Case Study: Inspiring engagement and accountability at Sammons Financial Group
Key results
The challenge
Sammons Financial Group ran intricate expense allocation subprocesses that were not tied to general ledger accounts and relied on external consulting support for its previous expense planning and reporting application.
The solution
SFG rebuilt its expense planning, allocation, and monthly project tracking on Prophix One, automating processes to increase accuracy and speed up monthly close.
“There are many intricate subprocesses and calculations that aren't tied to our general ledger accounts. It really is a strategic advantage for SFG in how we accurately and transparently allocate expenses to business units and product lines.”
JSJodi SchultzAssociate Vice President of Finance, Sammons Financial Group Inc.
The results, in context
SFG reduced the preparation time for annual expense planning by 90%, achieving $60,000 in annual labor efficiency savings, and eliminated external consulting support for $100,000 in annual operating expense savings. It also eliminated 8 working days per month by automating monthly project tracking and reporting.