Hunterdon Medical Center
Budgeting & Planning, Financial Reporting, Cost Accounting
”Tagetik has provided Hunterdon Medical Center with a unified solution that is able to meet our budgeting and cost accounting needs in a timely fashion. From the beginning, Tagetik was a company that Hunterdon Medical Center felt we wanted to do business with because Tagetik cared about the success of our business.”
John Torley - Financial Manager
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Back in 2010, the company financial department diagnosed incurable problems caused by the hospital’s aging financial systems and the massive use of spreadsheets. The budgeting process became increasingly complex and more prone to errors. To complicate matters, users would send multiple iterations back and forth via e-mail during budget negotiations.
Considering that there were over 100 contributors and very limited resources, the finance team needed a new solution to simplify and gain more control over these processes and to also overcome challenges on the cost accounting side because there was no insight into the logic of the allocations being performed.
Using Tagetik, Hunterdon Medical Center was able to implement these various requirements quickly and shorten their budget cycle time. Because Tagetik has a single database, the finance team is able to monitor progress, update reports and make modifications as needed. The reporting and cost accounting processes are now unified in one application, with one user interface and one database. Using the built-in features of Tagetik, the hospital has been able to bring its balance sheet, income and cash flow statements in balance without journal entries. Since it can easily adapt the financial models and templates during the collection processes, it has significantly decreased planning cycle.
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