Charles Goodman, CEO
The changing business pace and technological changes, escalate the need for instantaneous data access. However, providing information accessibility is not just a mere process but a business requirement to achieve corporate operational and planning objectives. Along these lines, untapped information of capital assets in asset-centric organizations can result in impacting the competitive edge and effective cost management. “For asset-centric companies, optimizing financial performance depends on getting the right information to the right people at the right time,” says J. Charles Goodman, CEO, PowerPlan. Asset-intensive organizations in utilities and public sector grapple to manage complex financial transactions and track performance of their assets. “The challenge is to collect data from across the enterprise and provide key stakeholders with the visibility throughout the lifecycle of an asset,” adds Goodman.
While data needs to be aggregated from across an organization, CFOs lose valuable insights to the company’s assets thus being compelled to make compromises and assumptions during an entire asset lifecycle. Atlanta-based PowerPlan addresses this problem with solutions for integration of enterprise asset administration. “We have a fully integrated set of asset-centric accounting, tax, forecasting and budgeting software specifically for companies with complex assets,” extols Goodman. In addition to the regulatory challenges of running an asset-centric organization, companies are also scrutinized by tax agencies and their constituents propelling them to delve deeper into the details of asset to communicate it efficiently. PowerPlan assist such organizations to mitigate their financial, regulatory, and tax risks by integrating with company’s ERP, EAM, and other financial systems to capture and store detailed data on assets. This software-based approach provides real-time access to asset data, overcoming existing systems where collection of information from different departments is time consuming.
The challenge is to collect data from across the enterprise and provide key stakeholders with the visibility throughout the lifecycle of an asset
PowerPlan’s software solution empowers companies’ executives with a wide range of modules that include budgeting and asset investment management, asset accounting, lessee accounting, regulatory, and tax management. Manual aggregation of data to balance customer expectations with the requirements of regulators and other stakeholders is arduous any day. PowerPlan overcomes the problem of balancing between customer expectations and regulatory requirements through automated key workflows that synchronize and deliver relevant information at each phase of the asset lifecycle. This enables an integrated view of asset information to the stakeholders, providing real-time insights to reach best financial decisions.
The firm’s finance software has been designed to meet the critical need for financial transparency across the industrial sectors like oil and gas, public, telecom, transportation, and utilities. Over the years, PowerPlan has assisted their varied customers to identify the root cause of underperforming business with insight, analysis, and reporting capabilities, thus saving time in the preparation of manual excel regulatory reports. Companies such as Amtrak, Duke Energy, Southern Company, TransCanada, Verizon, and Williams form a part of their diverse customer-base. “We were aiming for a 10 percent ROI. PowerPlan brings so much expertise that they delivered a 200 percent ROI on the project. They’ve gone above and beyond,” says VP of PowerPlan’s client, EQT Corp.
Fostering a culture of cost and time management, PowerPlan continues to eliminate the need for numerous spreadsheets and manual journals for reporting to allow organizations manage their core business functionalities. Identifying the impact of tax, accounting, budgeting, and regulatory on business operations, the firm extends technical and business process expertise to develop solutions that address specific business problems.