Vital FSM PetroCorp

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Overview

An energy services company located in Micronesia.

Business Challenge

Vital FSM PetroCorp was preparing regular budget reports for approval by their Board of Directors. Once the budgets were approved, management used them to create budget upload sheets to be imported into their accounting system. 

The budget process was very time-consuming and required lots of manual data entry. Once the accounting department presented a budget to the Board, any budget changes requested by the Board would have to be incorporated before upload, which was also time-consuming.       

How Access Analytic Helped

We developed a budget model that greatly reduced the amount of data entry required to generate each budget. Monthly account balances from Vital’s accounting system were quickly loaded into Excel to facilitate comparison with budget figures, as opposed to being manually keyed in.

Management could now generate up-to-date relevant, detailed and flexible reports for the Board much faster and could quickly incorporate any requested budget adjustments to generate the final reports.

We also designed a template that quickly generated upload sheets in the required format for the organisation’s accounting system, greatly reducing the time taken to perform budget uploads.

Business Benefits

• The client feedback has been that they have seen a significant improvement in the quality of financial models produced.
• The client’s analysts are now able to produce better models faster and with greater confidence than they were able to previously.
• The course has enhanced the skills, confidence and structured thinking of the client’s analysts regarding financial modelling.