Financial consolidation and planning are unquestionably essential for accurate reporting and better decision-making. However, whether to choose a unified platform or a best-of-breed solution is often the subject of discussion. Controllers and FP&A managers should make efficient consolidation, alongside successful performance a priority, which involves using consolidation solutions that work well together to meet their needs.
Talentia offers you the chance to download the latest White Paper where BPM partners address the following and more.
The current scenario
A 2023 survey conducted by Talentia on the situation of financial management and reporting revealed that finance teams are still struggling with financial statements’ consolidation.
- 86% worked extra hours to deliver consolidation reports.
- 68% ranked the efforts of reconciling financial statements and management reporting as moderate to high.
- Over 50% still used Excel in their reporting tasks.
Moreover, a BPM Partners Pulse Survey, where 60% of respondents were midmarket companies, revealed that monthly consolidation and close are still taking too long:
- 36% answered 1 week.
- 34% answered 2 weeks.
- 16% answered between 1 and 3 days.
- 9% answered 3 weeks.
- 3% answered between 1 and 2 months.
Clearly, many finance departments are under pressure to close the books and lack the appropriate tools for efficient consolidation of financial statements.
Unified platform solutions
Having a single, integrated software solution for business planning, budgeting processes and financial consolidation definitely saves time and reduces errors. This is ideal when the intention is to replace both the company’s consolidation and FP&A systems. What are the main advantages?
- Similar user interface across all functions.
- Working under a single vendor and contract.
However, choose carefully; few vendors deliver full-featured, sophisticated consolidation software as part of an all-in-one suite.
Standalone solutions
If the functionality of any of the modules of your all-in-one consolidation solution is poor, a best-of-breed package could replace this weak link to optimize the end result. In this case, the best option is to find a standalone consolidation tool that suits your company’s needs, allowing seamless data integration with your FP&A applications.
Modernizing consolidation: priorities
Upgrading financial consolidation and planning software can save time and reduce the closing cycle if you choose wisely. The following are some of the most sought-after characteristics:
- User-friendliness: according to a recent BPM Pulse research, 86% of respondents ranked ease of use at the top of the list of most important criteria.
- Fast deployment: 73% stated that they were likely to switch vendors if implementing the consolidation solution took too long.
- Last but not least, consolidation software implementation price is always taken into account.
At a time when the need for modern financial consolidation tools has never been greater, having the right finance solution for both consolidation and planning is the key to success. Place the focus on functionality and find the business consolidation software that best fits your needs.
Download the White Paper now!
