Peter Mac is one of the world’s leading cancer research, education and treatment centres and is Australia’s only public hospital solely dedicated to caring for people affected by cancer. The centre has over 2,500 staff, including more than 580 laboratory and clinical researchers, all focused on providing better treatments, better care and potential cures for cancer. Recently, Peter Mac implemented a completely new installation of the MAGIQ Performance Software with new data connectors for GL and Payroll.
MAGIQ Performance provides a single automated framework to develop and manage complex organisational budgets and financial performance as well as improving reporting to the key stakeholders on staff and leave balances.
“For the past 12 years we have been happily using MAGIQ Performance. Over time staff have come and gone and each tended to customise the software, so we decided to do a complete refresh and rebuild of the software, simplifying our data connectors but retaining the same financial reporting,” explained Mark Grigg, Deputy Chief Financial Officer at Peter Mac.
Financial Performance Insights and the Creation of an Organisational Scorecard
Approximately 250 staff utilise MAGIQ Performance to determine the organisations’ financial performance with users majorly consisting of cost centre managers, commercial business managers and executive managers. The software enables staff to apply intricate datasets to create reports on cost variance analysis, actuals vs budgeted and biannual cost forecasting. It is also used to complete the entire budgeting process including FTE and labour costs.
“MAGIQ Performance allows me to utilise data queries and receive prompt information on our standard charter of accounts – in line with the Department of Health’s reporting requirements. Through MAGIQ Performance we have a one stop shop for finance and people budgeting reports that not only provide stakeholders with concise data but alerts us when we are close to going over budget.
MAGIQ Performance has enabled the creation of an ‘organisational scorecard’ which provides automated distribution, collaboration and publishing of budgets throughout the organisation. The scorecard is scheduled to begin in June and delivered into our stakeholders inboxes at 5am on the 10th day of the month. It is encouraging to know that the data is derived from a single, secure source of truth. Providing this information empowers and enables our stakeholders to be aware of our exact financial positioning and provides strong awareness of the financial situation. Users can filter down to different cost centres and departments.
One of the greatest strengths of the software is that the data shown depends on the user’s profile. We have set up a suite of standard reports for users to access via the Peter Mac Portal which means users can rely on the same report easily each month. We have linked the active directory to users meaning no log in details are required. Excel publisher is brilliant as well. It allows the team to set up reports in Excel and schedule them to be distributed to stakeholder inboxes with all the data dynamically updated.
I look forward to refining and automating other financial reporting tasks. We are also keen to explore the option of MAGIQ Performance in the Cloud.
In regards to the MAGIQ team, we found working with Ben Sakaio, Reece Jones and Alex Jacks to be excellent. They were extremely helpful and responsive and have a deep knowledge of the product, meaning they were able to guide and direct us on how to get the most out of the system. We developed a strong, pivotal relationship in a short amount of time.
The MAGIQ Performance software also helped the team during the COVID-19 pandemic to track additional costs and resources required. Our MAGIQ Performance portal and scorecard clearly and simply allows us to track spikes in overtime, demonstrate the growing leave balances and the additional staffing costs associated with COVID.
The MAGIQ Performance rebuild has meant it is easier for stakeholder to access financial data, it has increased confidence in the connectors and we are very happy with the product!” said Mark.
To find out more about our MAGIQ Performance finance, budgeting and planning software or to book a demonstration, call our sales team on +61 3 9468 9401 in Australia or +64 6 835 9380 in New Zealand or send an email to firstname.lastname@example.org.