Tasman District Council in New Zealand has achieved significant time-savings and improved business efficiencies using the MAGIQ Performance software application to deliver its 10-year Long Term Financial Plan (LTFP).
The Tasman District is located at the north-western corner of the South Island of New Zealand and is named after Abel Tasman, considered the first European to discover New Zealand. The District covers 9,786 square kilometres of diverse landscape and rich farming land. With three national parks; golden sand beaches and extensive rivers and caving networks, the district is a very popular tourist destination.
MAGIQ Performance is a suite of highly sophisticated and easy to use Budgeting, Financial Planning and Strategic Planning software. The MAGIQ Financial Planning application is designed to provide organisations with a sophisticated and highly automated tool to model and produce their Long Term and Annual Financial Plans.
Tasman District commenced the implementation of the MAGIQ Financial Planning application in early 2014, in preparation for the delivery of their 2015/2016 10-year Long Term Financial Plan.
According to Kim Dunn, Project Accountant, at Tasman District Council the initial time invested in constructing the Long Term Plan model in MAGIQ has well and truly paid off, with significant time-savings and efficiencies realised in the production of their Plan.
“Building the initial model takes an investment in time and deep thinking; however once all the necessary business rules are in place, producing the Long Term Plan is relatively easy as the data is all automatically populated according to the established rules,” said Kim.
“Producing our Long Term and Annual Plans is now a one-person job and that’s a massive time-saving for Council,” he said.
“MAGIQ Financial Planning delivers a balanced trial balance in just 20 minutes,” said Kim. “This allows us to implement a change and then review its impact on Income Statements, Balance Sheets and Funding Impact Statements in just 20 minutes.”
He pointed to a recent Council engineering project to build a new dam as an example of the powerful flexibility the software delivers.
“Using MAGIQ we constructed six different scenarios using a variety of funding streams. Twenty minutes later we were able to sit and review each scenario reviewing the variances right down to the account level.
That’s the sort of business process improvement that delivers a fundamental change to the way we work and significantly improves the quality of the data Council is relying on to make its business decisions; we are considering information and making decisions from a substantially improved qualitative position,” said Kim.
“Using MAGIQ Financial Planning to produce our LTFP we have far greater confidence in the accuracy of the data. Confidence that the same set of business rules are always consistently applied; and each department enters its data directly into the plan, removing any risk of data re-entry errors.”
“With certainty and confidence comes a big reduction in stress and that’s a great way to work,’ said Kim.