Close & Consolidation
Consolidation is the process of aggregating the financial results of all underlying entities. The process becomes more complicated when dealing with many entities. The different currencies have to be taken into account, intercompany transactions must be eliminated and often a company only holds a percentage of the entity which had to be calculated. Then, if the process is not carried out faultless, it could happen that the result is reported incorrectly, and choices will be made based on incorrect figures.
The close and consolidation process can easily take multiple days or even weeks. Gathering and transforming data from different solutions and systems takes up most of this time. Modern EPM solutions are able to minimize this time and eliminate manual error prone processes.
An optimized close process
- Automate data loading, reconciliation and reporting.
- Improve your confidence in financial results with 100% transparency.
- Increase insight into the real FX impact of currency on every balance sheet account.
- Track detail movements and changes for complete cash flow reporting.