Automating the Financial Consolidation Process

Automating the Financial Consolidation Process

Financial reporting and consolidation is often a manual, time consuming and potentially error prone process in most companies. With Companies Act 2013, it has become even more important to evaluate and implement systems and controls for preparing Consolidated Financial Statements.

Companies should seriously evaluate the possibility of automating their process for financial reporting and consolidation: As it is mandatory to provide consolidated financials as per regulatory framework To ensure data consistency between internal MIS statements and other financial statements For Legal consolidation as per the shareholding structure For speeding up time consuming manual process in completing statutory audits and preparation of final consolidated reports For standardisation of multi-geography reporting (e.g. Sch VI, US GAAP, IFRS etc.) For having one unified system for internal and external financial reporting To discover opportunities and improvement areas through flexible analytics and customisable management reporting

A global survey conducted by Aberdeen in 2013, shows that the top 20% best-in-class organisations have shown: 29% decrease in overall corporate liability, and 100% overall reporting accuracy over the past year 68% have implemented financial reporting and consolidation software, and 43% of them have made additional investments on enterprise performance management software for management reporting and financial data analytics 63% have automated the generation of standard financial reports Implementation of financial consolidation and reporting software has resulted in 30%-50% time savings Manual effort has decreased by over 50% The Total Cost of Ownership has reduced on an average by 25% Total cycle time has reduced on an average by 50%

BeyondSquare FMS is an enterprise application for financial statement preparation, consolidation, GL driven management analytics, custom financial reports and XBRL reporting.

Some of the key features of BeyondSquare FMS are: Financial Statement preparation and Financial Consolidation Powerful Management Reporting and Analytics Complete Customization of output reports Integrated Disclosure Management Scalable web architecture Cloud/On-Premise hosting models Powerful workflow management features with complete audit trail Seamless integration with accounting systems (SAP/Oracle/Tally etc)