SOS International use an efficient central budgeting solution that collects data from companies across countries and business units. This process supports the company’s vision to be perceived as the most trustworthy Nordic assistance organization by its customers.
SOS International has optimized its budget process, including salary budgeting, and now has total control of its financial development..
As a result, SOS now have:
- Stronger dialogue between the finance function and management
- Deeper look into details, valuable insight and access to valid budget figures
- The whole company uses one central budgeting solution in all counties
No more decentralized, manual budget processes
SOS International’s vision is to continue strengthening its market position as the most trustworthy assistance company in the Nordic region.
To achieve this, SOS International strives to create centralized intelligent processes that both optimize the company’s service experiences, e.g. for policy holders in acute need of help, and streamline the business. In the past, SOS International has struggled with decentralized, manual budget processes which made creating and validating payroll budgets highly time-consuming.
Moreover, SOS’s management team saw great optimization potential in the company’s financial processes, not least regarding its payroll.
SOS International chose Prophix because the solution centralizes, standardizes and automates the budgeting process across subsidiaries and cost centers in various countries. This also includes an advanced salary model as well as a profit and loss module that collects budget data and data on actual results.
Increased transparency without complex ERP projects
“Prophix helps us save resources. Most of it is automated, and we have created significantly greater transparency, clarity and agility in the budgeting process because we no longer spend time on handling decentralized budget processes and asynchronous data validation,” says Henrik Schjødt-Bruhn, Head of BI & Business Controlling Finance, SOS International. “We have made our budgeting and reporting more efficient without a gigantic and complex ERP standardization project.”
Optimized budget process, including salary budgeting
With Prophix’ solution as the digital nerve of the budgeting process, SOS International has optimized their budgeting process. Salary - which is one of its heaviest costs - is a good example. Previously salary budgeting was an extremely resource-intensive manual task based on multiple systems. Today, the company is working with a single central budgeting system across all countries, with one budget truth, and one method to calculate wages. “It’s given us a solid overview of the realized and the future salary expenses on a group level, from month to month,” says Henrik Schjødt-Bruhn."
Improved dialogue between finance function & management
Henrik Schjødt-Bruhn also emphasizes that Prophix supports communication between the finance function and management by creating a deeper and detailed look into the budgets.
“With access to valid budget figures, it has become easier for the finance department to hold budget meetings with the management. For example, we can now use data from Prophix to discuss each country’s business areas. We can also facilitate benchmarking across countries. Prophix helps us so to see the investments that best support our strategy. This valuable insight can also be used to assess the actual costs, for example, of breaking new ground in a given country”.
Stronger analysis and reporting
The analysis and reporting options are, according to Henrik Schjødt-Bruhn, also best-in-class because Prophix is well integrated with the payroll system. “Prophix ensures that payroll data on single-employee level is automatically transferred to Prophix. Thus, we can better see and follow up on wages from month to month, and report on this to the management,” Henrik Schjødt-Bruhn explains.
He also points out that the integration between Prophix and payroll systems strengthens the possibility of ongoing, rolling forecasts. “Since making Prophix’ budgeting tool the main solution in the organization, we consider ourselves at the digital forefront,” Henrik Schjødt-Bruhn concludes..
- Decentralized, manual budget processes
- Creating and validating payroll budgets highly time-consuming
- Too many spreadsheet
- An efficient budget process,
- An automated system, and
- Creating a single version of the truth regarding the company’s financial data.