This implies a balance between providing the best information to guide business decisions and managing process details.
Fundamental processes such as reporting, consolidation and reconciliations are important, but they can not allow you to distract from a wider landscape to generate value and business growth.
As a result, accelerating consolidation becomes crucial, so that we can focus on strategic planning.
But how can we simplify the closing process by creating consolidated financial statements faster?
Training for your team
Internal training is a powerful weapon and, if effective for the consolidation process, creates an environment that promotes the sharing of knowledge and information.
You might want to create a dedicated area, where you collect consolidation procedures, suggestions and tips. This will not only accelerate financial closure, but will increase efficiency and consistency in activities.
Automate the data collection
Manually deletes data collection from disparate sources. Choose a cloud-based tool that can automatically update and share financial information and data across multiple systems.
Simplify the company-wide reconciliation process
Reconciliation is part of the consolidation, and ensures that sets of financial documents are consistent.
This activity takes a lot of time, when it is not optimized. Again, automation is essential. It can improve data integrity and reduce complexity, allowing the financial team, but not only, to work with the same numbers.
But above all, choose innovation. Innovation and technology can really give an advantage in consolidation.
Cfos need to guide the strategic decision-making process with data-based insights and these must be accurate and usable. And here innovation and solutions like Onestream play a key role.
Onestream simplifies and speeds up processes, eliminating manual tasks: this saves valuable time, and allows you to always have useful information in real time.
As we have said, the consolidation process is a key function for the finance area.But if teams continue to travel the manual road, generating consolidated financial statements slows the closing cycle and moves away from higher-value assets.
Would you like to unleash the potential of your financial team, reducing closing times and cycles? Onestream is a unified platform that helps improve processes, and turn data into actionable information.
Learn how to easily address the most complex global consolidation and reporting requirements by accelerating financial closure.