Have you ever presented your group’s financial report to the C-suite and then realized an error in the numbers? If yes, you know why and where there is a potential in trying to move away from Excel.
One area where saving time is easy is the consolidation process. But finding a single system to handle all aspects of group reporting while keeping up with regulations is challenging and expensive. Especially if you are a small or medium-sized group, but it doesn’t have to be the case.
But first things, first – do you even need to automate your consolidation?
Consolidation software – a must-have or nice to have?
Whether consolidation software is a must-have or a nice-to-have depends on the specific group and its complexity. There are different ways to figure out if that group is you. One way is to download this checklist and see if you have outgrown Excel.
Another one is the old-school advice, sit down, bring out a paper and create an overview of how complex and time-consuming your Group reporting, like the consolidation, really is. Often you will find that the actual time you are using expand what you believe. Especially when you look at, e.g., the time you collect data from subsidiaries, the error tracking you do after every review, and so on – in the end, it is rarely the reporting but the surrounding factors which take up much time. And this can be because you are not using the right tools. And this can be because you are not using the right tools.
Returning to the question of must-have or nice-to-have depends on complexity and time-wasting. The question is: do you need time for other value-adding tasks? If yes, you should at least investigate if the software can give you what you are missing.
Why Konsolidator would be a fit for you
Konsolidator – is an add-on for you who want to do a proper consolidation for your group within minutes. Instead of finding an all-in-one solution, an add-on integrates with the cloud ERP system you are already using, whether it might be Xero, Sage, e-conomic, QuickBooks, or another Cloud ERP system.
At Konsolidator, we are very excited that our integration with Xero and other cloud accounting software have made group reporting super easy for you. Setup is done in five easy steps. Then you can automate the transfer of trial balances from your Cloud ERP and calculate your consolidation directly from one system within minutes. You will save time by going from manually collecting data from subsidiaries and handling your consolidation in Excel to automatically transferring data and calculating exchange rates, intercompany eliminations, minority shares, and so much more by connecting Xero and Konsolidator. You can also create budget, cash flow statements, and KPIs for the Group inside Konsolidator. And download the group report to the pre-built templates within the software. Choosing the best consolidation software for Xero is quite easy with our new direct integration. And even better, you can test the software and see for yourself without commitment.
5 easy steps to integrate with Konsolidator
With only 5 steps, you can test if Konsolidator is the best consolidation software for you to streamline and simplify your consolidation process.
- 1. step: Sign up
- 2. step: Fill out the group structure (you receive the template)
- 3. step: Log in and connect Konsolidator to your Accounting System
- 4. Step: Test Konsolidator and do a consolidation (14 days)
- 5. Step: Subscribe and continue to use the software.