The advantages of a unified consolidation and reporting process
By Bruno Leblanc, Managing Director France, Sigma Conso
Nigel Rayner, analyst at Gartner1 emphasizes in a recent study that systems for statutory consolidation are outdated and that a group has every interest in evolving towards a unified application who manages the data for both statutory consolidation and reporting.
The biggest limitation of a statutory consolidation software is the fact that the reporting is only a reflection of the past. In order to be able to take good decisions and to support the growth of your group, unification of statutory consolidation and management reporting is inevitable.
Here, we list 9 advantages that you can achieve by unifying the process.
Unifying consolidation and reporting: 9 advantages for the Finance Director
- You have real-time data at your disposal, which will help you to better manage your activity.
- Consolidation becomes a continuous and regular process, instead of time-consuming and tedious.
- You can use one common database for your consolidation and management reporting.
- One version of the truth is available.
- You will dispose build-in controls and flexible simulations.
- You will achieve a stricter, more accurate and complete consolidation.
- A powerful calculation system is at your disposal for the ensemble of your needs.
- More flexibility (both on group and local level) by limiting the number of interfaces, systems and exchanges which were useless and sometimes incomprehensible.
- You will also be able to reduce the costs for collecting data and for analyzing both financial and non-financial figures.
Are you also convinced of the advantages of a unified process?
(1) “Stand-alone financial consolidation causes significant reporting problems for C level executives and management teams. Although they produce consolidated financial data, their separation from other BI and management reporting capabilities causes inconsistency between finance data and more operationally focused management information. This makes it virtually impossible to identify which operational factors are driving financial performance”. Nigel Rayner, Gartner, 22 August 2016 “IT Market Clock for Financial Management Applications, 2016”