Why Should You Invest In Financial Consolidation Software?

Is financial consolidation software worth investing in? If producing clear and accurate financial statements is a challenging or time-consuming process in your business, or you continually have to revise your reporting and planning structures to accommodate internal and external factors, then yes, you, will save time and money from investing in a purpose-built consolidation solution, while simultaneously improving the accuracy and value of your consolidated statements.

Time And Cost Benefits

Financial consolidation software brings significant time and cost savings compared to producing statements manually using spreadsheets. Direct integrations with ERPs mean much of the process can be automated. This means your finance and accounting staff can spend more of their time working on creating valuable analyses and cut back on overtime during busy reporting periods.

Strategic Benefits

A dedicated platform can generate consolidated statements on demand in response to specific business needs, making them a more responsive tool you can use for financial planning and forecasting. Businesses gain significant efficiencies from consolidating and reporting on financial metrics on regular reporting periods – e.g. monthly or quarterly – with reports taking minutes or hours to produce, instead of days or weeks.

Collaboration And Visibility Benefits

Overnight, this ease and accessibility transforms consolidated statements from a compliance burden into an effective way for decision-makers to obtain a 360° view of their organisational financial performance. Directors and executives can use the platform to improve collaboration and streamline the decision-making process for the business, enabling greater agility and market resilience.

Implementation Benefits

A financial planning and analysis software system doesn’t replace your ERP or current accounting software but works alongside it to improve data management, planning, forecasting, analysis and reporting. This facilitates a faster and more straightforward adoption and implementation process throughout your organisation, shortening the time to achieving a positive ROI, and helping you see tangible results more quickly.

Integration Benefits

A good financial planning and analysis system will offer a full range of integrated planning, including consolidation. So, if your business also needs to produce consolidated financial statements the benefits are maximised since everything can be done within the same integrated financial planning and forecasting solution. This type of platform combines a variety of financial reporting and management functions into a single, intuitive application, giving you and your team access to an accurate single source of financial data and making it easier to create cash flow and demand forecasts to support initiatives and investments.

Contact Us To Find Out More

Financial consolidation software can bring important benefits to your finance team and make it easier to implement sound investments and business decisions. The subject of how to choose the right financial consolidation software for your business is covered in depth in the article linked above. As the leading UK partner for Corporate Planner, Account-Ability have 24 years experience helping businesses improve their financial information management systems to make consolidation faster and more accurate. So to support making the right decision, we invite you to contact us to discuss your requirements with one of our experienced team.

Image Source: Canva