Writen by Laura Jasenaite • 2nd April 2018
Many chief financial officers report new confidence in the data at hand when migrating from Excel to an automated consolidation tool. The reason is very simple – reports help track errors. Very often finance professionals running a report find errors staring them in the face.
However, the true solution lies in bringing together finance professionals’ knowledge of the group’s process flows at every level, understanding the needs and relationships of every business entity within the group and empowering the various stakeholders to produce correct data quickly to aid the decision-making process.
This can be achieved by upgrading the Excel-based inter-company consolidation to an automated accounting consolidation software that allows finance people to keep their current set-up at entity level while integrating all the data and reporting automatically.
Upgrading inter-company reporting and closing processes means everyone within the financial structures of the company will trust the data’s accuracy and precision – and take it more seriously. By obtaining increased visibility through reporting at every level, financial officers will be in a better position to understand how their work fits within the bigger picture. They will, therefore, be more likely to act upon that data in a way that benefits the whole group.
No more will people fear the chief executive’s question: “How reliable is this data?”
Chief financial officers today won’t need to worry so much about the data entered by their teams because they are equipped with several detailed reporting tools to help them uncover human error mistakes.
Today the industry can offer fast tech solutions that enable the various entities to keep current accounting systems at the company level while integrating into an inter-company consolidation software.
This provides all financial and decision-making stakeholders across the company structures with:
If you have done your homework and the demo is well organised, you are more likely to get your CFO on board:
- New-found confidence in the precision of inter-company transactions
- Access to clear reporting - the confidence to discover human error more easily
- A simpler compliance documents submission to government entities
- Easier implementation of data-quality standards that apply to the whole group
- Easy reporting and data-troubleshooting tools to help uncover errors at the early stages, by running reports and getting access to correct data at the early stages before the close.