The success of a casino depends on its ability to maximize revenue and efficiency, which is true of any business. But considering the vast number of daily financial transactions at a casino, the opportunity for errors in financial reporting is enormous. And that reporting is enormous for gaming organizations: reports have to be generated for IRS compliance, Federal or Gaming Commission compliance, Tribal gaming regulators, Title 31 compliance, and many other entities. If there is one error in the initial reporting, the data in every report is corrupted. The attention to detail in any financial reporting – and especially for gaming organizations – is critical for accurate forecasting and planning.
Investing in state of the art financial reporting and forecasting software offers the best opportunity for casinos to improve workflow and generate reports efficiently and accurately. With their myriad and complex regulations, unique revenue streams, and a complicated system of accounts, gaming reporting has to be flawless
Many gaming organizations have no repeatable, sustainable processes for financial reporting, risk analysis or even for achieving performance goals, which makes compliance with regulations a continual struggle.
Big investments, big growth, inefficient financial reporting
A casino approached CT Global Solutions with a big problem. They were making big investments in growing the casino and business was booming.
Yet their current financial reporting for daily operating costs, net losses and gains, planning, and measuring financial performance was slow, time-consuming, and not scalable. The reporting was largely being done manually with Excel spreadsheets, data was not controlled, and no workflow process was in place. In order to provide the best possible gaming experience to its more than 2 Million patrons, the casino simply had to institute a workflow and make their financial reporting more efficient.
A custom solution built on SAS FM
CT Global built a solution for the casino on SAS Financial Management. The custom solution improved the casino’s workflow, allowed for timely distribution of reports, was fully auditable, allowed central control, and immediately rolled out changes. It also saved a lot of time for those who were in charge of consolidating the Excel files.
SAS Financial management is a comprehensive solution for planning, budgeting, consolidation, and reporting. Users can perform instant consolidations, develop more accurate budgets, report and analyze results, and understand revenue, costs, and profitability. With a proprietary calculation engine and accounting logic, SAS FM consolidates planning or historical information on demand, ensuring that the latest information is always available for stakeholders and regulatory agencies. Consolidation and reporting are combined with budgeting and planning in one integrated solution – not in multiple applications that require complex data and user integration. No other financial solution provides the same speed, power, and ease of use.
SAS Financial Management is designed to improve performance by automating processes such as consolidation, budgeting, planning, and compliance. With its complete data management capabilities, it helps improve the quality of financial plans, budgets, reports and business decisions, while ensuring compliance with regulatory requirements.