The business case of a large insurance company’s successful implementation of CloudBudget and its integration with Accounting Seed is enlightening. With a significant allocated budget of 300-500 million dollars, the company employed the power of CloudBudget to streamline their financial operations.
The CFO, the main user of the system, and the driving force behind the integration with Accounting Seed, now calls the seamless synchronization between the two platforms a game-changer. This integration has allowed the insurance team to take control of their master data, ensuring accurate and up-to-date information for financial planning.
One of the key achievements has been the finance team’s ability to independently manage master data and transition smoothly to new financial years. Armed with the automated data retrieval capability of CloudBudget, the finance team effortlessly creates planned budgets for upcoming periods. Automated extraction of actual cost data from Accounting Seed provides real-time insights for managerial decision-making.
Nightly data synchronization between CloudBudget and Accounting Seed has become a crucial element of the organization’s financial management. The insurance company’s entire management team now has instant access to balance information and a clear overview of budget status at any given moment. This real-time visibility has empowered management to proactively address any budget overruns or deviations, ensuring financial control and operational efficiency.
The CloudBudget – Accounting Seed integration has seamlessly enabled ongoing full control over operational expenses and the alignment of them with the planned budget for each department. By harnessing the power of a cloud-based solution with CloudBudget and the integration with Accounting Seed, the insurance company has substantially improved their financial planning and control efforts and has put the firm in a solid position, from a managerial standpoint, going forward.