The process of collecting information from different business entities and financial systems and aggregating it into analytical views and comprehensive financial statements that comply with accounting and reporting standards is fundamental to the success of your business, from a legal perspective as well as a competitive one.
However, consolidation is no easy feat, particularly if you're a large, complex multinational corporation doing business in multiple countries and currencies and attempting to abide by multiple GAAPs and financial reporting requirements. Stricter requirements governing the quality, detail and timeliness of the information that companies must capture and report have added to both the cost of the financial reporting process as well as the amount of time and resources the process consumes. Sadly, even when companies struggle to successfully complete the process, many still find it difficult to fully trust the numbers they are reporting or basing future business decisions upon.
What's needed is a system that allows your organization to unify its financial reporting processes in one application and that automatically handles the time-consuming, error-prone tasks such as currency conversion and intercompany reconciliation, yet that is flexible enough to meet individual business unit and geography-based reporting requirements such as multiple GAAPs. The system should also link your organization's statutory consolidation, financial management, planning, budgeting, reporting, management reporting and analytical processes via a single database, enabling your organization to more accurately and efficiently share financial and non-financial data across applications, systems and people. By using such a system, your organization can more easily address external reporting requirements such as Sarbanes-Oxley and IFRS as well as tackle key internal performance management activities such as profitability tracking to gain incisive information about the performance of the organization as a whole or its individual divisions and products.
We offer the world's fastest, most trusted financial consolidation and reporting solution. Here are just some of the things you will be able to do:
- Consolidate multiple ledgers from thousands of operating units and accounts into a single chart-of-accounts for internal and external financial reporting
- Facilitate account comparisons, with easy analysis of historical reporting data and actual accounts and plans
- Accelerate closing cycles by automating financial reporting and management processes, from source to disclosure
- Drive global business with native support for multilingual, multi-GAAP, multi-product, multi-industry and multi-currency operations
- Simulate the impact of acquisition targets, or the effect of business changes into your current accounts and reporting unit setup
