Consolidations
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 Prophix allowed us to meet our deadlines with less manual input and reduced consolidation time, which allowed for more accurate and timely analysis.
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Consolidations in Prophix eliminates manual intervention and presents clear insight into consolidated financial information. The sense of urgency from regulatory pressures like the Sarbanes-Oxley Act and IFRS is minimized because consolidation is streamlined, transparent and collaborative. Accurate results are quickly validated and shared across the organization while managing key stakeholder relationships throughout the process.
Consistent completion of data
Prophix brings data together from multiple sources and turns it into usable information for managing the business. Through a direct connection into domestic and foreign subsidiaries general ledger systems or through direct entry into Prophix, entities provide required financial information in a standard, consistent manner; deadlines are met and subsidiaries become accountable.
Enhanced validation & approval
Prophix data is continuously validated and cross checked through pre-defined report structures and review processes. The appropriate revision, contribution or sign-off is employed at various junctions during consolidation, improving the flow of information and offering more control to the stakeholders involved.
Repeatable, reoccurring consolidation processes
Prophix can create, schedule, design and run business type rules and processes to facilitate consolidation and global data manipulation in one point-and-click interface. Processes such as intercompany eliminations, allocations and minority interest calculations are designed to remove tedious manual adjustments. Prophix provides an interface that tracks consolidated information at an aggregate level and allows for extensive analysis when necessary.
All-inclusive currency translation
Prophix currency translation takes the repetitive, error-prone processes and removes the non-value-added steps. Period-end, average, and historical foreign exchange rates are automatically imported into Prophix for use in currency conversion. The Income Statement, Balance Sheet, Cash Flow and other supporting statements are reviewed and analyzed in local and reporting currency further streamlining the overall consolidation process.
Multiple consolidation levels supported
Prophix supports multiple consolidation and sub-consolidation levels in its reporting and analysis capabilities. Through multiple reporting hierarchies and through the use of inherent mapping tables, Prophix is capable of performing multi-level consolidations; satisfying the requirements of regulators and meeting the needs of internal stakeholders.
Adaptability when changes are needed
As regulatory pressures increase and companies are being asked to change structures, processes and policies very quickly, Prophix's fully integrated, centralized business model supports, controls and manages the change. Adding new reporting hierarchies, entities, currencies, line items, or consolidation processes is within business leaders' reach. The highest level of accuracy, reliability, and consistency throughout all of your planning and consolidation processes is guaranteed.
Import Wizard and data connectors – With PROPHIX data connectors, datasets can be created to retrieve data from any source system. Importing data via the Import Wizard allows for data mapping which ensures that data consolidations are accurate.
Multiple hierarchies – PROPHIX supports organizations with multiple roll-up or consolidation paths, satisfying the needs of various stakeholders.
Multi-currency support – The ability to convert between a native base currency and functional reporting currency is of paramount importance to organizations with multiple disparate entities spanning many countries. With PROPHIX, multiple currencies, exchange rates, and rules are easily maintained within the business model—and conversions are performed at a click of the button.
Process Manager – The PROPHIX Process Manager facilitates manual tasks by automating tasks such as intercompany eliminations, allocations and minority interest calculations. These automated processes ensure consolidated data is accurate and up to date.
