5 Ways to improve your consolidation process
Consolidating financial data is super important for businesses. But hey, let's face it, it can be quite a pain in the neck. From faulty data to complicated intercompany deals, it can get messy. Fortunately, there are ways to make it all run a little smoother:
1. Bye Bye Wrong Data
Link your tools directly to your source systems. No more hassle with manual adjustments. So you get your trial balance in much faster and without fuss. With periodic use of good statements, period after period you teach your entire organization to do better accounting: a tight finance department can have insight into the consolidated Trial Balance on day 1.
2. Keep it Simple with Intercompany
Intercompany transactions can be a headache. Automate the process and stop overusing Excelfiles on the shared drive. If you now incorporate your accounting manual directly into your workflow, people are not only helped to know in what order to do things, but are also guided with each step of the process.
3. Automate your eliminations
Get rid of those manual entries! Automate your elimination journals and your consolidations will go like clockwork. No more wasting time on endless Excel sheets or 14-column paper. Those days are gone now, right?
4. Report Flexible
Empower your finance team to get different insights quickly. Flexible reporting means you can respond quickly to the changing needs of your CFO.
5. Check your Audit Trail
For reliable reporting, it is essential to be able to track every step. Modern tools fortunately have extensive audit trails, so you can see exactly who did what and when. Where did this particular change in financial fixed assets come from? Simply: entered on April 8 at 09:15 by Jeroen Beentjes. It can be that simple.
By applying these smart strategies, you can smooth your consolidation process, increase precision and save valuable time and energy. With a streamlined consolidation process, you can focus on making smart, data-driven decisions and driving growth and success. We are seeing more and more use of Fluence Technologies in the marketplace to achieve these goals. Also curious how your organization can take the next step toward a modern and mature finance department? Click on our names to get in touch with us or sign up for our upcoming Fluence Close-Up, you'll find that link below!
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