In 2011, KPMG Crimsonwing Malta completed the implementation of Jet Reports for the leader in telecommunications and home entertainment in Malta. Jet Reports is an intuitive reporting add-on for Microsoft Dynamics NAV’s financial accounting system. The group was already using Microsoft Dynamics NAV, but due to ever increasing reporting demands, which were very labour intensive and time consuming, their management decided to invest in a more automated reporting application in order to simplify the financial reporting process across the whole group.
The telecommunications provider is a diversified telecommunications provider offering home entertainment and telecommunications services to consumer and business customers across Malta. The Group offers IP based digital cable TV, broadband Internet, fixed-line telephony, and mobile voice and data services through its various companies. It also owns and operates an undersea submarine optical fiber cable.
Background and Requirements
The client chose to approach KPMG Crimsonwing because of a combination of benefits that KPMG Crimsonwing bring to the table, based on many years of experience as well as the ability to demonstrate both NAV and Jet Reports in great detail. The telecommunications provider was also at ease when they saw the size of the team available and the great commitment to supporting the solution once implemented.
Their financial accounting solution had to be tailored to provide particularly strong support to the real-time update of the management accounts reporting. The client specifically required instant access to management reports and the ability to run those more often in order to stay on top of business developments and processes.
Another important aspect was the removal of the previous system, which involved a lot of manual intervention. Indeed, the client already had a reporting system in place and one of their major concerns was to ensure that the new system would provide the same functionality and more, but in a much more efficient manner.
“The key objectives of the project were to reduce time to prepare reports, eliminate errors during compilation and to gain the ability to generate the reports more frequently or on demand. KPMG Crimsonwing was the preferred partner as they are experts in Jet Reports – an intuitive reporting tool, and knew the underlying data structure of Dynamics NAV – the source of all the financial information” explained Randolph Said, Group Financial Controller at the telecommunications provider.
The chosen solution was Jet Reports, an application that connects with Microsoft Dynamics NAV. It is the fastest growing Excel reporting software and is extremely useful for financial reporting, setting management goals, tracking business progress and empowering end-users. Jet Reports updates its reports automatically once new data has been posted into the accounting system. Moreover, it presents its results in the form of Microsoft Office Excel spreadsheets, which most office staff today are very familiar with.
All work was done at the client’s offices. This approach gave the KPMG Crimsonwing team easy access to key members in the group’s accounts department, ensuring a rapid turnaround to solving any questions that were raised. This further ensured that all the people involved in this project felt that they were part of the same team sharing a common objective.
This solution gives users a more flexible platform from which to generate a dashboard, reports and presentations. Jet Reports is perfect when it comes to real-time management reports. Reports can also be enhanced for greater impact through formatting, charting and formulas. The real benefit comes from being able to compare items making it easier to track where profitability comes from and there is no need for exporting data, re-keying, copying/pasting or re-formatting. The add-on consolidates information between companies, departments and modules within various Microsoft products.
“We are pleased that our expertise with the various Microsoft products has enabled us to provide a viable solution for the client. It was a straight-forward task to add Jet Reports on top of Microsoft Dynamics NAV and create the required package for management reports. This shows how flexible the two products are”, commented Mr David Caruana, Project Manager at KPMG Crimsonwing.
The bulk of the project took around 3 months to complete with an average of two resources being deployed at any point in time. Some refinements were done in the months that followed and key users were also trained in order to enable them to make their own adjustments to the formulas in the Excel sheets. The main challenge was to reconcile each and every report with the old version but with joint efforts this objective was reached to the full satisfaction of the client.
One of the major benefits that Jet Reports brings with it is the greatly increased reporting automation. This means that there is less risk of human error, particularly when passing adjustments. Since the solution was implemented, consolidations for the whole group are updated so quickly that entries can be reviewed to see their impact on the results straightaway. An added benefit is that this reporting tool gives the group one consistent view of the whole enterprise, since the basis of management accounts is now the data in Microsoft Dynamics NAV without having to make manual adjustments.
For Randolph Said, Group Financial Controller at the telecommunications provider “The introduction of Jet Reports has had a significant impact on the way management accounts are now used. The time taken to generate them has dropped significantly. They are run more frequently, so management is always kept up to date. Viewing the financial situation across all the companies within the group is now a much simpler task.”
As the example of the the telecommunications provider shows, Jet Reports combines features which make it particularly useful to a group of companies. Especially the benefit of the reports being generated in Microsoft Office Excel format, which is used in most offices, makes it easy for the staff to read, manipulate and change existing reports, as well as create new ones. When requirements change, it is very easy to amend or add a report. They can also be distributed automatically to the people who need access to them both internally and externally, for example to the management as well as third parties, such as auditors and the like. The access format can be varied so that recipients can either manipulate the results or only be able to read them, depending on why the user needs it.
The bottom line is that the whole of the group was able to achieve significant time savings through this solution – and after all: Time is money.