Financial Consolidation Software eases and speeds up the process of financial reporting, budgeting, consolidating, and analyzing large & complex data for companies.
The best financial consolidation software is the one that covers all, or the majority, of the following points:
• It fits best with your specific needs.
• It doesn’t break the bank.
• It should handle and streamline your financial close and consolidation process while addressing any complex accounting and/or reporting requirements needed.
• It must be owned by finance and does not require IT support – other than for initial setup.
• It must be secure with SSL, VPN, and/or dual-factor authentication.
• It should contain strong internal security to limit data access by user, user type, and user group or role. This should be down to the cell level.
• It must contain an easy-to-use, dynamic, and powerful report writer.
• It should be flexible in the event of a restructuring.
• Consulting options should be readily available, at reasonable prices, if you need help.
• It should be quick to implement and require minimal consulting support once implemented.
• It should be Multi-dimensional with the ability to add dimensions as needed.
• It should have the ability to add alternate hierarchies within each dimension to maximum flexibility in reporting.
• It should include automatic eliminations for intercompany, investment eliminations, reclassifications, etc.
• It should have the ability for users to post journal entries and adjustments for GAAP vs IFRS requirements.
• Journal entries and adjustments should be classified by type (manual, automatic, intercompany, etc…) and each should be held in its own separate field, or dimension, for maximum reporting and analysis capabilities.
• It should the ability to perform complex multi-currency calculations. Including the calculation of CTA (currency translation adjustments).
• It should have the ability to calculate cash flow statements either individually or on a consolidated basis.
• It should have a Web interface.
• It should be intuitive and easy to use for the average person.
• It should contain a workflow and sign-off mechanism to ensure SOX compliance.
• It should have an Excel connector to allow for downloading or running reports directly to Excel.
• It should include XBRL reporting capabilities for SEC reporting.
• It should provide an on-premises or cloud-based version.
• It should seamlessly integrate (bi-directionally) with all existing systems for data transfer purposes. And it should contain a powerful ETL tool that can be used to achieve this.
• It should be a purpose-built Financial Consolidation Software solution. Meaning it is not generic but rather is built and designed to meet your company’s specific needs.
• It should automate as many tasks as possible to eliminate the need for manual, repetitive, work by end-users.
• The Financial Consolidation Software should include internal controls to ensure that accounts validate and reconciliations are completed by end-users before submitting their completed financial data.
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