The Budgeting Process at Big West Oil: Spreadsheet Complexity to Streamlined Efficiency with Vena
Challenges Before Vena
Fragmented Budgeting System
The budgeting process was managed through 42 separate Excel spreadsheets, leading to a fragmented and cumbersome financial planning framework.
The reliance on Excel templates introduced significant limitations, making the budgeting process prone to errors and inconsistencies.
Version Control Issues
The inefficient version control led to confusion over changes and updates to budgeting documents, coupled with a high risk of template disruption. Unintended inputs by users could easily corrupt the data structure, further complicating the budgeting process.
Data Integration Complications
The process involved an upload mechanism using hidden tabs to simplify data for integration into a SQL table for reporting, which was vulnerable to version control issues, requiring manual communication for any data changes.
A manual and complex data load process created inefficiencies in consolidating and reporting financial data.
Operational Inefficiencies
Annually creating and updating templates was labor-intensive. This limited additional analysis and creation of additional budgeting scenarios was limiting financial processes.
Delbridge’s Approach
”We had hands on help from Delbridge to train two individuals in creating and manipulating templates. The templates also provided views into historical budget and actual data for reference.”
Jon Dahlin, Controller
The implementation strategy was characterized by its focus on Quartile’s specific requirements, ensuring that the new system aligned perfectly with their operational goals. The integration of QuickBooks and Salesforce with Vena was pivotal, enabling a unified platform for accurate and rapid financial forecasting and reporting. Delbridge’s expertise with Vena facilitated a seamless transition, empowering Quartile with advanced tools for data-driven decision-making.
The implementation process of Vena for Big West Oil by Delbridge was comprehensive and involved several strategic phases:
Hands-On Training and Template Development
Delbridge provided personalized training for Big West Oil’s team, focusing on the creation and manipulation of budgeting templates. This ensured that the team could effectively utilize the new system from the outset. Our consultants worked alongside Big West Oil’s IT department to facilitate the daily upload of accounting data from the company’s ERP system into Vena, enhancing the accuracy and timeliness of financial data.
Customized Financial Templates
Delbridge collaborated with Big West Oil to develop specialized templates for operating and administrative expense cost centers. These templates were designed to include only active General Ledger (GL) accounts relevant to each cost center, streamlining the budgeting process. The templates also incorporated views into historical budget figures and actual financial data, providing a comprehensive reference for more informed budget planning and analysis.
Enhanced Reporting for Executive Review
A key component of Delbridge’s approach was improving the reporting capabilities for Big West Oil. The team focused on creating reports that summarized budget data efficiently, enabling executive leadership to review financial performance and make strategic decisions with greater insight.
Continuous Improvement and Feedback
Post-implementation, Delbridge maintained an ongoing relationship with Big West Oil to gather feedback, provide updates, and make continuous improvements to the system. This approach ensured that the Vena solution remained aligned with Big West Oil’s evolving needs.
Results
Enhanced Efficiency in Template Generation and Budget Workflow
Faster Template Generation
The creation of budget templates became significantly faster, enabling a more agile response to financial planning needs.
Streamlined Budget Workflow
Initiating and managing the budgeting process is now more efficient, with a systematic workflow that supports timely completion and review.
Operational Improvements and Future Planning
Operational Efficiencies
The overall budgeting process has seen considerable improvements in efficiency and control, reducing the time and effort required to manage financial planning.
Future Expansion
Big West Oil plans to extend the benefits of Vena into monthly financial processes, including reporting and reconciliation reviews, aiming for continuous improvement in financial management.
Improved Version and Access Control
Robust Version Control
The system now accurately tracks changes made to templates, ensuring transparency and accountability in the budgeting process.
Enhanced Access Control
Specific templates are now securely managed, with controlled access that maintains the integrity of the budgeting process and prevents unauthorized alterations.
”Template generation is much faster and kicking off a new budget workflow is very efficient.”
Jon Dahlin, Controller
How We Can Help You
If you are already using Vena…
- We can review your existing Vena implementation and make recommendations for performance improvements and best practices
- Our training department can provide your users with customized ‘hands-on’ Vena product training using your existing solution
- We can help your organization with deploying Vena for additional phases
- We can provide ongoing production support as required
- Our Managed services team can manage your entire Vena solution end-to-end in production
If you want to transition to Vena…
- Our consulting team can help your organization with implementing Vena using best practices
- If you are evaluating Vena, our team can help you understand how it differs from other CPM solutions
- Our sales team can provide you with an ‘under the hood’ workshop when evaluating Vena
- We can introduce you to our clients so you can directly speak to other
- End-to-end Vena Implementation Consulting for your solution.
Vena Implementation and Consulting
Delbridge is Vena’s premier implementation partner and our consultants are here to help you implement Vena for budgeting, forecasting, and consolidation.