Financial consolidation and reporting, be it year-end, quarterly, or monthly, usually, come with these stressors:
These tips can help you get started:
👉 Handle large amounts of data from multiple sources.
👉 Ensure a high degree of data accuracy in financial information.
👉 Handle manual consolidation processes and/or outdated consolidation technology.
Here are three ways to beat the stress of the process:
👉 Support cross-functional collaboration.
Getting the correct data inputs from diverse sources in time for closing requires cross-functional cooperation. Encourage and facilitate communication and collaboration between departments, such as finance, accounting, and IT, to ensure a seamless consolidation process.
👉 Centralize data and streamline the consolidation process.
Data silos and inaccuracies are the results of inadequate information integration; therefore Implementing a centralized data management system helps streamline the consolidation process and minimize error.
👉 Automate the “close-to-disclose” process and protect staff time.
Automation allows you to retain accuracy, and speed up the “close-to-disclose” process, while also speeding up data input and allowing you to quickly and accurately close the books and report financial results.
Thinking ahead and using the appropriate technology can help you reduce the stress experienced during this time.
As a management and technology consulting firm, Synvance enables the financial transformation of its customers and provides advice in structuring financial and consolidation processes, selecting appropriate consolidation platforms, and implementing such platforms.