An escape from the tangled web of interlinked Excel sheets
September 26, 2015
An escape from the tangled web of interlinked Excel sheets
Score 8 out of 10
Vetted Review
Verified User
Modules Used
- Budgeting, Reporting, Consolidations
Overall Satisfaction with Planful (formerly Host Analytics)
Our company is using Host Analytics for budgeting, financial and management reporting, and consolidation. Prior to the Host Analytics implementation, our budgeting process was Excel based, which was problematic for consolidation of budget information and for variance reporting vs. budget. Using a cloud-based system has enabled us to reduce time and effort of budget preparers and led to more productive expense analysis at a detailed account/cost center level. We have also now deployed Host Analytics to 6 new entities resulting from acquisition activity and while the integration of these companies has not been easy, Host Analytics has provided a much-needed common platform for reporting and consolidation.
- Host Analytic's reporting is fairly intuitive, using drag-and-drop functionality that anyone who has worked with pivot tables can easily understand and use. No special programming language is needed to design more advanced row sets and column sets. I also like that Excel formula functionality can be built into reports to create custom ranges.
- Consolidation process works well once set up - eliminating much of the need for top-side entries late in the close process, since we can reconsolidate with a few clicks. Managing currency conversions with multiple account-based rates has been a productivity improvement as well over Excel-based consolidation of multi-currency entities.
- Budgeting templates are intuitive and flexible, enabling detailed account-based budgeting and forecasting based on drivers and formulas.
- Scenario management is particularly helpful in moving towards rolling forecasting, and being able to quickly produce current forecast with minimal effort.
- User training and acceptance has been slow for our company - while much of the premium training is focused on enabling system administrators, it would be nice if we had a simplified training program catered to end users that could give an overview and get them comfortable with the system in a short time.
- While we haven't used the scorecard capability, I haven't been too impressed with the charts and graphics available.
- Condensed annual budgeting calendar by enabling much faster data collection and consolidation of budget
- Enabled consistent financial and management reporting across all business units and geographies
- Allowed for relatively quick financial integration of newly acquired companies
- Hyperion Essbase and Microsoft FRx reporting (Dynamics AX)
Compared to previous reporting/budgeting systems I've used, Host Analytics offers a clear advantage as a cloud solution. Users have access on any computer with no bulky installations. Much of the data loading, processing, and reporting, can be automated and run in the cloud.