology platform. Our services include:
- Assessments, implementations and optimizations: Ensure the selected software meets your unique requirements and optimizes your financial processes.
- Identify the right software: Choose the best financial performance management software for your organization.
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Why Baker Tilly?
Connect with usChoosing Baker Tilly for your financial planning and analysis (FP&A) services means partnering with a team of experienced professionals dedicated to delivering tailored, innovative solutions that drive financial excellence. Our comprehensive approach encompasses everything from thorough assessments to strategic implementation and optimization, ensuring your financial processes are efficient, accurate, and aligned with your organizational goals. With a deep understanding of industry best practices and cutting-edge technologies, Baker Tilly provides insightful analytics, robust planning and seamless integration of FP&A tools that enhance decision-making and support sustainable growth.
