Optimize Your Financial Consolidation Process with Business Navigator’s Workflow Model

March 28, 2024

Navigating the complexities of financial consolidation is a critical yet challenging task for organizations worldwide. With the Smart Financial Close 2022 Dynamic Insight Research Report highlighting minimal advancements in accelerating monthly and quarterly closes, Talentia introduces the Business Navigator. This cutting-edge solution, designed to streamline every step of the consolidation process, addresses key challenges by offering automated workflows, real-time reporting, and enhanced data analysis capabilities.

Financial consolidation is a strategic and complex process that involves the combination of financial statements from various entities within a group. The challenges of this process are well-documented and include tight deadlines, high risk of errors, complex process tracking, and limited analysis of consolidated data. These issues have persisted despite advances in technology, as noted in the Smart Financial Close 2022 Dynamic Insight Research Report by Ventana Research.

According to the report, there has been minimal progress in accelerating the monthly close since 2019, with only 59% of organizations able to complete it within six business days, a figure that has not significantly changed from the 60% recorded in 2019. Even more concerning is the regression in the time it takes to complete the quarterly close, with only 43% able to do so within six business days in 2022, down from 49% in 2019.

In response to these persistent challenges, Talentia CPM offers the Business Navigator, an innovative solution that streamlines every step of the consolidation process. The Business Navigator is an integrated workflow that provides step-by-step guidance through each stage of financial consolidation, from data entry to final validation, addressing the issues highlighted by Ventana Research.

Key features of Business Navigator include:

  • Streamlined financial data entry and standardized processes across all entities.
  • Deadline management with automatic reminders to ensure compliance.
  • Integrated consistency checks to reduce errors and ensure data integrity.
  • Automatic data closure and security post-process completion.
  • Dynamic dashboards and real-time reporting for enhanced visibility and analysis.

The importance of automation in the close process was emphasized by Ventana Research, which found a strong correlation between the use of automation and the ability to close sooner. The report indicates that 69% of organizations with highly automated processes can complete their quarter-end close within six business days. This supports the implementation of Business Navigator’s automated workflows and reconciliations, which can significantly reduce the time required for financial consolidation.

The benefits of optimizing the financial consolidation process with Talentia CPM’s Business Navigator are numerous and mirror the findings from Ventana Research. Organizations can achieve deadline compliance, reduced error risks, and time savings through automation. They also gain real-time visibility and in-depth data analysis capabilities, which lead to improved quality of consolidated data and faster decision-making for executives.

In conclusion, the Business Navigator by Talentia CPM revolutionizes the financial consolidation process, offering guidance, automatic data controls, and security. This solution is ideal for groups looking to optimize their consolidation process, reduce error risks, and meet ever-shortening deadlines, as underscored by the challenges and solutions presented in Ventana Research’s report.

FAQ

What are the main challenges of financial consolidation?

The main challenges include tight deadlines, high risk of errors, complex process tracking, and limited capabilities for analyzing consolidated data, as confirmed by Ventana Research.

What is Talentia’s Business Navigator?

It is an integrated business workflow that guides users through each stage of the financial consolidation process, automating many tasks and checks for consistency.

What are the benefits of the Business Navigator?

Benefits include deadline compliance, reduced error risks, time savings, better visibility, and improved capabilities for analyzing consolidated data, aligning with the advantages of automation highlighted by Ventana Research.

Is the Business Navigator easy to implement?

Yes, it is integrated into the Talentia CPM solution, facilitating quick and easy implementation, with our team of consultants available to assist with configuration.

Can I test the Business Navigator?

Certainly, personalized demonstrations of the Talentia CPM solution integrating the Business Navigator are available.