Can “Time is money” be more literal than in Finance? Everything we do affects business growth, strategy, and cash flow. Amazingly in today’s digital world, many Finance departments keep several manual processes in Excel; this includes their consolidation – numbers shown to the government, investors, and the public. So, why do we insist on maintaining an error-prone manual process or delaying the implementation process?
When we talk about financial reporting, consolidation plays a significant part in Group finance. But because it is not a daily task, it often drops in prioritization when the department needs to be digitalized. There can be many reasons for this; however, as your credibility relies on these numbers, shouldn’t we prioritize it? One common thing is that automating this process will bring you one step closer to saving time and delivering error-free numbers. When we look at global research studies, one of the most common reasons accounting firms move to the Cloud is to ‘reduce errors through standardization of processes and tasks.
Clean up your consolidation process with Konsolidator
At Konsolidator, we have built software that is easy to use and can easily integrate with existing ERP systems. With our founders being former CFOs and auditors, this software has been developed with the expertise and insight of Group accounting – including thorough knowledge of what is essential and what is unnecessary when you need to streamline a complicated consolidation process. Konsolidator aims to eliminate common challenges with consolidation to help CFOs and Group finance professionals deliver more substantial results and get more time to influence the company strategy with their unique insight. If you are doing financial consolidation right now, it might be a good idea to see if consolidation software is for you.
Are your consolidation ‘needs’ handled in Excel // download the checklist
Find out where you are using too much time on a standardized process:
- Is it collecting data from subsidiaries?
- Maintaining an error-free spreadsheet?
- Calculating Exchange rates?
- Collaborating across locations?
There can be many reasons for this process losing time. The ones we have mentioned are classic and can all easily be solved with automation. Whether you should move away from Excel consolidation to a dedicated consolidation tool depends on your current situation. Thus, we have created a checklist to make it easy for all finance professionals to assess their Excel Consolidation challenges. To ensure you can deliver accurate and timely data with Excel, go through each point and see where your Group is. More than three ticks usually equal consideration for a new consolidation tool.
Is cloud software for your department?
The answer, in most cases, would be yes. Even Cloud doubters have started migrating towards Cloud – according to Gartner’s research, 85% of companies are planning their move. We can understand this, especially when looking at the increasing focus on remote work and collaboration. Choosing cloud software for your consolidation means you get an automated tool with all the necessary features to do a complete consolidation, alongside the added reward of reducing errors through standardized processes and tasks. Other features of the Cloud are:
- Easier collaboration and remote working
- Saving time and costs
- Getting real-time access from any portable device
- Increased security
- Mitigating risk
- Adding flexibility and scalability to help grow the business
- Centralized document storage
Integration plays a significant part when you choose Cloud software.
Ensuring that our software is easy to integrate with the rest of your digital ecosystem – is vital. There are many opportunities to create a digital ecosystem that focuses on integrations, not on how much ONE system can bring with digital development today. Say you need an ERP system, a consolidation system, and a reporting system – the more you try to incorporate everything, the larger the system gets and the more difficult it is to implement, learn, and maintain. With Cloud, the supplier looks after the software, making it simple to use. It can integrate with everything you have – ensuring that data flows seamlessly from one application to another. And when it is not relevant, you can end your subscription.
Meet Konsolidator
Konsolidator’s cloud-based financial consolidation software is the tool to remove the complexity from consolidation, enhance reporting, digitalize your department, save time and resources, and make better decisions for your Group. Bring digital transformation to your finance department with Konsolidator®.
Learn more about how cloud consolidation can help your team deliver more substantial results. And even more importantly, ERROR-FREE results. Click here for a quick chat about whether your company needs to clean up its consolidation.