Finance is one of the major facets while running a business and no company would like to compromise on it. Consolidated financial statements are one such important report that shows the aggregated financial position of any business, along with its subsidiaries. It includes a balance sheet, income statement, and cash flow statement. The main intent of preparing consolidated financial statements is to determine and document the position of the company as a whole.
It seems a daunting task, but there is a tool that can help you automate this whole process. The application can transform the finance function, replacing manual, repetitive tasks with the capability to create a consolidated financial report with just one click.
Despite the capabilities and efficiency of such solutions, and being the game-changer in finance functions, many departments are still spending too much time and effort on manual consolidation of financial statements. So here is a guide to enlighten you on how you can easily consolidate your financial statements easily with a software.
Use a Consolidation Software
A powerful interface that connects and unifies data from various sources across the business, automating the process and enabling consolidated financial statements to be prepared with ease. Such solutions save time for finance teams and increase the accuracy and dependability of data.
Features of a Consolidation Software
The best financial consolidation software provides a spectrum of tools that enable all consolidation activities to be conducted automatically or with much greater ease than a traditional process. When conducting a financial consolidation software comparison, the key capabilities to look for include:
- Automate and manage currency conversion to ease out the manual process and standardise the statement.
- A robust information system that helps make faster and better financial decisions.
- Has the ability to manage, report, and improve cash flows by providing analytical insights on a company’s financial performance.
- The software should have the capacity to extract complex data from various sources, process and integrate it into the statement.
- Should be able to consolidate data in real-time so that they can be ready and reviewed shortly after supplying the necessary data.
The Best Consolidation Software
As mentioned earlier, to lessen your burden, we have got you a trustworthy recommendation of the best consolidation software. The leading global business intelligence company, Dun & Bradstreet, offers an application programming interface called Direct for Finance. Their interface helps businesses streamline their finance processes from quotations to receivables, which seamlessly integrates into your ERPs and accounting systems. Moreover, their application provides insights that allow you to make better, analytical and faster financial decisions. So, if you want to strengthen your financial position among your competitors, make the best of such consolidation softwares.
Consolidation software is a great investment for any business as it can reduce the cost of errors, at the same time, enhance the quality of your reports which in return portrays a stronger financial position. Additionally, your team can focus more on sales and marketing rather than manually tallying financial statements. So, to successfully grow your business in all aspects, use automated tools like these, which help remove redundant tasks.