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)

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FinAlyzer, a flagship product of BeyondSquare Solutions, was featured on My Startup TV, India’s first channel for Startups.

We are glad to share that FinAlyzer, a flagship platform of BeyondSquare Solutions was selected by NASSCOM, among the Top 50 Startups and MSMEs for its first global virtual event NASTech 2020. Karthik Ganeshan, Director & Co-Founder of BeyondSquare Solutions featured in My Startup TV, India’s first channel for Startups. As stated by Karthik Ganeshan, he and his partners who are all ex-Infoscions had a deep desire to contribute to the Digital Transformation and thus co-founded BeyondSquare Solutions. FinAlyzer is a unified digital platform for Financial Consolidation, Close, Analytics, and Management Reporting. FinAlyzer is a key catalyst driving Digital Transformation for all the CFOs across industry segments. We are grateful to Major Sunil Shetty (My Startup TV) for hosting us on its media channel and the NASSCOM team who provided us a platform to showcase FinAlyzer.

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BeyondSquare FinAlyzer - Your partner for Financial Consolidation, Close, Analytics & Reporting

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