Data Entry Tool
Connecting To Data Entry Tool
User will receive an email inviting them to submit data.
Users double-click the attachment in the email and provide their user name and password that was provided by DHAC.
This will open up a new window of a Microsoft Azure-based virtual machine that has a Windows operating system that is connected to DHAC's network. You can copy and paste any data from your computer into the tool in the same way that you copy and paste data between different windows on your PC.
Why do we use Virtual Machines? - To address the #1 challenge of outsourced FP&A systems head-on, the time required to submit data every month.
Are Virtual Machines Complex? - The work behind the scenes is complex, but leave that to us! The client-facing features are simple, easy to use, and customizable to your organization.
Is my Data Secure? - Absolutely, please see more info here.
Viewing and Re-using Previously Submitted Data
Within the tool, all data previously submitted to DHAC is available in a read-only version in the same format as it was submitted.
Also, for each line of forecasted data, there is one-click functionality to repeat any previously provided data as the current month's forecast.
Historical Data
The first tab is the data submission for historical information. By default, the month that just ended is open for entry, and the all prior months are shown as read-only and are populated with the historical data previously submitted to DHAC. There is also the option for all historical months to be opened for entry.
Usually this tab is configured to be a copy and paste from the reports generated by your accounting software.
Forecast Data
The next tabs will prompt you to submit data for the future time periods. Most clients choose to forecast the remainder of the current calendar year, and the next calendar year.
It is important to fill out the tabs in the sequence that they are provided. The order in which the info is requested is as per the data dependencies defined by your organization.
For example: An organization could choose to forecast revenues first, and then the cost base that is required under that revenue scenario.
On the other hand, an organization whose revenue growth is constrained by the availability of staff, machinery etc.... would likely choose to forecast that information first, and then the anticipated revenues under that scenario.
How forecasted data is dependent on other forecasted data is an important FP&A concept that is mandatory in all DHAC reporting packages.
If simplicity is what you are looking, for the data-dependencies could be defined as just forecasting the P&L first and the balance sheet second.
How simple or elaborate your data dependencies are is all up to you, we're ready to generate a data request incorporating as many or as few data dependencies as you like!
Tools to Assist you in preparing your monthly Forecast
Our Microsoft Azure based Data Entry Tool reduces the time to provide, and may even increase the accuracy of your forecasted financial data. We do this by giving you the option to:
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Re-use previously provided data, such as setting certain accounts of the forecast equal to budget, or the prior month's forecast.
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Forecasting using a rules-based approach, such as applying a growth rate or cost savings percentage to historical data.
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Instant consolidation to financial statements in order to not lose sight of the end result.
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Automated checks of data, providing error and warnings to the user.
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Ability for our client's managers to control which accounts must be forecasted manually, and which accounts should be forecasted by re-using previously provided data or by using a rules-based approach.
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This not only reduces the time required to put together the forecast, but may even improve the quality of the forecast by having increased clarity regarding the assumptions used. It also may assist with the narrative of the forecast and the ease of which it can be presented during the monthly review meeting.
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If simplicity is what you are looking for, and don't require the functionalities above, the tools can also be configured as a no-frills, simple excel template with manual input cells.
Tools to Assist you in the Submission - Review
The system will generate the most common reports for your review and calculate variance for all figures as compared to the budget and prior forecasts (if applicable).
Submission
The tool will ask you the submit the data. Your submissions will be locked after this time, but can still be viewed in the tool as read-only.
Shortly after data submission, you will receive a request for sign-off via DocuSign.
Time Required to Complete the Data Entry Process
If your are reporting historical figures in the tool in the same format as your accounting software, and if you already have your forecast calculated (or use the shortcuts provided in the tool). Your data submission can be easily completed in under two hours.
If the data entry process takes long than that, this may be viewed as a positive sign, not because you are being bogged down by time-consuming data entry, but rather because you taking time to re-define historical information, to forecast out future months in new and innovative ways, and to measure and bring in new data into the FP&A process, such as non-financial business performance metrics.