The management accounting function at the Financial Times Group has been transformed by its introduction of new financial and IT processes and a change in departmental structure.
The publishing company decided to review its financial systems last year, because it had so many legacy information sources--the general ledger, Hyperion Enterprise and Hyperion Essbase, and separate chartered accounts--that its processes were proving inefficient.
"We needed to replace the mass of spaghetti and move to a system where there was a standard look and feel to all ledgers, reports and processes, and one from which data could be accessed quickly," said Noel Gorvett, IT manager, business administration, at the Financial Times Group. The company decided to use the platforms already in place to cut hardware, software and training costs, and to reduce development time.
The centralised system has revolutionised the work of the finance department, according to Gorvett. "Financial managers don't have to worry about maintenance, system upgrades and software administration, because that's all centrally controlled now," he said. "They have easier access to the information and can spend more time adding value to the business."
The changes have also improved the reputation of the...