Why should I include employee-level data in my FP&A Process?
Employee Roster data is an essential part of the planning and reporting process.
Employee costs are the biggest expense in most businesses. The ability to actively plan and manage your human capital and understand the financial impact is critical to your company’s success. So, you need fast and reliable access to the data that makes that analysis and decision-making possible.
- Employee-level Reporting - Each month when you report and analyze actual performance results, you need the ability to drill down and analyze the employee level expense details that are driving your department compensation costs. This provides more clarity and insights into things like who are the biggest cost drivers in each department, what are average salary, bonus, and benefit plan costs, and other key FTE metrics and ratios. Armed with these insights, the finance team can help the business make better decisions on hiring and cost management strategies.
- Employee-level Planning - You're constantly hiring, transferring, promoting, and exiting employees, and it's FP&A's job to plan and manage the cost, timing, and overall financial impact of all of those moves. This makes accurate employee-level planning one of the biggest and most important parts of the FP&A cycle. Get these cost and timing assumptions wrong, and it can have major impacts on the accuracy and reliability of your financial projections. Take too long to act, and you can miss opportunities to hire the key resources you need to support and grow the business.
Where does FP&A run into problems with Employee Data?
- Collecting, formatting, and mapping employee data into plans and reports is time-consuming, manual, and error-prone
- Calculating employee expenses manually is time-consuming and difficult, and can easily result in errors
- Lack of access and visibility into employee data limits your ability to analyze one of the biggest cost drivers in your business, and build a workforce that supports future goals and strategies.
How does Cube Make Employee Roster Uploads Easy?
Cube’s Employee Roster Upload feature:
- Quickly and easily maps and loads your employee roster from your HRIS system into Cube, so you can get the data you need in your plans and reports
- Automatically calculates employee compensation expenses across time based on start and end dates, so you can immediately see the monthly expense breakdown without having to build any of the formulas yourself. Visit the How To to explore this function!
- Instantly organizes and consolidates employee details by accounts and department, so all of the data is in the right format and location for insightful planning, reporting, & analysis