The client, a Middle Eastern firm with diversified interests across events and theme parks, wanted to set up its FP&A, budgeting & forecasting, and reporting processes. The ask entailed working through the budget as well ensuring the client’s team is handed over the process.

The existing processes were need-based and managed inefficiently, providing inaccurate results for management analysis and board packs.

ConsultGenics put together a team of seasoned financial experts that conducted workshops with the client’s finance team to understand the pain areas.

Setting-up the FP&A Process: The team understood the current processes and proposed a solution to ensure pace (efficiency), accuracy and continuity. The approach included:

• Diagnostics: Investigate the ‘as-is’ processes and identify problem areas.

• Gap Analysis: Document pain areas covering requirements to build ‘to-be’ processes and the benefits they would deliver.

• Future state: Build ‘to-be’ processes, training manuals and documentation to support future state.

• Execution: Implement ‘to-be’ processes and train the team to deliver desired returns.

• Handover: Hand-over of processes to finance business partner post handholding of two delivery cycles.

Building budgeting & forecasting model: ConsultGenics worked with the finance team and designed a budgeting model along with BI output that was easy to comprehend and analyze. Key tasks covered:

• Assess: Identify revenue and cost drivers for existing contracts, SG&A and capex.

• Build: Design and build a bottom-up model covering revenue and cost drivers. Incorporate system for financial statement consolidation at divisional and group level. Each contract to have individual financial statement (profit center).

• Forecast: Draw estimates for the future basis inputs from contract team, finance, and management guidance.

• Consolidate: Design master file consolidating all the contracts and divisions into group.

• Analyze: Design and build management and board packs covering critical analysis and related commentary. Use of BI tools to improve quality of reporting.