Why should you use budget, consolidation and reporting software?

Corporate finance and budget management: a complex task

Managing corporate finances and budgets is a task that requires specific skills. It is also a delicate task, given the importance of accurate financial data and information on company performance. Not only are these a reflection of its financial health, but they also constitute a decision-making tool for finance managers and partners.

Data collection and processing, financial analysis, the consolidation of information and upwards reporting are all operations with zero margin for error, and moreover are particularly time-consuming and tedious to carry out manually. With the help of new information technology, the use of suitable tools such as budget consolidation and reporting software has helped simplify the work of the company’s financial managers and budget managers. However, such tools should be obtained from specialist developers, and their integration entrusted to a professional.

What is budget consolidation?

Budget consolidation consists of gathering all the data relating to the budget and company during a given period, generally one financial year for the closing of accounts, and transforming this data into actionable information for finance managers, decision-makers and investors.

All the budgets of the subsidiaries or affiliates of a group or consortium must also be taken into account and may, if necessary, be included in the consolidated accounts of the parent company. Consolidation thus makes it possible to gain a comprehensive overview of the company or group’s actual budgetary situation. It is a legal obligation of any commercial or public company with other organizations that depend on it.

The consolidated budget accounts also provide an important database of information to establish an overview of the budgetary situation. The files and documents may also subsequently be used to establish the company or group’s budget reports. Given the complexity of these data harvesting and processing tasks, the use of budget consolidation and reporting software will help simplify operations.

The specific features of budget consolidation and reporting software

Budget consolidation and reporting software is a tool that provides assistance with these two operations: consolidating the budget accounts and reporting them. Budget reporting means providing a picture of the company’s budget situation that fully corresponds to its actual situation.

This is a vital decision-making tool for the company’s management, but it is also a document frequently requested by investors who want an objective view of how the company they’ve invested in is performing. With efficient software, you’ll save time and money in carrying out your company’s budget consolidation and reporting.

Talentia Consolidation & Reporting is a budget management solution designed to simplify collaboration between all entities at the company in question through the consolidation of its budget. It enables analysis and real-time monitoring of the company’s operational performance and helps with the processing required to transform financial data into consolidated information.

Talentia Software is the leading European provider of business management software, for companies of all sizes, from SMEs to mid-sized and large companies. When it comes to the automated management of business skills, Talentia Software is distinguished by the variety and effectiveness of its solutions.

Discover Talentia Software’s products designed to streamline the management of company finances. The partner of choice for businesses, Talentia Software offers a comprehensive service, including integration, training, and technical assistance to free its clients of any constraints in deploying its programs.