A Road Map To Finance Efficiency For Big Bus Tours

Kirit Patel

London-based Big Bus Tours is the largest operator of open-top sightseeing tours in the world, providing sightseeing tours in 19 cities across three continents. The company was formed in 2011 by the merger of two established sightseeing tour businesses: The Big Bus Company Ltd (based in London) and Les Cars Rouges (based in Paris).

The company’s business model is designed to provide a flexible approach to city discovery. Each tour provides a hop-on, hop-off facility at a variety of locations, while the company creates opportunities for incremental sales by providing additional, optional experiences while each tour is underway.

However, that flexibility wasn’t always being matched by the company’s Excel-based finance systems.

With over 40 legal reporting entities across multiple jurisdictions, consolidation of results at month-end had become complex and time-consuming: “A process of cobbling together 20-plus spreadsheets every month to deliver our report to the board,” said David Stafford, group financial director for Big Bus. “We needed a way to simplify consolidation and speed things up, and get rid of any need to chase people or interrogate data closely for entry errors.”

Stafford also wanted to integrate data from the company’s handheld point-of-sale (PoS) system into the finance system and generate a daily flash report based on sales tallies and passenger numbers collected on the PoS server.

Integration of non-financial metrics for better forecasting

Big Bus had also been looking for a way to capture non-financial information on local factors that had a direct impact on sales or could help show daily results in context – for example, local weather and traffic reports. If a workable system could be created for data collection, the next step would be to integrate the non-financial metrics in a manner that would aid forecasting and improve the foreseeability of sales outcomes.

“Running our consolidation and reporting processes off Excel was doable, but time-consuming. And the system and processes we’d developed wouldn’t allow us to easily capture or integrate different kinds of data. We also struggled to drill down into any of the data once we had captured it,” said Stafford.

As a growing global business, Stafford and his team needed to respond to the growing corporate appetite for insights to support decision-making.

“We really felt like we had reached the limits of what we could do with spreadsheets,” adds Stafford. “We needed a solution that would allow us to capture and integrate all the data types that were of interest to us, and then make it straightforward to analyze that data and share it internally.”

A flexible finance system for a flexible business model

The practicalities of Big Bus’s business meant that the system would need to be able to:

  • Gather and consolidate data from a number of geographically diverse subsidiaries in multiple currencies
  • Expedite the reconciliation process
  • Allow the input of non-financial information
  • Integrate PoS sales data to provide sophisticated group monthly management information
  • Ensure that input controls that would guarantee the validity of submissions

A single version of the truth

The ultimate aim would be to produce a consistent version of the truth to serve as the basis for more frequent reporting with additional sales detail and contextual information around results. That pointed to investment in an enterprise resource planning (ERP) solution.

Big Bus followed a rigorous product selection process. The list of vendors was whittled down by capabilities, and an SAP solution moved to first place, with EOH UK as the preferred implementation partner.

The chosen business planning and consolidation (BPC) solution delivers planning, budgeting, forecasting, and financial consolidation capabilities in a single application. It enables finance teams to speed up budget and closing cycles and can help them make better decisions based on what-if analyses and scenario planning. The solution is also flexible enough to handle multiple data formats and integrate them intelligently for analytics.

The implementation partner was able to write the integration scripts for the PoS system data and create input templates for Big Bus city managers, allowing the capture of non-financial data in a consistent format for reporting and analysis. EOH UK also managed the company’s steering group for the implementation.

“With EOH, we had consultants who were both seasoned and highly intelligent,” said David Stafford. “They also had backgrounds in accounting as well as IT. When a vendor understands your professional as well as technical requirements immediately, dealing with any challenges is much more straightforward.”

A full day saved on month-end consolidation

With the new software in place, Stafford and his team are saving a full day on consolidation at month-end. The old Excel-based systems have been fully replaced, and daily and weekly reports to the board are now automated. The weekly report, which formerly took 1.5 days to complete, now takes a little over an hour.

Implementation of the systems and templates took under three months. Big Bus’s finance team was able to learn the systems with minimal training and start using them in a matter of weeks.

More insightful reports – and self-sufficiency

The BPC solution has enabled Big Bus to significantly save time and to report more insightful results thanks to new, contextual information. The implementation partner has left Big Bus with everything required to be self-sufficient, with the knowledge to configure and manage things independently and a newfound confidence in reporting and analysis for board-level decision-making.

Accurate financial planning and reporting depends on being able to use the information you have. Learn to mine Data – The Hidden Treasure Inside Your Business.

Kirit Patel

About Kirit Patel

Kirit Patel is regional managing director, UK & Europe, at EOH International. A seasoned specialist with over 20 years’ experience in providing technology solutions that help organizations run faster, better, and smarter, Kirit is responsible for growing the EOH footprint across Europe. Kirit’s experience encompasses solution advisory and implementation services, consulting, project and people management, and sales and marketing. Prior to EOH, he was senior consultant at Comshare and managing director at Rinedata, where he established a track record for delivering improved business processes, continual customer satisfaction, and revenue generation. He is a keen amateur photographer and a long-standing, active contributor to a number of local not-for-profit causes. Kirit holds a masters degree in Computing and Accounting.