Ted Baker, a UK retailer, has selected Financial Driver to manage the collection, consolidation, reporting and analysis of financial data for statutory and management reporting. The handling of these key functions by a single application will help link top-down strategies to budgets and operational plans so that performance can be tracked and analysed more easily and fast corrective action can be instigated when needed.
Developed by UK accountants to simplify the collection of financial data and eradicate the bottle-necks caused by spreadsheets, Financial Driver performs multi-currency consolidations to International Accounting Standards (IAS), an important consideration for any company operating on a global scale.
The intuitive interface, designed to emulate the look and feel of a spreadsheet has given the Ted Baker team the confidence it needs to embrace the system and budget holders now input their own figures routinely. Because the formulae cannot be tampered with and the overall process is more efficient, the budgeting cycle has reduced substantially by six weeks, from 16 to 10. Its single, centralised database eliminates integration issues, and ensures that all users have instant access to the same timely, accurate information.
Charles Anderson, Ted Baker’s head of finance, said: “We’re able to more quickly model changes to our product lines, stores, territories, staffing or supplier-base and so help the business make more timely, accurate decisions. Finance is now at the heart of all the strategic decisions that define the overall direction of the business.”
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