If your financial team is still faced with time-consuming, spreadsheet processes, or lengthy month end close cycles, it is time to polish up your consolidation strategy.
Financial consolidation systems are no longer only within the reach of large enterprises. There are now easy-to-implement, user-friendly and affordable solutions that are specifically designed for the mid-market.
What to expect from a financial consolidation software
Modern consolidation software involves a holistic approach that covers the organizations’ overall operational needs, seamlessly integrating finance, strategic planning and short-term management. What are the key features of modern solutions?
- Easy to use and straightforward to ensure accessibility with minimal training.
- High performance and scalability to load and roll out a large amount of data from different sources across the business.
- Finance-owned, thus reducing the cost of implementing consolidation software and avoiding the additional expenses and delays involved in relying on an IT department.
- Robust enough to handle simultaneous users and heavy workloads during the budgeting and planning processes. This includes intercompany eliminations, currency conversions, journal entries, alternate roll-ups, support for statutory consolidation,
What’s more, having complete visibility of the process saves unnecessary emails and phone calls and supports decision making. This way, your company is able to anticipate and catch market opportunities with reliable numbers and on a timely basis.
Modernize your consolidation system: one set of reliable data
As mentioned, many companies still use outdated approaches where data are inserted manually into spreadsheets and siloed across multiple locations, involving a risk of human error and an inability to achieve 100% reliability.
Financial consolidation solutions can replace manual and labor-intensive tasks and automate disclosure. But, most importantly, they provide a single version of the truth that everyone can rely on, building a complete view of your company’s performance.
Moreover, as well as improved financial decision making, unifying consolidation with planning, budgeting and reporting processes ensures strong and detailed audit trails.
A cloud-based consolidation tool to reduce month-end closing time
A lot of value can be gained just by saving time. If you’re struggling with month-end processes that take one week or more, a cloud-based consolidation solution that integrates financial close management software is a must. Just a few advantages of using it:
- Rolling forecasting based on real-time results so that the finance team doesn’t have to collect and consolidate data from across the business at the end of the month.
- Access from anywhere that facilitates collaboration and makes information transactional details and reports available at one click.
- Frequent upgrades to always have the latest version.
In short, if you want to improve planning and increase your company’s agility, it is essential to always know where you are quickly and at a detailed level. Talentia CPM provides all the consolidation software you need to take your financial strategy to the next level. With an all-in-one platform, you’ll enjoy using powerful and reliable consolidation tools to support your finance team.
Download the “10 Key Reasons for Mid-Sized Companies to Modernize Consolidation” White Paper and discover the main reasons to modernize consolidation.