How preparing Financial Statements with no training in Finance became a 1-hour job

client

Armando is the Founder and CEO of eLearnSecurity, a Silicon Valley company providing cyber security training to IT Security professionals worldwide.

As a CEO, Armando understands his business drivers very well, but he needed help to translate his operating model into financial statements to share with banks and investors, and to make strategic decisions.

Financial statements (i.e., Balance Sheet, Income Statement, Cash Flow Statement) are fundamental for many company-related activities, including company valuation, stock options allocation and other activities that require a common language with finance people.

The process took 1 stressful week and I did not feel comfortable to update the data, fearing to break something. Now it is a 1-hour job and a few clicks to update data.

Before Visyond

Armando has been looking for a solution for a long time but could not find a suitable tool.

  • His current accounting system didn’t allow him to forecast beyond the coming the year. This meant he had to maintain his forecast in Excel and prepare his financial statements manually – requiring extra work.
  • Typically his staff needed an extra week to analyze the formulas and verify each spreadsheet entry for proper categorizing (e.g. CAPEX and OPEX) for accuracy. The statements needed to balance properly. And if an item needed recategorizing (e.g. from CAPEX to OPEX), this meant redoing most of the work – exponentially expanding the time to complete the task.

Flexibility

The remarkable thing in Visyond is that if I have a lot of cost items, I don’t need to worry where to type them: I can decide later what is an OPEX or a CAPEX by selecting and deselecting them from intuitive screens.

After Visyond

Armando had a lot of data in Excel and other ERPs so the way for him to benefit immediately from Visyond was by importing his Excel files.

With Visyond, “I simply started to categorize the items in my model following an intuitive step-by-step dialogue. The statements were ‘magically’ populated. This saved me a huge amount of time and mental sanity!”.

eLearnSecurity
Use Cases

  • Reporting
  • Preparing Financial Statements
Challenge

  • Streamlining the process of creation and analysis of a proforma financial statements (Balance sheet, Income Statement) inside an existing operating model of the company
  • Reporting Key Performance Indicators to key stakeholders
Solution

  • User-friendly, point & click interface to generate financial statements directly from your model, without the hassle and training of doing it manually
Result at the glance

  • Clean & balanced financial statements created without the use of plugs or iterations (Visyond solves the equations linking the 3 statements)
  • The unnecessary intermediate worksheets have been eliminated - together with the potential errors associated with them
  • The model owner can focus on working with the operating model that he masters, without worrying about financial statements, as a result improving his productivity

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