Kainos is growing rapidly – the company has set an IPO, increased head count from 250 to 1,500 in fewer than 10 years, and expanded its operations into 16 offices across Europe and North America. Kainos’ existing systems were challenged by this quick pace of change.
Attempting to get ahead of the curve, Kainos decided to deploy Workday Financial Management to facilitate this growth. Kainos also saw significant opportunities to increase operational efficiency by combining its financial management and human capital management processes into a single system.
Benefits and results.
Process automation and configuration.
Accounts Payable can now store all supplier invoices in Workday, and paper-based processes have been reduced. The internal control framework in Workday helps reduce control risk and time spent reviewing invoices, leading to a headcount avoidance of one FTE and more time for strategic tasks.
minutes for supplier payment run time instead of days
A/P FTE avoided for internal team
IS/IT resource eliminated for external support
Powerful dashboards and reporting functionality in Workday have boosted user adoption, helping to increase the accountability of business-unit cost centre managers.
80% to 40%
manual journal entries
Workday has significantly impacted: procurement, shifting from a finance-driven process to one where cost centre managers can approve potential costs; fixed assets, through controls among spend categories to drive accurate capitalisation of assets; and the need to approve operational journal entries and ability to post to the bank account.
days cycle time to perform monthly close instead of 8
8 to 1
frequency of “soft closes” per month
Data integrity and audit.
Before Workday, Kainos performed variance analysis in Excel. Now with a single source of data, variance analysis can be performed quickly. In addition, all audit cycles meet auditor demands, resulting in reduced sample testing and lower costs for external audits.
50% to 15%
manually entered invoices
week for half-year external audit, instead of 2 weeks
The organisational capabilities in Workday enable easier income statement analysis by cost centre, leading to increased insights and support for managers. Pre-payments can be reviewed when action is needed versus having to wait until the end of the month.
day to execute reorganisation instead of 1 week