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When the subsidiary of a $267 Billion global petroleum company was faced with the daunting challenge of coordinating the annual budget for over 100 cost centers for the first time in over 5 years, they contacted GO Partners for help.
Parent company fiscal policies had led to years of deferred maintenance and capital projects across its subsidiaries, leading to hazardous working conditions, high employee turnover and severe financial penalties. Faced with the requirement to upgrade systems or submit to possible loss of business licenses, the parent company reversed a long-standing top-down budget policy and requested individual subsidiaries to produce budget estimates to bring facilities up to new standards.
Lacking crucial resources to complete the project, management turned to GO Partners.We met with business unit leaders and senior managers to outline objectives, then led a team to coordinate the consolidation of budget information for over 100 departments. The team’s expertise provided much-needed guidance as section managers outlined additional resource and personnel needs and developed presentations to senior decision-makers to address the reasons why those resources were needed.
GO Partners also developed an automated tool that leveraged existing technology resources to help identify variances and led to the correction of prior period accounting errors, providing a cost-effective solution that would streamline the process of projecting budget needs in coming years.
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