Financial Consolidation

How do I streamline the consolidation of company data so I can build accurate financial reports quickly?

Financial consolidation is often a slow and error-prone process that drains organizational resources and delays vital decisions. If the boss’s request for an updated financial report sends shivers up your spine, your consolidation process is probably less than ideal.

Financial consolidation can require:

  • Collecting data files from numerous individuals
  • Untangling spreadsheets, often with broken formulas
  • Converting currencies
  • Incorporating organizational changes, perhaps related to a merger, staff changes, or simply new numbers
  • Merging of all the data: cutting, pasting, verifying.

Frequently, an intentional or accidental spreadsheet modification by another department makes rolling up the numbers impossible until you hunt down and fix the error. The more spreadsheets contributors you have across the company, the more difficult aggregation becomes.

Instant and Automatic Consolidation

Think how easy it would be to generate accurate financial reports quickly if your consolidation was virtually automatic. You can achieve that with Budget Maestro / Planning Maestro which:

  • Stores your data in a centralized repository built on Microsoft database technology
  • Automatically updates data in all relevant reports after a change is made in one area; this “ripple through accuracy” eliminates the need to check whether files have been “checked in” or “consolidated” in batches
  • Links your financial statements so you can generate integrated and accurate Income Statements, Balance Sheets and Cash Flow Statements in real-time
  • Supports currency conversion and reporting in multiple currencies
  • Allows for manual adjustments and inter-company eliminations
  • Offers flexible and powerful reporting capabilities so you can run consolidated or summary reports as well as detailed drill-down reports
  • Supports multiple hierarchies, so you can generate consolidated reports at any level and on any combination of budget, actual and forecast
  • Controls access to your data through enhanced security.

The end result: real-time consolidated data at your fingertips, and the ability to run financial reports in minutes rather than hours.