Speedy Cash Improves Global Financial Budgeting and Forecasting to Support Continued Company Growth
 
 

Speedy Cash Improves Global Financial Budgeting and Forecasting to Support Continued Company Growth

Speedy Cash is one of the largest, fastest-growing, short-term loan and financial services providers in the United States, Canada, and the United Kingdom. It offers a variety of convenient, easily accessible financial services, such as payday loans, title loans, installment loans, lines of credit, check cashing, cash for gold, and prepaid cards. The company serves customers in more than 300 store locations, online, and by phone.

 
 

 
 

Challenges

A word from Speedy Cash

  • “With Oracle’s solutions, we have a reliable, solid foundation for financial budgeting and forecasting across our more than 300 store locations and internet-based business. Today, we can spend more time analyzing indicators that are vital to our continued growth in the short-term loan and financial services markets.” – Jeff Spangler, Director, Financial Planning and Analysis, Speedy Cash

  • Replace legacy system—which required the company to generate financial-related reports from scratch and provided limited ad hoc capabilities—with an application to accelerate financial reporting and enable more granular insight and accurate forecasting
  • Enhance management reporting to gain a timely view of performance data for specific stores across Canada, the United Kingdom, and the United States
  • Deploy a comprehensive, scalable, Web-based application to support the company’s 25% revenue growth over a four-year timeframe—a direct result of its acquisition strategy
  • Improve financial data quality and create a robust platform for faster integration of acquisitions into the financial systems environment, as the company continues to expand in the short-term loan and financial services markets

Solutions

  • Implemented Oracle Hyperion Planning and upgraded Oracle Essbase to obtain an integrated financial planning, budgeting, and simulation system that is accessible online, supports multiple currencies, and monitors the company’s overall results, as well as each of its more than 300 store locations and internet-based business—in Canada, the UK, and US—to support improved decision-making
  • Minimized budget errors with end-to-end automation—from data entry at the store level to financial data consolidation at the corporate office level
  • Reduced time for IT staff to pull metric data—including number of checks cashed per store, face value of checks, transaction counts, total fees, and loan balances—ultimately saving Speedy Cash an estimated US$200,000 per year
  • Enabled the company to format daily corporate reports outlining actual financial results against projections by store, instantly—a previously manually-intensive process
  • Provided store, district, and regional managers value-added budget reports and historical and current performance indicators—which is a key requirement for quarterly projections—enabling them to make more informed business decisions and improve bottom-line results
  • Used Oracle Hyperion solutions to project revenue, based on historical store growth, revenue, and bad debt assumptions, as well as to conduct salary planning using a variety of salary budgeting assumptions in terms of salary rates, benefit rates per employee, and tax rates
  • Worked with Linium, LLC to design a custom workforce planning module within the Oracle Hyperion solution that enables Speedy Cash to input employee and rate information and make assumptions on taxes and benefits by market, ultimately simplifying workforce planning and workforce-related expenses, such as bonuses
  • Used Oracle Hyperion Smart View for Office to enable users to view, import, manipulate, distribute, and share annual operating-plan data in familiar tools, like Microsoft Excel, ultimately simplifying the process and improving the overall user experience
  • Laid the foundation for implementing Oracle Hyperion Financial Management to enable Speedy Cash to easily pull financial source data from acquired companies—rapidly providing an enterprisewide view
  • Achieved an estimated US$150,000 in annual savings by reducing the time needed to close the monthly and annual financial books as well as to create external financial statements

Why Oracle

“We reviewed various solutions, but chose Oracle due to our long-standing relationship with the company and because the Oracle Hyperion solutions are more geared toward finance, and more robust and scalable than other options. We knew we were going to continue to grow, and we needed a system that could grow with us,” said Jeff Spangler, director, Financial Planning and Analysis, Speedy Cash.

Partner

“We enjoyed working with Linium because the company has extensive practical and technical Oracle Hyperion experience and could provide insight into new, innovative technology approaches,” Spangler said.