Multi-Entity Consolidation

CONSOLIDATION

Introduction

Multi-Entity organizations are often faced with complex challenges for consolidations and need to resort to excel based solutions which can be time-consuming and error-prone. With cloud accounting, you can automate consolidations to report accurately in real-time.

Typical Problems

When data exists in different entities it can be difficult if not impossible, to consolidate without the use of separate spreadsheets.

Key transactional reporting details can be lost when multiple datasets are pushed together manually, and it is usually challenging to ensure the accuracy of reporting due to the manual processes involved with this time-consuming task.

If new entities are acquired and need to be introduced to the group, this can bring extra challenges due to different data sets being incorporated into an already manual process.

Solutions

Cloud-based accountancy solutions allow for a cleaner and more efficient creation of multiple entities within the same environment through shared data lists, such as general ledger codes, customers, and supplier lists.

All entities or groups of entities can be reported on a group level and the data maintains all transactional dimension detail for multi-level reporting.

Consolidation reports can be set to run automatically and sent to the relevant stakeholders in real-time.

Benefits/ROI

The time to close at month-end is dramatically reduced with an automated consolidation process.

Greater control is given to finance teams to produce the required reporting as all entities are in the same environment and accessing accounts and posting transactions is much quicker and easier as a result.

Additional entities can be onboarded easily and automatically added to consolidated reports.