Financial Consolidation Solutions
The main purpose of any financial reporting system is the reliable time-based consolidation of a company's organizational units, that is, its product and service offerings, channels to market, and the various financial measures associated with them. In small companies, where the size and number of organizational units are small, these consolidation tasks can often be performed by analysts using a well-organized set of spreadsheets and a disciplined work process. In enterprises of any significant size, however, the complexity inherent in the sheer number of multi-dimensional relationships overwhelms the capabilities of what are essentially two-dimensional grids. There is a need for an application that can easily manage not only mathematical aggregations, but also consistently apply the complex accounting practices and rules which create an accurate view of the consolidated business, for example, currency conversions and cost allocations.
Equally important for analysis, full visibility into the consolidation paths and business rules must be available. In other words, it is not enough to simply "aggregate up" a consolidation path, but also to have the ability to "drill down" into whatever level of granularity is required to understand the reasons behind a particular result. Special emphasis should also be given to the specific needs your organization has for a consolidation system. For example, banks and multi-national corporations will need enhanced currency functionality, whereas a retailer may have a large volume of internal cost transactions to account for inventory being relocated between stores.
Profisee has a wealth of experience implementing Consolidation applications for a variety of industries. Our design goal is to always ensure transparent visibility into the consolidation process, and to allow for rapid re-iterations incorporating newly submitted or amended data. Profisee can recommend and implement off-the-shelf consolidation applications where only statutory reporting is required, as well as powerful consolidation engines for the creation of customized systems that highly leverage a company's competitive strengths throughout the planning and forecasting process. In either case, our wide experience will help you easily determine the optimal approach prior to commencing your system design and implementation.