Financial Consolidation Automation: How to Gain Efficiency and Accuracy

How can financial consolidation automation help?

Financial consolidation is the process by which companies combine financial data from many entities and different financial systems into a single set of reports. Nevertheless, automated consolidation can make this complex task easier, reducing the need for human intervention and allowing greater control of the process. How?

• Standardizing processes for greater simplicity in local and group consolidation processes.
• Streamlining financial consolidation data to eliminate error-prone manual tasks.
• Refining workflows and eradicating redundant tasks.
• Freeing up resources for higher-value tasks.

In short, financial consolidation automation enhances efficiency and accuracy while ensuring compliance.

Automated consolidation for a faster closing process

Time saving is one of the main advantages of implementing specific financial consolidation software. This is mainly because, with automated consolidation, data are directly imported from other systems and stored centrally in a common repository.

• Data from different sources are combined for faster report creation.
• Teams work with a single dataset rather than different files and formats, which allows real-time financial consolidation.
• Timeframes and the number of steps to complete the consolidation process become reduced.
• The risk of delay involved in the use of manual processes is minimized.

Automated consolidation and enhanced accuracy

The disadvantages of using spreadsheets to manually process and consolidate data can be overcome with the right financial consolidation software. Hence, consolidation automation minimizes the chance of administrative errors, delays and inaccuracies that, in the long run, mean extra effort and resources.

Automated consolidation for greater efficiency

Financial consolidation automation is a practical and economical solution that can significantly contribute to enhancing the productivity and efficiency of your financial department. With the appropriate financial consolidation tools: 

• Teams can benefit from real-time communication and feedback, which improves collaboration.
• Time is freed for analysis and decision making.
• Costs remain within budget.

Software for financial consolidation automation

Once you have decided to implement automated consolidation, it is time to find the right financial consolidation software for your company. Accordingly, to ensure data quality, reliability and accuracy in financial consolidation operations, the solution of choice should cover the following:

• Easy integration with other systems.
• Compliance with accounting rules and legal requirements by simplifying the reconciliation process.
• Meet international and local consolidation standards.
• Enable multi-entity business consolidation.
• Take care of tasks such as intercompany elimination, currency translation, etc.
• Scalability to keep up with changing reporting requirements.

Therefore, financial consolidation automation is one of the best ways to gain efficiency and accuracy, making the financial consolidation process faster and more reliable. Also, if you want to take your company to the next level, Talentia’s end-to-end value-added services can help you.