If you’re losing the battle of time consumption amidst financial consolidation, Intacct can step in and accelerate the consolidation process. To save time and win the consolidation battle, ask yourself questions that start off with “How much time…?” How much time are you spending manually creating consolidated financial reports? Does your answer start with ‘days’? Or does it take weeks, even months?
Common Needs and Challenges
Typically, we’ll find a number of common needs during financial consolidation. From handling multi-currency transactions and real-time currency translation, to overseeing organizational structures and processes which are exceedingly complex. A business with multiple entities may have to manage multiple accounting periods, multiple chart of accounts and even different vendor and customer lists across the company. Everything from a complex domestic structure to foreign joint ventures and subsidiaries, all add to the complex labyrinth.
When done manually, even closing and reporting can grow increasingly complex. First, imagine having to work with disparate data, and then performing manual entries across multiple subsidiaries. Without precision automation, the complexity will grow exponentially.
A Customized, Tailored Solution
Most clients implement Intacct because they’ve experienced the setbacks of a manually performed closing process. Clients don’t have weeks, much less months to complete the task. Ultimately, they want a true, accurate picture in short order. Great news: closing reports and other necessary processes no longer have to wear the label of being a long, arduous task full of number crunching, data entry and allocation of inordinate amounts of CFO and accounting staff time.
With Intacct, your financial consolidation process is truly and fully automated. This will enable you to reduce closing times and improve reporting accuracy. You’ll be able to evaluate transactional currencies with built-in exchange rates. You’ll enjoy automated currency conversions and revaluations, while still allowing for override. Even better, you’ll have the flexibility of real time automated eliminations without the penalty of multiple re-do’s. Even your subsidiaries can benefit from full accessibility of the aforementioned functions; and ultimately, you’ll be able to fully track the consolidation process with a complete, step by step audit trail. We’ve just gone over a handful of examples as to the flexibility and customization that Intacct can offer as a remedy to a complex business structure.