Risk Strategies Company is a privately held US insurance broker that offers sophisticated risk management advice and insurance placement for property & casualty and employee benefits risks. They serve middle market commercial companies, nonprofits, public entities, individuals, and have access to all major insurance markets. Ranked in the top 50 brokers in the country, they company is headquartered in Boston, MA and has offices throughout the United States including Chicago; Irvine, CA; Long Island, NY; Los Angeles; New York City; Portsmouth, NH; Providence, RI; Randolph, MA; Sacramento; San Francisco; and Teaneck, NJ. Risk Strategies is backed by Kohlberg & Company, L.L.C, a New York based private equity firm specializing in middle market investing. Kohlberg has reserved substantial additional equity capital to support Risk Strategies’ client and growth initiatives.
Kristie Goodgion, Vice President and Corporate Controller, and her team relied on spreadsheets for budgeting and forecasting. Like many companies, as the company grew and their processes become more complex, this manual approach of numerous people updating spreadsheets for scenario planning was too inefficient and error prone to cope with. They were also struggling with the limited reporting and analytics capabilities spreadsheets provided. As part of their growth strategy, the leadership team was looking to acquire three companies and it became clear, in order to fuel strategic decision making, the company needed a better way to budget, forecast and plan.
After an industry wide search, Kristie and her team knew Budget Maestro was the only solution to support Risk Strategies aggressive growth plans. Impressed with the product’s driver based approach; Kristie noted three key reasons for implementing Budget Maestro:
- The ability to build and modify reports that looked like the company’s existing G/L structure, a difficult task to execute in excel.
- Drivers to budget not only by brands, but by how the company bills and recognizes revenue, eliminating hundreds of excel formulas.
- Built in business and operational logic with “based upon sources” allows Kristie and her team to use wizards and drop down menus to make assumptions across the board, without having to create formulas or macros to make the mathematical calculations. With the click of a button, Kristie and her team can generate a balance sheet, income statement, and cash flow automatically based on their actuals and/or assumptions, which was something they had not previously been able to do.
Armed with valuable financial insights fueled by Budget Maestro, Risk Strategies successfully justified the acquisition of three companies to their board and saved 50% of the time it would have taken to do so by relying on traditional spreadsheets. In addition, through the personnel module, Kristie and her team now track over 250 employees by salary and benefit, empowering financial leaders with unprecedented visibility into the largest expense of the organization.
“Budget Maestro is one of the company’s most strategic FP&A investments in the last 6 years and critical to our successful expansion and growth. Our implementation was fast and easy and within 12 weeks the team was up and running,” said Kristie Goodgion, VP and Corporate Controller, Risk Strategies. “With the click of a button, we have access to more than 20 strategic report options, the seamless ability to generate a balance sheet, an income statement, conduct cash flow analysis and most importantly, gain granular visibility into the financial health of our organization to confidently make strategic decisions about the future of our company. Budget Maestro has more than paid for itself in only the first year and is a critical enabler to our continued growth. We love the strategic power and flexibility of being able to create multiple versions of the budget within minutes, and present the projected results of each growth path to management before the decisions are made.”
G/L System: AMS
“Our implementation was fast and easy, and within 12 weeks the team was up and running.”
“Budget Maestro is one of the company’s most strategic FP&A investments in the last 6 years and critical to our successful expansion and growth.”
– Kristi Goodgion
VP & Controller