General Ledger Explorer

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Product Overview

General Ledger Explorer allows you to quickly organize, summarize, and investigate traditional general-ledger data (actual and budget) so that you can see and understand variances and take action as needed to improve your organization’s financial performance. Major benefits of using this app include:

  • A “single source of truth” for key financial measures — and the ability to share actionable visualizations of these measures.
  • Less time required to compile financial reports.
  • More consistent and reliable results.
  • Guided navigation for quick identification of variances to budget or prior year figures.

Features

  • Application is automatically refreshed as new data is available.
  • High-level financial and operational performance measures are combined in a predictable and consistent manner.
  • Guided navigation and drill down provides answers to the next series of questions typically asked by the user.
  • Embedded variance analysis decreases the time it takes to zoom in our major contributors to variance.

Benefits

Benefits Include:

  • Reducing the time to compile monthly or quarterly performance reports definitely frees up analyst time to focus on finding opportunities to standardize care and reduce cost, but more importantly, creating guided navigation reduces the time to focus in on the areas of highest opportunity.
  • Single source of truth for key clinical, operational, and financial measures
  • Guided navigation to quickly identify potential opportunities for reduced variation and cost reduction
  • Deep drill down into causes of variation.

Measures

Available Measures Include:

  • The application is organized around the standard financial statement, including Income Statement and Balance Sheet measures calculated at various dimensions of the data (time, cost center hierarchy, and account hierarchy).

See Sample Screenshots of General Ledger Explorer

Data Sources

  • Data comes from your organization’s general ledger or budget tool.
  • The app is organized around the standard financial statements, including the Income Statement and Balance Sheet measures calculated at various dimensions of the data (time, cost center hierarchy, and account hierarchy). Actual performance is compared to prior year and budget.

General Ledger Explorer: A Deeper View

Background

General Ledger Explorer provides a robust analytic front-end to organize, summarize, and provide actionable visualization of traditional general ledger data (actual and budget). An interactive variance analysis allows for rapid identification of major variances within the cost center hierarchy and account hierarchy.

What types of problems does General Ledger Explorer address?

Many Finance Departments are challenged with simply getting the books closed each month. Providing them with a more timely view of financial performance (from the overall organization all the way down to the cost center) will decrease the time it takes to discover potential issues with the close process and analytics to drill into monthly variances to budget or prior year. Additionally, many organizations lack the ability to publish financial reports that represent financial performance using trending, drilling, and visualization. This application will drastically improve this process so that cost center leadership can dig into the monthly details to quickly identify variances and begin to develop their variance explanations.

Use Cases

The manager of cardiology services in a large multi-specialty clinic, is concerned that the time delay from closing the books and then making financial reports available, leaves very little time to respond to changes or variations before the next month rolls around.  General Ledger Explorer, enables this manager to understand current performance this month as well as the ability to see month over month trends and comparisons to prior years.  Making financial data available on a timely basis enables the manager to respond more quickly to changes in patient volume, supply costs, labor costs, etc.

Anticipated Improvements

  • A “single source of truth” for key financial measures — and the ability to share actionable visualizations of these measures.
  • Less time required to compile financial reports.

Success Measures

Opportunity Identification:

  • Both the accounting office and cost center managers will benefit through rapid identification of monthly variances.

Process Improvement:

  • Automate currently manual analysis and distribution of monthly financial statements. Reduction in time spent by accounting staff of one day per month.

Outcomes Improvement:

  • Enable organization to meet budget expense target for quarter 3 of 2015.