Consolidating financial data is an essential aspect of any organization’s accounting process
However, with the increasing complexity of financial systems and growing amounts of data, manual processes, and spreadsheets are no longer viable options.
These three lessons from 500 finance professionals can help you choose the right financial consolidation software:
🎯 Lesson #1: Modern solutions are a must-have
Outdated methods for consolidation can lead to errors and version control complexities.
Thus, modern solutions are necessary to ensure accuracy and efficiency. The right software should be easy to use and provide the following:
📌 Journal entries
📌 Alternate rollups
📌 Intercompany eliminations.
📌 Automated currency conversion.
🎯 Lesson #2: The right platform is crucial for seamless ERP integration.
Consolidation can become challenging when dealing with multiple systems. Therefore, it’s essential to choose a consolidation platform that fits your organization’s needs.
Look for a platform created by a vendor committed to supporting you and ensuring seamless ERP integration.
This will ensure that the consolidation process is smooth and efficient.
🎯 Lesson #3: Finding the Right Partner is Critical
Choosing the right software is only half the battle.
Finding a partner who can manage the delicate balance between working quickly and standing behind you during difficulties is critical to consolidation success.
A reliable partner should not only offer the right features and functionality but also provide advice in structuring financial and consolidation processes, selecting appropriate consolidation platforms, and implementing such platforms.
As a management and technology consulting firm, Synvance guides businesses on their core transformational activities regarding their supply chain, from identification through business-as-usual.