Manual financial consolidation is time consuming and labor intensive. With modern technology offering new digital solutions to automate complex processes, you can not only streamline your consolidation processes, but also accelerate them. In this blog, we’ll examine what to consider when choosing a software consolidation solution for your organization.
Rely on automation
The right financial consolidation solution dramatically reduces the time spent on financial consolidation. Automating consolidation processes such as data preparation and consolidation measures can significantly reduce manual intervention and shorten process times.
A best-in-class software solution can control, check and automatically execute many operational steps within the consolidation process. Errors in data can be avoided or identified much quicker.
Improve the efficiency of financial consolidation through pre-defined functions such as report templates, automatic currency conversion, import of exchange rates, a posting journal for automatic and manual entries.
Fast, agile and networked
A best-in-class software solution for financial consolidation is fast, agile and connected. An agile solution ensures that you can meet multiple local and international reporting standards such as IFRS and GAAP and increase flexibility for internal management reporting.
In addition, you create more transparency and consistency with an integrated platform for enterprise performance management and consolidation.
From data collection to reporting
A software solution for consolidation accompanies you throughout the entire process and accelerates manual steps from data collection to reporting. Using the right solution for data collection allows you import data quickly from source systems and check data quality and consistency at the same time. The result is efficient data collection and validation.
Within the subsequent data preparation, a software solution can accelerate manual adjustments and automate standard processes, resulting in significant time savings.
Last but not least, this will lead to greater traceability for external auditors and ensure international standards are met throughout the entire process. As a result, you can also create significantly more transparency for flexible internal analyses, reporting, and enterprise performance management.
Learn more about what to consider when choosing financial consolidation software and the benefits for your organization in the Jedox Consolidation Model Datasheet. Get an overview of the customizable functions as well as the built-in best-practice features.