Close the Books Faster and Reduce Risk
Increase confidence and efficiency in month-end financial close processes while delivering rapid insights across the enterprise.
Accelerate the consolidation process and elevate compliance reporting with the most sophisticated financial intelligence available.
Align account reconciliations with financial reporting. Improve the integrity of financial results.
Accelerate account reconciliations and the close process. Match transactional data from multiple sources and quickly resolve differences.
Increase efficiency by streamlining tax provision and reporting. Report transparently and reduce risk by aligning the tax provision with financial reporting.
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In today’s volatile and sometimes disruptive economic environment, CFOs and finance organizations need to be able to lead the organization’s decision-making processes with insight, speed and confidence. Yet many finance organizations are still bogged down by inefficiencies in routine processes such as the period-end financial close and reporting cycle and are unable to shift their time to value-added analysis and decision support.
The financial close, consolidation and reporting process can be relatively easy in a small enterprise that is using a single, centralized GL/ERP system, operates in a single currency, and has a simple legal entity structure. However, as organizations grow and evolve in sophistication, the process can become quite complex. In a mid-sized to large enterprise, the financial close and reporting process spans the following activities:
As organizations grow and evolve in complexity, the financial close and reporting process can cross multiple locations and departments, involve multiple systems, and consume a great deal of the finance team’s time and resources. Most organizations execute the financial close and reporting process on a monthly basis, with additional tasks and even more rigor on a quarterly basis. The year-end close then requires yet even more time and effort.
Any time and resources freed up from the mechanics of the process can be allocated to value-added activities, such as analyzing financial/operating results and supporting strategic business decisions across the enterprise. Moreover, having the ability to execute an efficient financial close and deliver timely and accurate financial and operating results allows CFOs and finance executives to lead the organization’s decision-making processes with insight, speed and confidence.
While accounting departments performed consolidation and reporting on a manual basis for many years, in today’s world there are several types of software tools used to support these processes:
Purpose-built financial consolidation software applications found in today’s corporate performance management (CPM) software solutions are becoming the preferred approach for mid-sized to larger enterprises. Purpose-built financial consolidation tools also provide easy to use reporting capabilities that can automatically generate consolidated financial statements, as well as management reports, dashboards, board books, presentations and spreadsheet-based analysis in a fashion that is not conceivable in a transactional system.
While these systems have historically been deployed in on-premises data centers, they are now available as cloud or software as a service (SaaS) offerings, making them easier than ever to deploy and manage. A good example of a purpose-built application for financial close, consolidation, reporting, and more, is OneStream’s Intelligent Finance Platform.