Consolidation

Financial consolidation is a crucial process for multi-entity companies because it provides a unified view of an organization’s financial health. The result? Businesses are able to make informed decisions and adhere to any regulatory compliance.

Depending on the complexity of an organization and its business requirements, companies turn to modern financial consolidation solutions such as Solver for many reasons. Here are the top 5:

1. Eliminate manual financial consolidations in spreadsheets, and manual data extraction and preparation tasks.
2. Consolidate parent and subsidiary entities using different ERPs and/or charts of accounts.
3. Produce consolidated financial statements for all group entities.
4. Supports compliance with account standards, including GAAP and IFRS.
5. Monitor KPIs at individual company and consolidated group levels.

One of the keys to consolidation is to meet and address all regulatory deadlines and compliance issues, including Sarbanes-Oxley (SOX) that mandates certain practices in financial recordkeeping and reporting for corporations.

For example, some organizations must report information on their users to meet SOX regulations. Anyone with full administrative permissions in Solver can easily create a User Report based on some of the data related to their users, including the users assigned, roles, permissions, access to features, license, and data access.

No one wants to scramble to retrieve regulatory and compliance documents at the last minute. Good news: All reports are easily accessed in Solver, saving staff time in ensuring deadlines are met.