Use varieties of hierarchies, location/level/department combinations, and more to validate business performances and make key decisions to the future of the business.įinancial consolidation being handled in OneStream. Financial Reporting: Create reports that let you view trends pertaining to company financials and sales.Management Roll-up: Map all general ledgers into a single chart of accounts for a unified and consistent global report among your entire organization.Monitor which entities have unfilled tasks and still need to send their financial data to the primary financial consolidation software user. Workflow: Streamline your close process by viewing a snapshot of completed work and work that is yet to be done.Account for debits vs credits and currency conversion. Reclassifications: A financial statement reclassification is a journal entry that transfers an amount from one general ledger account to another. Features of Financial Consolidation Software Create consolidation reports in Adaptive Insights. When consolidating financial figures from other areas of the business for budgeting or financial planning purposes, financial consolidation software provides a unified approach for reporting and strategizing. It’s best used in conjunction with ERP systems other business management systems as part of a greater corporate strategy. Financial consolidation software improves the audit trail of your organization through intercompany matching and eliminations, defines control groups between main accounts, defines legal entities, converts currencies and interest rates, and generates financial reports.Ĭonsolidation software automates your financial close with real-time financial consolidation processes and intercompany eliminations. These companies face the issues of decentralized accounting, inter-entity transactions, dealing with multiple currencies, and more. What is Financial Consolidation Software?įinancial consolidation software helps speed-up the act of making consolidated financial statements for larger, more complex companies. What is Financial Consolidation Software?.
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