A Growing Company in Need of Modern Finance Solutions
Payzone UK primarily used Microsoft Excel to manage financial planning & analysis. The finance team was comfortable with Excel, but consolidating numerous spreadsheets to create an overall budget became increasingly time-consuming, complex, and error-prone as the company grew. Manually inputting data and changing templates in spreadsheets became a major roadblock, and Payzone UK's Management Accountant and Business Analyst, Lee Hawthorn, knew the company needed a more nimble solution.
"Excel was great up to a point, but it began to creak at the seams as we grew and started creating more frequent and detailed financial reports and forecasts," Hawthorn said. "Producing and consolidating budgets was slow and error-prone, and complex reporting and scenario planning was nearly impossible."
Minimal IT Needed; Adaptive Partner Leads Data Migration
Payzone UK underwent a thorough analysis of several on-premise and cloud-based planning and reporting solutions before choosing Adaptive Planning, part of the Adaptive Suite.
"Adaptive Planning stood out because it's cloud-based, and it's clearly designed with finance professionals—rather than software developers—in mind," Hawthorn explained. "Adaptive provided the instant functionality we need to hit the ground running, as well as a familiar and easy to use user interface."
Adaptive Insights' UK and Ireland partner Miagen helped Payzone to seamlessly manage each phase of the migration to Adaptive Planning on schedule. The ease of the deployment also helped Payzone's finance department to oversee the project with minimal involvement from the company's IT team, which was focused on other business-critical activities at the time.
Adaptive Meets the Data Analysis Demands of Retail
With Adaptive Planning, Payzone has cut down the time it takes to create and consolidate financial budgets and reduce the overall time it takes to complete the financial planning process by 40%. With that time-savings, the team can now spend more time on data analysis to help make more strategic, long-term business decisions.
In the past, one of the main tasks of the finance team was preparing and consolidating monthly budgets. The company has since automated this process with rolling financial forecasts in Adaptive, resulting in streamlined reporting and less data entry mistakes.
The finance team's time is now freed up to focus on strategic activities. For example, scenario-based planning in Adaptive enables the team to very quickly respond to demanding business initiatives and share expected results across all financial reports, with almost no lag. As Payzone UK operates in the retail sector, its business is impacted by many factors such as the time of year. The finance team utilizes Adaptive to plan ahead for these seasonal fluctuations in retail spend.
"Our experience with Adaptive has been outstanding. It's hard to imagine how we managed beforehand," concluded Hawthorn. "Our day-to-day budget planning is now much more straightforward. More importantly, it has helped elevate the finance department's position within the business. While we used to be bogged down with mundane budget consolidations, we can now work in a more fluid way, providing stakeholders with a comprehensive service that is highly valued and critical to the future growth of the company."