A financial consolidation operation requires several skills in the hands of certain employees: integration of scales, search for inconsistencies and errors, calculation of complex perimeters, consolidation processing, production of regulated financial statements, etc. Operations that are generally long and time-consuming. Equipping yourself with financial consolidation software reduces the time spent on these tasks without added value.
This type of solution provides a global view of the financial health of a large group composed of the parent company and its branches. The solution will simplify the consolidation and processing of all financial data and information into a single accounting document. Primarily aimed at large groups with a turnover of more than 30 millions of euros, financial consolidation software can also be of great help to SMEs seeking to understand their overall performance. The results of the consolidation are also used as decision-making tools.
Consolidation software : a decision-making tool
From a strategic point of view, consolidation software provides increased visibility into the company’s financial health. The data obtained from them constitute reliable information that can be used to implement relevant development strategies. Therefore, if, from a legal point of view, consolidation must take place annually, it may be advisable to proceed regularly every 3 or 6 months. On the operational side, its use drastically reduces the risk of human error. The software is based on a fully controlled consolidation process, which allows the management of restatements and/or eliminations without risk. The automation of the operation saves time on account consolidation and thus increases the productivity of the accounting teams. And there are many benefits.
The advantages of financial consolidation software
Developed by business and systems experts, a financial consolidation software package includes functions for managing data collection, managing restatements and elimination entries, managing deferred taxation and automating mergers (changes in scope). This technological tool significantly reduces the tasks of the consolidator while ensuring perfect consistency of the financial data of each company that makes up the group.
Another important point is that it is possible to customize the reporting. This advantage guarantees complete tracking of consolidated data and thus simplifies the auditors’ work. An international group can, for its part, choose an even more complete software package, integrating a module that automatically generates the legal consolidation organization chart from the entry of the securities portfolio. This type of tool even makes it possible to manage treasury shares and crossholdings.
Why choose your software on Cloud ?
The Cloud mode offers clear opportunities to companies with several subsidiaries and some activities that are offshoring. Cloud-based tools provide 24/7 accessibility, anywhere in the world and from any Internet-connected terminal. This type of solution allows a much more efficient collaborative work. For example, financial consolidation software on the cloud will be much more efficient for sharing and sending financial data and information and reporting between the parent company and subsidiaries.
The advantage of dematerialization of applications is also in terms of cost, it saves companies from having to invest in expensive equipment and hiring specialized personnel to perform maintenance and care work. In addition, cloud software is scalable and flexible so that it can be easily adapted to the needs of the company as its business evolves.
Talentia Software, your consolidation software from a leading provider
Consolidating a group’s accounts is a particularly complex operation. Talentia Software is a leading European specialist provider of financial management solutions. For 25 years, we’ve been supporting businesses of all sizes, from SMEs to large corporations, by offering them powerful financial management tools designed to meet the needs of all types of companies. Choose from Talentia Software’s catalog of products designed to streamline the management of company finances. A trusted partner to businesses, Talentia Software offers a comprehensive service, including integration, training and technical assistance, to optimize the management of client companies. We also have the necessary expertise to design the most suitable consolidation software for your company.
We will also take care of directly integrating the software into your information system. Talentia Software also distinguishes itself with innovative solutions, thanks to the important role we ascribe to Research and Development. This ability to adapt is particularly necessary when it comes to coping with rapid changes to the scope of consolidation.