Pinsent Masons cuts time to month-end close by over 50 percent, freeing up team to analyse
Adaptive Insights, the worldwide leader in cloud corporate performance management (CPM) and business intelligence (BI) for the biggest brands and the fastest-growing companies, today announced the success that prestigious global law firm, Pinsent Masons, has achieved by adopting Adaptive Insights’ flagship Adaptive Planning solution. By slashing the time it took to complete its monthly close, the finance team has been able to turn its attention to analysis and become vital strategic business advisers within the organisation.
“Finances are a crucial element to any business decision, and Adaptive Insights has ensured our data and systems run seamlessly together,” said Andrew Brett, financial accounting manager at Pinsent Masons. “We have been able to transform the speed, accuracy and agility of our decision-making. Even better, with the time savings, ease of analysis and the scale of consolidation achieved using Adaptive, we’ve gone from scorekeepers to strategic business advisers.”
Following a merger that increased the company’s size by a third, Pinsent Masons needed to consolidate two general ledgers as well as a number of practice management solutions to get a complete view of the business. Thanks to Adaptive, it has been able to achieve a full multi-dimensional view of the business, while being able to drill down by division and view numbers in local currency and language.
Pinsent Masons has seen significant benefits from Adaptive’s flagship solution. Not only has it been able to remain compliant throughout the merger, but also save substantial time. While 90 percent of the finance team’s time – equivalent to 15 days – was previously required to find the numbers for the monthly close, with Adaptive Planning, preliminary reports are generated in a single day, with error-free reports completed in just two or three days. Adaptive offers more accurate and timely information and frees up time for the finance team to focus on more strategic initiatives relating to cash flow and balance sheet forecasting. Instead of just keeping score, the finance team is now providing guidance to the firm’s senior management team on the impact of longer term investments in IT, real estate and personnel.
“We’re proud to have supported Pinsent Masons during such a crucial time in its development as a company and beyond,” said Ian Preston, VP sales, UK & Ireland for Adaptive Insights. “It’s important that finance teams play a more prominent role in business transformation. Through better information and more agile processes, finance teams can derive projections and make decisions in full confidence of the consequences – leading to healthier, more prosperous business outcomes.”