Increase accuracy in intercompany reconciliations process
Eliminate manual data collection hassles and errors involving multi-entities and multi-currencies by seamlessly integrating disparate data sources into Prophix One and automatically structuring the data to elevate your financial accuracy and operational efficiency. By automating data imports and using intelligent data mapping with built-in validation rules, Prophix One ensures a smooth and reliable data collection process. Say goodbye to wasted time collecting and formatting data – Prophix One Intercompany Management streamlines the entire process without the need for constant IT involvement to ensure accuracy in your intercompany transactions.
Empower subsidiaries and maintain financial control
Evolve your financial reconciliation process by empowering legal entities to actively carry out transaction-level matching and issue resolution across your intercompany sales and purchases, while maintaining centralized oversight and control over the process. Intercompany Management enables entities to reconcile their part of the transactions and to resolve issues independently, eliminating the need for an intermediary, such as a group accountant. Enhance compliance, governance, and financial insight within your financial operations to make informed decisions and optimize global consolidations across your corporate structure with Intercompany Management.
Improve collaboration for a faster financial close
Improve team collaboration with a single, unified source of truth for all of your transactional data. Maintain a detailed audit trail of data changes, adjustments, and matching rule modifications for transparency and accountability. Drive collaboration through status updates, notifications, comments, and file sharing all within a single, user-friendly environment. Intercompany Management enhances communication and keeps stakeholders better informed and more aligned for an efficient intercompany reconciliation process.
Streamline intercompany reconciliations for faster, more accurate close
Reliably collect data without needing IT.
Eliminate errors in data gathering from disparate accounting systems.
Empower entities to reconcile independently.
Speed up the financial close process.
A solution for every leader
Chief Financial Officer
Provide data clarity to empower your organization to drive financial performance and be prepared for the road ahead.
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Head of Consolidation
Achieve your compliance and reporting goals with greater data confidence to expedite business decisions.
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Consolidation Manager
Improve the efficiency and reliability of your most time-taking processes with automated data collection and validation.
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Made for finance leaders
Discover Prophix One and unlock your potential for success.
Automate reconciliation, consolidation, and reporting to shrink-close windows, with greater accuracy.
Learn moreStreamline close windows by eliminating manual processes and automating recurring ones.
Learn moreEasily integrate with your business systems to capture and share data.
Learn moreFrequently asked questions
After running a consolidation, Intercompany Management flags any mismatches. For example, an exchange rate difference affecting a payable and receivable will be highlighted for timely resolution. Intercompany Management makes it easy to define rules of reconciliation, allowing you to set-up automatic intercompany eliminations for conversion differences and real differences on specific accounts. Intercompany Management automatically generates an Intercompany Reconciliation Report, providing visibility to the entire team.
Relying on manual processes to settle intercompany transactions can lead to inaccuracies, and doing so during the general ledger close increases the risk of errors. Intercompany Management makes it easy to create intercompany accounts and apply rules to automate the settlement of differences. Intercompany Management improves data quality while enhancing transparency and ensuring compliance across the organization.
Anomaly Detection uses the power of machine learning to analyze general ledger and sub-ledger transactions (accounts receivable, accounts payable, and subsidiary ledgers) providing you with deep analysis of your data to uncover outliers, errors, and possible fraud, expediting their resolution for a faster close using clean data.
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