Consolidation of digital financial systems, data, and processes is critical to the operations of multinationals and other large companies. But it’s a task complicated by the need to integrate heterogenous data and accounting rules that may vary among business units and subsidiaries. Meet these consolidation challenges by following these five steps:
01 Deploy an accounting and finance hub. Positioned at the edge of the finance information system, this specialized platform enables you to interconnect all sources and targets of financial information and guarantee the integrity of data sent and received. Master multiple entity accounting and reporting, speed intercompany processing and reconciliation, and connect to any data source or target.
02 Keep your data clean. Your customers, partners, and entire business depend on high-quality and consistent data. With the right solution, you can transform data from multiple sources by applying the appropriate accounting schemes, control and enrich the data, and offer immediate access to end-to-end audit trails, tipping controls, and automatic or manual reconciliations.
03 Focus on agility. Look for a consolidated platform that simplifies and speeds the integration of new business units, different reporting tools, and evolving rules and regulations. Consolidate feeds from dozens of back-office systems, set up new business flows in a week, not months, and cut the integration load in half when migrating to a new ERP system.
04 Aim for higher operational efficiency. Don’t let the complexity of integrating diverse systems and data sources slow down your reporting cycles or overwhelm your staff with all-night emergencies and tedious, manual tasks. Gain operational efficiencies by automating data collection, normalization, transformation, and enrichment.
05 Make data available for analysis and compliance. Look for ways to transform data into actionable intelligence by exposing it in secure ways to authorized users. Feed business dashboards, handle errors and exceptions quickly, and enable both your own people and outside regulators to navigate audit trails.
Looking for ways to accelerate and ensure the success of your financial consolidation? Start here