Best Financial Consolidation Software
Financial consolidation and close solutions (FCCS) enable organizations to centrally manage their group financial close, consolidation, and reporting processes. These solutions empower corporate finance teams with:
- Workflow management: Configurable workflows, dashboards, and collaboration tools provide control and visibility across close cycles.
- Multi-entity consolidation: Consolidating financial data from multiple legal entities and geographies into a unified view.
- Accounting standards compliance: Handling currency translations, intercompany eliminations, top-side adjustments per GAAP, IFRS, and regional requirements.
- Standardized financial reporting: Generating consolidated reports adhering to accounting principles and compliance mandates.
By streamlining the financial consolidation lifecycle, FCCS solutions bring efficiency, control, and transparency to critical period-end processes. They facilitate auditable financial data aggregation, reconciliation, and reporting across the entire organizational structure.
The core value proposition is enabling large, multi-entity enterprises to centrally orchestrate financial close activities, ensure adherence to accounting standards, and deliver unified, audit-ready financial statements through automated consolidation capabilities.
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FAQs of Financial Consolidation Software
Consolidation software simplifies managing complex, global organizational structures by handling multiple currencies, mergers and acquisitions, and accounting standards such as IFRS and GAAP. It enables data aggregation up to the group level.
Parent companies holding more than a 20% stake are eligible for consolidated accounting. Those holding less than 20% must use the equity method of accounting.
7 Steps to Prepare Consolidated Financial Statements:
- Understand the Purpose and Scope.
- Identify Reporting Entities.
- Gather Financial Information.
- Eliminate Intra-Group Transactions.
- Adjust for Unrealized Gains or Losses.
- Combine Financial Statements.
- Disclose Additional Information.
Financial Consolidation and Close is a subscription-based solution offered on Oracle Cloud, tailored for consolidation and reporting needs. It offers rapid deployment without hardware requirements, ideal for users seeking quick implementation with minimal IT support.
CRM software is integral for banks and financial institutions to enhance customer interactions and overall experience. These systems centralize customer data, empowering institutions to comprehend customer needs better and personalize services for them.