International clothing retailer Joseph is implementing budgeting and planning software to cut the cost of financial management by 25 per cent.

The designer has been relying on spreadsheet-based applications, with little integration to core transactional systems, to complete an inefficient process for reporting key financial information back to the business.

The firm’s data warehouse system and new software from vendor Cognos make a good functional fit for its existing financial software, says Joseph’s financial director, Kathleen Starkey.

‘At the moment, if a change is made to one system there is the potential for us to lose data integrity,’ she said.  

The company relies on the central UK office to duplicate financial information sent in from subsidiaries around the world, and has very little capability to represent data graphically.

‘We will look to add other modules to the system to improve the information we supply to the business when we have a robust, sound budgeting platform in place,’ said Starkey.

‘But we will have truly integrated and accurate profit and loss, balance sheet and cash flow information for the first time.

‘It will be so much easier to collate information, which will reduce the time it takes to make a change to the budget from one day to hours.’