Introduction – Replay of Session 2 – Sep 25, 2024
Session 2 was held on Wednesday, September 25, 2024 at 3pm BST.
The session was lead by Megan Pontier (Assistant Controller - North America) with support from Oscar Villacis (Senior Financial Analyst, Financial Reporting - North America) and Stephanie Casertano (Head of Finance Systems)
Attendees included Bernardo Rojas (Group Finance), Ben Hodgson (Group Finance), Prosper Habineza (Group Finance, Helly Summery (Group Regulatory) and Carlos Trejo (NA).
To easily navigate the video, please click anywhere on the video and select Chapters on the right hand side.
Meeting notes generated by AI:
- Task Management in Vena: Megan explained the task management system in Vena, highlighting the distinction between input and review tasks, and the roles of owner, support worker, and watcher. She emphasized the importance of understanding these roles and the due dates associated with each task.
- Task Types: Megan explained that tasks in Vena are categorized as either input or review tasks. Input tasks require data entry into a template, while review tasks involve reviewing data already entered by someone else.
- Role Definitions: Megan detailed the roles within Vena: owners are responsible for completing and submitting tasks, support workers assist with data entry but do not submit, and watchers monitor the process without making changes.
- Due Dates: Megan highlighted the importance of due dates, noting that input tasks have specific deadlines, while review tasks are dependent on the submission of input tasks and typically have a quick turnaround.
- Task Submission: Megan explained that tasks should only be submitted once all data is finalized. The submission process involves clicking 'submit task' to send it to the reviewer, who will then receive an email notification.
- Budget Process and Archiving: Benjamin inquired about the management of the budget process over multiple cycles. Stephanie clarified that the process is managed by the heads of finance in each division, and each cycle is archived separately to maintain historical data.
- Process Management: Stephanie explained that the budget process is managed by the heads of finance in each division. Each cycle is archived separately to maintain historical data, ensuring that the current process is always up-to-date.
- Archiving Process: Stephanie detailed that at the end of each budget cycle, the process is archived as a historical record (e.g., Budget 2025) and a new cycle is started. This allows for historical data to be preserved while the current process remains active.
- Data Accessibility: Stephanie mentioned that the archived processes are stored in Vena with all historical data, making it accessible for review and comparison with current cycles.
- Centralized Management: Stephanie confirmed that while each finance lead has the ability to manage the process, it is centrally maintained by her to ensure consistency and accuracy across divisions.
- Template Navigation and Data Input: Megan demonstrated how to navigate the Vena template, input data, and save files. She emphasized the importance of saving files to a temporary folder and always accessing them through Vena to maintain the connection.
- Template Navigation: Megan demonstrated how to navigate the Vena template, highlighting the importance of understanding the layout and the various columns available for data input.
- Data Input: Megan showed how to input data into the Vena template, emphasizing the need to save files to a temporary folder on the computer and always access them through Vena to maintain the connection.
- Saving Files: Megan explained that files should be saved in a temporary folder and accessed through Vena. She recommended creating a folder for temporary files to keep the workspace organized and ensure that the connection to Vena is maintained.
- Vena 365: Megan and Stephanie clarified the importance of the Vena 365 sidebar, which shows the connection to Vena and should always be open to ensure data is saved correctly.
- Adding Line Item Details: Megan explained how to add line item details in the Vena template, using travel costs as an example. She showed how to add specific details for individuals and projects, and how to remove unnecessary lines.
- Adding Details: Megan demonstrated how to add line item details in the Vena template, using travel costs as an example. She showed how to add specific details for individuals and projects to provide more granular data.
- Removing Lines: Megan explained how to remove unnecessary lines by deleting the data in those lines and using the 'remove line item detail' function to keep the template clean and organized.
- Tracking Specifics: Megan highlighted the benefits of adding line item details, such as tracking specific travel expenses for individuals, which helps in maintaining detailed and accurate budget records.
- Inserting and Deleting Rows: Megan demonstrated how to insert and delete rows in the Vena template, ensuring that the correct cost center, account, and facility are selected. She also explained how to delete rows if they were added by mistake.
- Inserting Rows: Megan demonstrated how to insert rows in the Vena template, ensuring that the correct cost center, account, and facility are selected. She emphasized the importance of making sure all selections are correct before inserting the row.
- Deleting Rows: Megan explained how to delete rows if they were added by mistake. She showed that rows can be deleted by ensuring all data in the row is blank and then using the 'delete row' function.
- Selection Accuracy: Megan stressed the importance of accuracy when selecting cost centers, accounts, and facilities to avoid errors in the budget template.
- Review Process and Comments: Megan and Stephanie discussed the review process in Vena, including how reviewers can leave comments and tag input persons for corrections. They emphasized the importance of communication between reviewers and input persons to ensure accurate data.
- Review Process: Megan and Stephanie explained the review process in Vena, where reviewers can leave comments on specific cells and tag input persons for corrections. This ensures that any issues are addressed promptly.
- Tagging Input Persons: Megan demonstrated how reviewers can tag input persons in comments, which sends an email notification to the tagged person, ensuring they are aware of the required corrections.
- Communication Importance: Megan and Stephanie emphasized the importance of communication between reviewers and input persons to ensure that data is accurate and any discrepancies are resolved quickly.
- Drill Down and Drill Transactions: Megan explained the difference between the drill down and drill transactions functions in Vena. Drill down provides the lowest level of Vena detail, while drill transactions go down to the M3 level detail, showing actual vouchers.
- Drill Down: Megan explained that the drill down function in Vena provides the lowest level of Vena detail, allowing users to see detailed data within Vena itself.
- Drill Transactions: Megan demonstrated the drill transactions function, which goes down to the M3 level detail, showing actual vouchers and providing a deeper level of detail for financial transactions.
- Usage Scenarios: Megan highlighted that drill transactions are useful for viewing actuals, while drill down is more suited for forecast and budget data within Vena.
- Scratchpad Function: Megan introduced the scratchpad function, which allows users to add a tab for calculations, notes, or other information. This tab remains even after closing and reopening the template, unlike the temporary tabs created by drill down and drill transactions.
- Handling Recharges: Bernardo raised concerns about handling recharges in the Vena template. Stephanie clarified that the entity responsible for the cost calculates the recharge, and finance ensures that the recharge is correctly reflected in both the originating and receiving entities.
- Recharge Calculation: Stephanie explained that the entity responsible for the cost calculates the recharge. This ensures that the correct amounts are recharged to the appropriate entities.
- Finance Role: Stephanie clarified that finance is responsible for ensuring that the recharge is correctly reflected in both the originating and receiving entities, maintaining accuracy in financial records.
- Process Steps: Stephanie detailed the steps involved in handling recharges, including calculating the recharge, entering it into the template, and ensuring it is reflected in both entities' financial records.
- AMP Template and Project Codes: Bernardo and Stephanie discussed the AMP template and the use of project codes for tracking initiatives. Stephanie explained that the US and UK use detailed project codes, while chill uses a simplified template. They agreed on the need for a standardized process.
- Finalizing and Submitting Tasks: Megan explained the process of finalizing and submitting tasks in Vena. She advised users to discuss their numbers with relevant stakeholders before submitting the task to ensure accuracy and reduce the reviewer's workload.