EFP – Beyond just Budgeting and Planning with Real Customer Usage Examples

14.11.19 11:14 AM By admin

Epicor Financial Planner or EFP is Epicor´s go-to-subscription solution for budgeting and planning. For years, people have heard its budgeting and planning abilities and how it has helped hundreds of customers optimize and automate the entire budgeting process.


However, EFP offers far more than just budgeting and planning. It is a solution that is purposely built to be quickly owned and maintained by the finance department. EFP is also a solution that is meant to provide the performance and functionality needed to optimize and automate the entire accounting process – reporting, budgeting, planning/forecasting, financial consolidation, and metrics management.


Below is a run-down of real-life examples on how some of its loyal customers use EFP


1.  Understanding variances from budget expectations

For a manufacturing company, understanding their deviations from budget expectations and previous month´s expectations have become such a simple exercise. EFP has allowed them to look at variances and analyze what happened without expending so much of their time and effort, thereby saving them a considerable amount of money.

 

2.   Incorporation of more processes and systems across the organization

For an NGO, EFP has allowed them to incorporate more processes than they initially thought possible. EFP has enabled them to do quick and error-free reporting and analysis. Also, EFP being system-agnostic has allowed them to integrate various systems and subprocesses, which has led to superior quality on critical deliverables.

 

3.   Budgeting in a more detailed level

For a private hospital in Australia, EFP has allowed them to be more efficient in their budgeting process. The ability of EFP to accommodate and model business into the system has enabled this hospital to do budgeting per doctor, per patient, per room, and procedure. This hospital has also moved towards patient-level costing and more patient-centered care driven through finance.

 

4.  Detailed daily or weekly reporting

For a manufacturing company, generating reports per product per production facility weekly required a significant amount of time and effort. However, with EFP, much of their reporting is now automated, which means the finance staff can generate all the needed reports either daily or weekly or quarterly while also freeing up more time and capacity.

 

5.   Quarterly global financial data collection

For a global manufacturing company located in Europe, the US, and Asia, the collection of sales data from regional hubs can now be done automatically. EFP has allowed them to coordinate the structured and consistent stack and validation of data from several subsidiaries to come up with the consolidated statements, which has then enabled them to look at the financial health of the global organization regularly and file their reports on time.

 

6.  Budgeting and reporting across multiple legal entities

For a large hotel chain with over 80 companies in its umbrella, budgeting and reporting have become painless and easy. EFP´s support for numerous legal entities has allowed the mother company to generate hotel-specific reports to the owners without worrying about security risks.

 

7.  Workflow-driven way of working

EFP is a smart workflow-driven solution that forces the entire organization to apply the same set of business rules across the organization. Because it works in such an organized manner, it is easy to see what or who is holding up, and it is easy to optimize and automate the entire process from start to end.

 

There are several other examples of how EFP goes beyond just budgeting and planning. It truly is a one-stop solution that promises power, performance, functionality, and security without compromising on any aspect of the accounting process. 

For many that had the privilege to use EFP, the feedback has always been - “I wish I knew all of these from the get-go. I could have saved the company significant time and money since EFP has all that I need from an accounting point of view.”

 

Have you heard of EFP´s try before you buy? Sign up for a free 30-day trial today; no credit card required, no strings attached. Contact your CAM today or email info@dspanel.com for more information.

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