Streamlining Financial Reporting Processes With Workiva

2 mins read

4 April 2023

Workiva is one of Aboitiz Power Corporation’s greatest discoveries. It helped finance and accounting teams in not just making their jobs more manageable but also allows them to enjoy their personal life. It has enabled teams to collaborate effectively and efficiently within the organization and with their outside partners. 

The team behind Workiva’s platform recognizes what people in the finance and accounting industry needs. The platform proves that financial reporting can be done through automation, simplification of tasks and elimination of unnecessary steps. 

Before partnering with Workiva, one of the largest power producers in the Philippines, Aboitiz Power Corporation, had manual financial processes that were draining resources. The team tested the Workiva platform and they were astounded by its adaptability and flexibility that the features provided.

Case Study With Aboitiz Power

The processes that lead to the publication of their audited financial statements were done manually. Certain parts of the report preparation process like copying and pasting, resetting of formulas that were non value-adding and time consuming. Reporting at Aboitiz Power Corporation was both time and memory consuming. Employees had to work on separate copies then consolidate all updates and changes for the team to be able to do things simultaneously. 

During their audit, the auditors would send an updated copy of the Word document for every batch of updates that require approval. The review process took time as well since they needed to submit and resubmit when there are changes. This process itself requires a lot from the employees and yet, the feeling of accomplishing these tasks manually when there are other ways to improve their work is not rewarding at all. 

Aboitiz Power Corporation values innovation as one of its core values. Having this in mind, the organization allows employees to explore possible options for them to do their jobs easier without compromising on the quality of their work. The team was impressed by Workiva’s demonstration of the platform’s functionalities. The flexibility the Workiva platform has brought to the table convinced the organization to consider it as one of their solution providers. 

One of the key things that convinced the team was Workiva’s ability to link a spreadsheet to a document. The employees recalled it being one of the best features of Workiva Solutions as it enabled them to automate and simplify their reporting process. The complete traceability of data and digital audit trail down to a cell level, coupled with real-time changes, gives the team at Aboitiz Power Corporation the visibility to updates and provides transparency in their reporting. 

Team members are assigned specific areas to update while simultaneously reviewing the contents of the report. Using the platform has really sped up their audit process as the platform’s functionalities enables them to immediately address their auditors’ comments. Now, with the help of Workiva, once the data is readily available, the finance and accounting team at Aboitiz Power Corporation are able to finish their reporting within a day with just a team of four. 

Before adopting Workiva’s solutions, it would take the team more than a day with not less than four people working on the preparation of the entire financial statements. Workiva has helped them to collaborate at a better scale whilst working remotely and despite working from many different places, they are still able to meet their deadlines easily. 

Aboitiz Power Corporation commends Workiva for being accommodating to queries and are willing to go the extra mile to make sure that all needs are addressed even after the team is done with the project. Various industries are moving to a world of digitization and advanced technology and accountants should move towards that direction as well. 

Workiva solution is just one step in the company’s journey towards that goal. With Aboitiz Power Corporation’s employees having more time to work on more important matters, the management team is now able to appreciate how they are now able to have more time to check on unlikely variances and deviations. Therefore adding more value to the company’s output. 

Using the right tool for the right job makes all the difference and for Aboitiz Power Corporation, Workiva makes a difference.