5 Benefits to Automating your Financial Consolidation Process
Prophix
May 2, 2012, 12:00:00 PM
Frustrated with your financial consolidation process? You're not alone.
Inconsistent data, confusion with approval process, and lack of adaptability are all too familiar pain points when trying to get through a consolidation, without a properly implemented financial process in place. Little time is left for analysis, and much is left up to chance.
Automating your
consolidation process will allow you and your team to deliver faster, more reliable consolidations, moving beyond mere reporting into the analysis of 'how' and 'why'.
Benefits to automating your consolidation process:
- Ability to centralize consolidations with easy data collection from subsidiaries
- Ease with managing and integrating cross-enterprise information
- Benefit from shorten cycle time required to consolidate, validate, and certify financials
- Capacity to audit and track data flow throughout the consolidation process
- Ability to provide a single version of the truth, with a common chart-of-accounts, to support financial management and statutory reporting
To learn more about how you can automate the entire process, from data collection to financial consolidation, view the
Prophix Consolidations Product Tour.
Prophix
Ambitious finance leaders use Prophix to drive progress. By improving the speed and accuracy of decision making, Prophix’s Financial Performance Platform elevates the talents of finance teams to do their best work. Crush complexity, reduce uncertainty, and illuminate insights with access to best-in-class AI insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. Prophix is a private company, backed by Hg Capital, a leading investor in software and services businesses. More than 2,500 active customers across the globe rely on Prophix to achieve organizational success.
