Whether it’s bringing the data together or distributing the financial results broadly, the financial consolidation process has long been an onerous drudgery of information assembly, validation, and reporting. For many corporate accounting groups, the consolidation process is sometimes measured in months, often measured in weeks, but rarely measured in days.
The pace and complexity of today’s business environment is driving financial executives to shift their financial management solution to a system of intelligence, rather than a system of record, a critical part of which is access to continuous, accurate, consolidated financial reporting.
This paper chronicles the consolidation process, discusses the challenges of aggregating the balances and transactional activity from the business units, and presents an approach for improving not only the financial consolidation process but also augmenting the analytical and real-time reporting capabilities of the finance function.
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