Real-time forecasting and budgeting across 23 regions improves efficiency and provides better financial insight
Prior to using Workday Adaptive Planning, Playworks relied on Excel to track its various revenue streams, including government and city grants, earned income, and fundraising efforts. Playworks deployed Workday Adaptive Planning to make planning and reporting for the nonprofit’s finance and non-finance users easier, more collaborative, and more insightful.
- The complexity of planning for disparate revenue sources and the size of the organization led to a planning process that was time-consuming, labor intensive, and episodic.
- A fragile Excel-based budget process made it difficult for budget owners to collaborate and ensure accuracy.
- Budgeting was limited to an annual cycle rather than planning long term, so the impact of adjustments to the financials were not visible over time.
- Reduced the time required for each monthly accounting close by 5 days with rolling forecasts
- Improved efficiency by giving the finance team the ability to quickly identify potential missing revenue or expenses
- Simplified the reporting process so finance staff can easily create custom reports within minutes
- Created reporting forecasts that could be shared with funders as a tool to secure additional future funding