In today’s fast-paced business world, time is a valuable commodity, and every minute counts. With one-button consolidation, you can automate your financial consolidation process and save time, effort, and resources. Imagine the peace of mind knowing that your financial reports are accurate and generated with just one click. It’s a game-changer that can help you focus on core business activities and drive growth.
As businesses grow and expand, the complexity of financial consolidation also increases. Consolidating financial data from multiple entities into a single report can be a tedious and time-consuming process, often requiring manual interventions and validations. However, with the addition of advanced technologies, financial consolidation can be streamlined and automated, saving time and improving accuracy.
Let’s take a closer look at how one-button consolidation can benefit your business:
Ready to simplify your financial reporting process? Schedule a demo with us today and see how our one-button consolidation feature can help you save time and reduce errors.
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Fewer Manual Actions and Faster Turnaround Time
One of the significant advantages of one-button consolidation is that it requires minimal manual intervention. The process can be completed in just a few hours, compared to the 10 days it may take manually. The automated process eliminates the need for repetitive tasks and reduces the risk of errors.
Subgroup Level Consolidation
The consolidation process begins by uploading data from dozens of entities using ETL (Extract, Transform, Load) technology. The system then calculates and validates the data for each entity and eliminates intercompany (IC) transactions and financial investment to produce accurate financial data.
Full Group Report
The consolidated data from the subgroup level is then moved to second-level consolidation. The system repeats the actions from the subgroup level, calculates and validates the data, and eliminates IC and financial investment.
Efficient Data Processing and Reporting
One-button consolidation can process data and generate reports in minutes. It requires minimal manual input, with just a few unique annual journals to be posted manually.
Business Segmentation and Statutory Yearly Consolidation
One-button consolidation provides a breakdown of the data into business segments without any action from the user. For statutory yearly consolidation, the system follows the same process as the subgroup and full group reports. However, despite extensive automatization, some supplementary information may require manual entry.
Conclusion
One-button consolidation can significantly streamline the financial consolidation process for businesses, making it faster, more accurate, and less labor-intensive. With advanced features and automated scenarios, it can adapt to different business requirements and ensure accurate financial reporting. It is a valuable tool that can help businesses focus on core activities and drive growth.
Schedule a demo!
Ready to streamline your financial consolidation process and make it as easy as clicking a button? Schedule a demo with us now and learn how our one-button consolidation feature can simplify your life.