Automating your Financial Consolidation process (Webinar)Sarah Whitworth
Financial Consolidation is a formulaic process; data load, journal adjustment, FX translation, intercompany and investment elimination and consolidation. It sounds so simple but for many companies the financial consolidation process, whether monthly, quarterly or annually can be manually intensive, inefficient and time consuming. In addition, even at the end of all this work there is no clear audit trail from the ERP system to the final reported numbers.
Why do companies struggle with the Financial Consolidation process?
So why do so many companies struggle? In many cases this is due to the use of tools that are not appropriate for the job at hand. Spreadsheets can be effective up to a point but often, as the company grows either organically or through acquisition, these become too complex and cumbersome. It is only an acquisition or a management letter point from the auditors that persuades the company to take action.
And yet Financial Consolidation is the most fundamental of all the processes performed by finance and is the foundation for budgeting and planning. All basic steps in this process should be automated releasing precious time for the finance team to add value and insight to the monthly results and to plan for the future.
What will you learn by watching this?
Includes:IBM Cognos Controller V10.3 Demo
Using our extensive knowledge and experience of many organisations we will look at what constitutes best practice Financial Consolidation, from data collection through consolidation to reporting. We will discuss how companies achieve an effective and efficient close process, with full auditability and allowing the finance team the time to add valuable insight to reports. We will also look at the role of technology and demonstrate how this can be used to deliver an efficient and effective Financial Consolidation process.
Who should watch this?
CFO’s, Finance Directors and Financial Controllers who want to discover how to improve their Financial Consolidation process.
- What is best practice Financial Consolidation?
- Obstacles and issues you may encounter in achieving this
- How the right technology solution can help you
- Demo of IBM Cognos Controller V10.3, showing you how it can be used to automate your Financial Consolidation process
- Summary and questions