The process of financial consolidation can drain resources and take time to complete. If this is a workflow that your business is still handling manually then it’s likely that you’re wasting energy and effort that would be better channelled elsewhere. Financial consolidation software provides any enterprise with the opportunity to improve this key process, both in terms of outcomes and accuracy, as well as the speed at which it can be completed. If you’re going to invest in financial consolidation software then what should you look for?
Is it flexible and fast?
There is little point in choosing financial consolidation software that isn’t going to add much to your situation when it comes to speed. It’s crucial to choose software that will enable you to speed up financial consolidation and experience a shorter and less complex process. Your choice of software should also be flexible, able to accommodate both the way that your organisation functions, as well as the various international reporting standards, such as IFRS and GAAP, that it may necessary to comply with. It may work best for your business to find software that enables simple integration with a performance management platform so that your enterprise can evolve to become more focused and agile too.
What automation options are there?
Most financial consolidation software today will provide options for automation. Everything from preparing data to consolidation measures can be automated and there are a range of benefits in doing so, from reducing processing time to increasing overall accuracy. It’s important to find software that offers automation where your business needs it the most. That might be when it comes to automatic currency conversion or creating a posting journal for automatic entries, for example. The most effective financial consolidation software offers something more – not just automation but also the functionality to control and check, as well as automatically run, a range of different steps in the consolidation process. This will not only help to improve overall efficiency but enable your consolidation to be more effective and minimise the potential for mistakes.
How does it handle data?
When you find the right financial consolidation software you can use it to create a comprehensive approach to this key process. This often begins with the way that data is processed and handled – the speed at which it can be imported, whether this can be automated, and the functionality in the software for checking calibre and constancy of the data while this is happening are all important. There are a lot of benefits to working with advanced financial consolidation software where data is concerned. For example, there will be more flexibility when it comes to internal analysis and reporting and more reliable information available for enterprise performance management. Plus, your data will be more transparent and easy to audit.
These key questions are essential to ask for any business looking to find consolidation software that will deliver a range of benefits, from greater efficiency to more sophisticated data management.