Financial Consolidation. 5 tips to a faster, simpler close
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- Nigel Rice
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1 Financial Consolidation 5 tips to a faster, simpler close
2 1 Integrate your data from various sources & systems Your company may employ one or more ERP systems, resulting in hundreds or even thousands of entities in a corporate structure, that need to be consolidated. Find a financial consolidation application that brings the disconnected systems together to create a single set of consolidated results, which provides accurate, quality data.
3 2 Unify data with more than just a reporting solution Create more accurate forecasts with precise consolidated data. Prophix unified solution offers budgeting, planning, forecasting all in one application. Move beyond just closing your books; and use financial consolidation as the springboard to strategic financial analysis and better business decision making.
4 3 Simplify or streamline your financial consolidation workflow Since financial consolidation involves multiple inputs and often tight timelines, implement a consistent secure multi-user workflow process. An automated system can notify users when data must be made available and streamline the process. With Prophix, an integrated workflow can help manage the collection of data and the process of approving adjustments. For example, if a journal entry is rejected, it can be sent back for re-editing. Read more about Prophix integration features
5 4 Don t overlook audit tracking abilities When it comes to accountability, tracking transactions is crucial. All financial consolidation activities performed, such as posting data or editing journal entries, should be automatically recorded in an audit log. Prophix tracks changes made so you can always see a log of every input, change and transaction.
6 5 Find a solution that speaks multiple currencies Financial consolidation with multiple currencies is more complex than when there is a single currency and can raise many issues. Support for multiple currencies including automatic triangulation of exchange rates is essential to proper data management. There is no limit to the number of exchange rates (i.e. average/ month end/historical) and the numerical translation rates can change every month with Prophix. Read more here
7 Prophix Software Ranks among the Best for Customer Experience The Dresner study concluded: A member of the Large Established Pure-Play market segment, Prophix is its leader. It scored above peer and overall averages and is best in class for virtually all measure across sales, value, technology/product, technical support, consulting services and integrity. It has a perfect recommend score. Find out why
8 About Prophix Prophix develops innovative software that automates critical financial processes such as budgeting, planning, consolidation, and reporting improving a company s profitability and minimizing their risks. Prophix provides the right balance of simplicity and depth, delivering CPM software that is easy, powerful, and collaborative. For everyone. Thousands of forward-looking organizations in nearly one hundred countries use software from Prophix to gain increased visibility and insight their into business performance. For more information, visit Head Office United Kingdom South America DACH Region 350 Burnhamthorpe Road W. Suite 1000 Mississauga, Ontario Canada L5B 3J1 +1 (800) [email protected] Davidson House The Forbury Reading RG1 3EU +44 (0) [email protected] São Paulo - SP - Brasil Rua Guararapes º andar - Brooklin Novo Messeturm Frankfurt am Main Germany [email protected] United States Europe South America 707 SW Washington St. Suite 1100 Portland, OR Sankt Knuds Vej Frederiksberg C Denmark [email protected] Rio de Janeiro RJ - Brasil Av. Marechal Camara 160 sala 1612 Centro [email protected] Prophix Software Inc. All rights reserved. Prophix Software is proud to be a Microsoft Partner that has achieved silver status in the Application Development competency. Prophix has a close working relationship with Microsoft to ensure we maintain our position as a leading technology innovator. Prophix supports latest Microsoft.
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