Key Features Overview
This article outlines the core capabilities and advantages of the financial consolidation and close business process solution, focusing on speed, accuracy, and compliance.
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Prebuilt Best Practices
- Rapid Start
Get up and running quickly with built-in best practice functionality, including dynamic calculations designed for immediate use. - Accommodated Without Customization
Reduce the need for manual customization. Core financial statements—including cash flow, balance sheets, and income statements—along with rollovers and calls to action, are calculated automatically. - Versatile Global Reporting Standards
Meet global requirements efficiently. The solution includes a preconfigured consolidation model that supports both IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles).
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Manage Globalized and Advanced Consolidation and Close
- Perform Complex Consolidations
Increase the speed and accuracy of your close process. Reclassify, adjust, and eliminate data for any hierarchy with prebuilt support. Effortlessly manage complex legal rollups that require unique calculations. - Manage KPIs
Automatically track key metrics across the organization to monitor the health of your close process. Out-of-the-box calculations are available to meet standard business requirements. - Automated Intercompany Eliminations
(Referenced in summary) Streamline the removal of intercompany transactions to ensure accurate consolidated reporting. - Perform Currency Conversions
(Referenced in summary) Handle multi-currency environments with automated conversion tools. - Consolidate Globally
(Referenced in summary) Unified platform to manage consolidation across various global entities and jurisdictions.
Intelligent Process Automation (IPA)
- Automate Consolidations: Streamline the core consolidation workflow to reduce manual intervention.
- Orchestrate a Connected Close: Coordinate tasks across different teams and systems for a synchronized finish.
- Automate Narratives in Reports: Generate insightful commentary and explanations within financial reports automatically.
Compliance and Transparency
- Enable Audit Compliance: Maintain a clear, transparent trail to satisfy internal and external audit requirements.
- Incorporate Supplemental Data: Easily include additional data points and disclosures required for comprehensive reporting.
Financial Consolidation and Process Automation Overview
Following points outline key features for streamlining global financial operations through automation, advanced consolidation techniques, and enhanced compliance measures.
1. Global Consolidation Capabilities
Efficiently manage complex financial structures across international borders.
- Automated Intercompany Eliminations
Reduce manual workloads by utilizing automated systems to eliminate intercompany transactions. These features are customizable to meet specific organizational needs. - Currency Conversion Management
Improve consolidation accuracy by applying either standard or fully customizable currency translation rules. - Global Consolidation Framework
Consolidate global organizations using GAAP-driven applications. Features include full currency support, equity eliminations, adjustments, and detailed tracking of all data sources.
2. Intelligent Process Automation (IPA)
Leverage advanced technology to increase efficiency and reduce the time to close.
- Automate Consolidations
Gain operational efficiencies through background automation of consolidation tasks, allowing the team to focus on analysis rather than processing. - Orchestrate a Connected Close
Streamline the end-to-end close process with automated monitoring and workflow integration. This includes centralized administration and the ability to post journals directly to any general ledger. - Automate Narratives in Reports
Minimize reporting time and provide deeper insights by automatically generating narrative commentary within financial reports.
3. Compliance and Transparency
Ensure rigorous financial oversight and audit readiness.
Incorporate Supplemental Data
Gather supporting details to provide a complete picture of statement balances. Use easy-to-create templates for sign-offs, validations, and drill-back capabilities to source data for footnotes and statement analysis
Enable Audit Compliance
Provide transparency through enforced segregation of duties, tracking of data changes, visible calculations, and comprehensive user activity logging for journal adjustments.
