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Contact: Anne Martinez
Whitebirch Software,Inc.
800-335-1243 ext. 112
amartinez@whitebirchsoftware.com
Whitebirch Enterprise Planning Released
The first enterprise class product for creating complex financial models that scale providing an all-in-one fully integrated modeling, budgeting, forecasting andfinancial reporting solution
Cambridge, MA | July 11, 2011 WhitebirchSoftware, Inc., the first corporate performance management (CPM) solution provider to offer object-based financial modeling with real-time multidimensional scenario overlays, today announced the release of its latest budgeting, forecasting, reporting and profitability analysis product WhitebirchEnterprise Planning.
Whitebirch Enterprise Planning is much easier to use than Excel for evaluating 'what-if' scenarios with multiple layers ofchanges to complex formulas, variables and the relationships between them. And unlike Excel and other flat-file solutions, Whitebirch Enterprise Planning runson a database (MySQL or Microsoft SQL Server) so models can scale easily to fitvirtually any size or type of organization looking for a complete budgeting,forecasting and financial reporting solution with fully integrated modeling.
Whitebirch Enterprise Planning is available now in both a software as a service (SaaS) version and a premises-based server version.
Unmatched FinancialModeling Innovation
The product's patented scenario overlaytechnology and object-based design provide unmatched model integrity, stabilityand ease of maintenance. Whitebirch Enterprise Planning provides these featuresin an enterprise class solution for the first time.
Scenarios are generated and compared in real-time,with calculations performed as needed, without writing back each combinationto the database. Changes to constants, variable data, and formulas can belayered on, assumption-by-assumption. Layers can also be turned on or off inany combination to instantly create new scenarios. Any number of versions cancoexist, including those that include forecasted future changes to values andcalculation methods.
'Object-based' means that once an object such as an employee, loan or capital asset is defined, its associated formulas, relationships, and variables are automatically shared with every instance ofthat object. There is no need to repeatedly duplicate those formulas,relationships and variables manually.
That means, for example, that whenever 'loan' is used in a model or budget, its generated line items (e.g., current andaccrued interest) automatically update the balance sheet and income statement, assuring correct handling. Furthermore, a change to any object, such as itsinterest rate, automatically gets reflected in every instance that uses that rate in, say, a formula thereby eliminating the time, errors and effort of manually searching out and changing that formula everywhere it is used.
Excel is great for ad hoc modeling, says Kel Hoffmann, Whitebirch President and CEO. But when models start to get large, it becomes unmanageable. Organizations have known that for years but haven't had any other alternative when it comes to building complex models that scale, except for maybe some custom-built software application. Today, they do have anotheralternative Whitebirch.
Automatic Financial Integration
Unlike Excel, Whitebirch Enterprise Planning understands how financial items impact financial statements - for example, that deferred revenue from a loan flows to the balance sheet, that loan interest goes on the income statement and that depreciation is adjusted as a non-cash expense.
Other products make you program the relationships between the financial statements, states Alex Walden, the financial analyst who prepares the financial statements at CornerstoneTherapeutics (NASDAQ: CRTX) a $120 million specialty pharmaceutical company locatedin Carey, NC. In Whitebirch, those relationships are automatically defined. It's very intuitive and logical. You don't need accounting training to use the product.
About WhitebirchSoftware
Founded in 1999, Whitebirch Software invented object based financial modeling and scenario overlay technology that dramatically reduces the cost, effort and time needed to successfully build and maintain large complex financial models that fully integrate with a firm's financial statements.
The company's first product, Whitebirch Planning, was the first application to combine the flexibility of spreadsheets with the accuracy and structural integrity of a template. Models are created from a library of financials components with built-in logic that defines their interaction and how they fit to the financial statements. This approach affords unprecedented flexibilitywhile maintaining model integrity.
Whitebirch Enterprise Planning implements these innovations as a scalable enterprise class solution built on commercial relational database managers. Applications include strategic planning, profitability and cash flow forecasting, business analysis, business planning, valuations, credit analysis and budgeting.