When Wilmington Trust’s accountants
needed to present crucial bottom line information to executive managers,
Insight’s tailor-made financial model enabled them to overcome
existing business software shortcomings and create complete reports
that accurately portray business- unit profitability.
The Wilmington Trust Company has enjoyed robust growth in recent years. One of the largest trust businesses in the United States, Wilmington Trust Company has over 50 branches in a three-state area (Delaware, Maryland, and Pennsylvania). But it has been expanding its reach by opening offices across the nation and overseas.
Accurate and all-encompassing awareness of bottom-line contributions that keeps pace with growth is essential.
Client
Situation
Wilmington Trust management needed to know how each of the bank’s
six major lines of business contributed to overall profitability.
The bank’s Management Accounting group needed detailed and summary
level reporting on each of the six business units (including Retail,
Commercial, and Wealth Management).
To this end, it installed new management accounting software to develop in-depth reports. However, though comprehensive, the software package fell short in describing exactly how each unit impacted the bottom line. Specifically, individual business units weren’t adequately broken out for separate P&L or Balance Sheet reporting purposes.
Client Requirements
The accounting group wanted to use the transactional data history
contained within the new software package and add overhead and funding
charges and credits to each business line on a user input basis.
Insight's Solution
To help the accounting group achieve its goal, we designed and built
a customized financial model that used automated data extracts from
the new accounting system to generate individualized business line
reports.
Features within our solution included:
