Transguard Group Takes the “Man” Out of Manual Financial Reporting Processes
When manpower is what your business is about like Transguard Group, you truly understand the value your employees bring and the need to efficiently leverage their skills. A diversified provider of manpower, security, cash and integrated services, Transguard looks to empower its workforce of 55,000 with the right tools to do their jobs.
Although Transguard uses the powerful Oracle E-Business Suite, financial reporting from the complex ERP system was holding back the commercial finance team from performing valuable business analysis. Putting together customized―and sometimes extremely complex―financial reports took multiple manual steps, only to have static, outdated data in the end. The company needed a reporting tool that could put power back into the hands of its team by providing more time for financial analysis.
Investing in Human Capital with Real-time Data Access
As a major outsourcing provider in the United Arab Emirates (UAE), Transguard operates in a dynamic and diverse business environment that requires numerous financial reports, according to Carrie Barker, head of Commercial Finance for Manpower Services at Transguard.
“We often have a huge number of reports to produce around everything from mobilization to payrolls,” Barker said. “We are utilizing massive amounts of data, so keeping everything correct and properly reconciled is a big challenge.”
The need to expedite report creation combined with Transguard’s commitment to investing in its own human capital led Transguard to implement a real-time, Microsoft Excel-based reporting solution that links directly to Oracle financial data. The new Excel add-in quickly provided the results Barker’s team wanted―easy report creation and data access that surpassed its frustrating manual process.
“In the past, it could take us two hours to generate information that we can obtain almost instantaneously with this Excel-based reporting solution,” Barker explained.
New Visibility into Established Reports
Standard reports like Profit & Loss (P&L) are a staple for finance departments, and Transguard’s new reporting tool is bringing fresh insight into these routine, yet critical, financial statements.
“Every business unit at Transguard has its own P&L report, and the Excel-based tool lets us to refresh the Oracle data in them automatically, thereby enabling us to see how each unit is performing in real-time,” said Barker.
In the past, Transguard’s production of monthly performance reports took up to 15 days. The new solution has reduced this to around 10, thanks to the time savings it generates for each user throughout the reporting process.
Another key report Barker’s finance team must produce is that of Contract Profitability. The new tool lets the team instantly pull data on queries for every contract, as well as note the revenue and cost associated with it.
“Accessing information instantly gives us time to search for anomalies and errors, and this reporting tool is invaluable when it comes to drilling down into the data to perform the requisite analysis,” Barker described. “This drill-down functionality means we can dive as deep down into the data as is required.”
As the new reporting solution has taken hold with the finance team, word is out about its flexibility and efficiency. Because of its popularity, Transguard will likely see an even wider scope of benefits for its business and employees in the future.
“Although only the commercial finance department has access to it, our payroll team has expressed a desire to try it out, as have the project managers in the different business units,” Barker described.
Author: Michael Bonito
Territory Sales Manager – Middle East, Excel4apps