Writen by Stefan Farrugia • 9th October 2017
On Tuesday, October 31, we will unveil CFOUR, a comprehensive financial consolidation tool designed to facilitate subsidiary and group accounting through automation.
Consolidation is often the bane of productivity for finance managers and chief financial officers, particularly for professionals who work with traditional and cumbersome accounting software. Minor adjustments to the financials regularly necessitate laborious updates, locking down precious resources.
CFOUR is an automation tool that provides for accurate data, better process visibility and control, and leads to significantly faster consolidation. Report accuracy is safeguarded as all the data is handled in a controlled environment which also allows for version traceability, all stored on one database. This ‘governed’ environment centralises the process through a collaborative dashboard. Such a continuous structure translates into remarkably reduced lead times, which means finance departments can consolidate far more frequently as they wish. It also means CFOs can dedicate more energy and resources to financial strategy.
The simplicity of CFOUR’s process flow is derived from the replication of the traditional manual process into the four distinct stages of consolidation: collate, compile, calibrate, consolidate. Hence, CFOUR.
CFOUR first collates the data from various sources such as Excel or ERP into one data stream before compiling subsidiary companies’ accounts. The third stage calibrates journal entries where inter-company elimination is logged and validated through a user-friendly interface. At the final stage, subsidiary accounts are consolidated into the holding company.
As an end-product, CFOUR users customise data visualisation according to their analytical needs. The product features attractive infographics and interactive charts that can be easily exported for presentation purposes.
CFOUR is easy to adopt. Licensees only require a few hours’ training and onboarding before use. Implementation is just as seamless. Companies with up to 10 subsidiaries can have CFOUR implemented within a maximum of three weeks.
The returns on the investment in CFOUR can be realised quite rapidly. We calculate companies can recover the outlay within a year. Besides, the underlying architecture has been designed to manage data at scale, so CFOUR is able to keep abreast with company growth.