Consolidations have been a routine part of many corporate accounting departments for as long as most can remember. What has changed over time is the complexity and compressed timelines of consolidations.
The traditional approach to consolidation which is still used by many companies today includes a blend of human capital, manual processes, and different technologies to bring data and information together to form the basis for consolidation. This multi-stage consolidation process is time consuming and error-prone, no matter how well organized, communicated, or executed the process becomes.
To preserve financial reporting integrity, checks and balances along with manually prepared account reconciliations using spreadsheet files and print outs, are often assembled to prove the numbers.
The better way comes from leveraging leading cloud financial management systems. The characteristics of this type of configuration include four critical differences:
#1 A Scalable Accounting Foundation Enables Automation
#2 Supporting Faster Growth
#3 Managing the Consolidation Process
#4 Better Insight
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Next Generation Financial Consolidations for Financial Services
Next Generation Financial Consolidations for Financial Services Organizations
Learn how these differences in a cloud accounting solution compare to a legacy or out-dated accounting system.
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