Goodway Groups Uses Adaptive Planning to Gain Robust Budgeting & Forecasting Capabilities
“We are now able to report on profitability at levels that before would take us several days to prepare. We have a working budget with budget vs. actual reporting and are able to view a forecast of our P&L for the year based on much more accurate data than we have had in the past.”
Goodway Group is a family-owned digital marketing company headquartered in the Philadelphia area, with additional offices in London and Singapore. Founded in 1929 as a print shop, Goodway Group has grown to be one of the most cutting-edge digital media companies in the country and serves an impressive roster of clients.
When 360 Cloud Solutions met Goodway Group, they were only interested in extracting data from Intacct to report on profitability and gross margin by segment, customer, sales rep, etc. Budgeting and forecasting were only being done for select departments and it was an extremely time-consuming process.
“The business is running far better than it ever has and we appreciate the solution that 360 Cloud Solutions designed. Customer service understands the logic and can handle calls with more confidence.”
The 360 team suggested that Workday Adaptive Planning (formerly Adaptive Insights) would not only meet their reporting needs, but give them significant budgeting and forecasting capabilities as well. Having previously explored this functionality with another company and product, Goodway was hesitant but suggested moving forward with a pilot implementation. The result? It was everything they never knew they needed.
Following a successful data sync from Intacct, Goodway realized the tool’s potential for their business and purchased Adaptive Planning. With the help of 360 Cloud Solutions’ experienced team, they were able to swiftly complete the full integration of their systems—providing the ability to efficiently create, maintain, and utilize an enterprise-wide budget and forecast for planning, reporting, and analysis of data within their Intacct accounting system.
Goodway Group is now able to seamlessly pull actual financial results from Intacct—by segment, by the department—into Adaptive Planning for detailed comparison to budgeted and/or forecasted data, and to create detailed analytics. The ability to maintain unlimited scenarios (budgets, forecasts, what-ifs) is a fundamental function of the system and allows a view of projected financials that were previously unavailable or extremely time-consuming for Goodway Group. Adaptive Planning also allows Goodway Group to budget and forecast personnel-related expenses at a granular level providing incredible accuracy. Metrics automatically generated from Adaptive Planning provide an analytical view of Goodway Group’s overall financial health, leading to more informed decision making and strategy.
As a result, Goodway Group realized significant budgeting and forecasting improvements by moving away from Excel and a 97% decrease in time spent creating Gross Margin Analysis reports with higher levels of detail. Additionally, Division Profit Statements now take 20 minutes a month instead of 4-8 hours and provide several different views vs. one.
“The support and one-on-one training [from 360 Cloud Solutions] have been great. They are very responsive and patient with the issues we encountered, even stepping back to restructure the way we initially set up the system they discovered there was a way that would work better for us.”
Seamlessly pull actual financial results for detailed comparison to budgeted and/or forecasted data.
Ability to maintain unlimited scenarios (budgets, forecasts, what-ifs) and projected financials.
Budget and forecast personnel-related expenses at a granular level.
Efficiently determine overall financial health, leading to more informed decision making and strategy