Spencer Gifts Partners with OutlookSoft for a Novel Financial Performance Solution; Retailer Streamlines Business Operations in 90 Days Using Performance Management Solution.STAMFORD, Conn. -- OutlookSoft Corporation, the first company to enable predictable performance through a unified performance platform, today announced that Spencer Gifts LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the leading novelty gift retailer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada, has selected and successfully deployed OutlookSoft to streamline financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , improve forecasting, and enhance overall financial reporting operations across the corporate segment of the organization. With unified data now readily accessible, OutlookSoft has empowered Spencer to plan more effectively and better forecast and respond to business needs. Timing was a critical factor for the success of the implementation. In order to support Spencer's company-wide 2006 Planning Process, it was imperative that the OutlookSoft performance management software go live within approximately 90 days to guarantee key users were trained and able to prepare their 2006 Plan on-schedule using the software. Working within the constraints of an aggressive implementation deadline, OutlookSoft met the accelerated deployment demands without disrupting existing operations. In addition, with OutlookSoft in place, users were able to access not only a trend of their historical data, but drill through to accounts payable voucher A receipt or release which provides evidence of payment or other discharge of a debt, often for purposes of reimbursement, or attests to the accuracy of the accounts. detail and journal entries affecting departments, as well as input line item detail for key planned expenses. The deployment enabled Spencer's to significantly enhance and streamline its internal planning process and, ultimately, helped ensure the accuracy and overall effectiveness of business decisions across the company. "After evaluating several best-of-breed solutions, we determined OutlookSoft was best equipped to guarantee the accuracy, consistency, and transparency of Spencer's financial and operational data, thereby helping to meet our business needs. Its leverage of Excel enabled a quick transition to the new planning and forecasting required for both P&L and balance sheet applications," said Isaac Silvera, executive vice president and CFO See Chief Financial Officer. , Spencer Gifts. "OutlookSoft's product was implemented quickly and without disruption to any of our ongoing operations. They gave us the power and flexibility to build the car and drive at the same time." Prior to OutlookSoft, departmental expense reports and underlying details only became available to Spencer's management team after the completed close process. Now the entire company experiences a multitude of benefits from OutlookSoft's user-friendly Excel interface as well as the advanced functionality and power OutlookSoft provides; including a centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. database storing historical, planned and forecasted data and a drill through process allowing for unparalleled visibility into group-wide operations. "As financial operations become more complex and finance takes a larger roll in managing the overall performance of a business, companies realize using disjointed systems to meet performance management needs is inefficient and simply does not work," said Ben Plummer, CMO CMO See: Collateralized mortgage obligation CMO See collateralized mortgage obligation (CMO). , OutlookSoft. "Spencer Gifts took decisive action in updating its financial operations infrastructure and selecting OutlookSoft's unified performance platform to meet their goals. As a result, the company enjoyed a smooth and rapid deployment process and immediately demonstrable de·mon·stra·ble adj. 1. Capable of being demonstrated or proved: demonstrable truths. 2. Obvious or apparent: demonstrable lies. business benefits across the board. This is just another example of OutlookSoft's commitment to customer satisfaction and unmatched domain expertise in performance management." Formerly, the company utilized a variety of Excel spreadsheets as well as input templates created from PeopleSoft's General Ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. system. However, the data load was a manual process and real-time reporting did not exist. Detailed assumptions were stored outside of the PeopleSoft environment, adding another manual aspect to the process. OutlookSoft has enabled Spencer's operations to be more productive, accurate and efficient. About Spencer Gifts LLC Founded in 1947, the New Jersey-based retailer operates more than 640 shops under the Spencer Gifts brand in the United States, Canada and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , and over 300 temporary Spirit Halloween Superstores Spirit Halloween Superstores is a nationwide specialty retailer of Halloween merchandise with 434 stores across 46 states in the U.S. Spirit sells a wide assortment of costumes for men, women, and children, accessories, masks, wigs, makeup, lighting, party goods, and indoor and in the United States. Spencer's has been focused on delivering humor humor, according to ancient theory, any of four bodily fluids that determined man's health and temperament. Hippocrates postulated that an imbalance among the humors (blood, phlegm, black bile, and yellow bile) resulted in pain and disease, and that good health was and enjoyment to peoples' lives for over 50 years. They are dedicated to providing their core 18-25 year old guests with innovative, humorous and fun merchandise that supports their lifestyle. About OutlookSoft Corporation OutlookSoft Corporation provides unified, predictive performance management solutions. The essential platform for continuous enterprise optimization, OutlookSoft 5(TM) is the foundation for better financial and operational decisions. OutlookSoft empowers every user to optimize performance through a unified view and immediate insight into critical information. The first company to enable predictable performance, OutlookSoft ensures timeliness, accuracy and transparency in decision making across the enterprise. With offices throughout the world, OutlookSoft is widely recognized for its innovation and customer satisfaction across diverse industries including manufacturing, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , and public sectors. For more information please visit www.outlooksoft.com or call 203-964-3100. OutlookSoft is a registered trademark of OutlookSoft Corporation. All other brand or product names are trademarks of their respective companies. |
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