Financial Consolidation
Enhance decision-making and regulatory compliance
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:
- Eliminate manual financial consolidations in spreadsheets, and manual data extraction and preparation tasks.
- Consolidate parent and subsidiary entities using different ERPs and/or charts of accounts.
- Produce consolidated financial statements for all group entities.
- Support compliance with account standards, including GAAP and IFRS.
- Monitor KPIs at individual company and consolidated group levels.
Benefits of Financial Consolidation
Our platform seamlessly integrates with ERP systems to streamline repetitive processes and ensure precise data for your consolidated financial statements. Consolidate financial and operational data from any number of companies, automatically or manually eliminate intercompany transactions, and convert currencies for your data.
With Solver, your company gets:
- Currency Translation: Automatically or manually convert currencies for efficient consistency and accuracy.
- Eliminations: Avoid manual journal adjustments to the source general ledger by quickly identifying and eliminating intercompany transactions.
- Rollup Features: Ensure accuracy with automated rollup features, eliminating manual spreadsheet consolidation errors.
- Disparate ERP Mapping: Achieve precise consolidation with automated mapping of disparate subsidiary ERPs and charts of accounts.
- Adjusting Entries: Flexibly handle complex financial adjustments for reclassifications and other entries, even when dealing with large volumes of data.
- Process Manager: Save time by automating workflows and managing processes with a checklist of steps to complete standard consolidation tasks efficiently.
Financial Consolidation Accelerator
New to the Solver Suite? The Financial Consolidation Accelerator Toolkit, which includes pre-built templates. The templates were created based on feedback from our customers who want to present the important information essential to their businesses in an easier, faster way. As part of the Solver Suite, it works with planning, reporting, and analysis to enhance visibility and accelerate better decision-making.
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Transform Your Business
Solver provides one source of truth for streamlined and unified reporting and analysis. Currency translation, elimination entries, consolidation adjustments, and process management features are prominent in Solver. The solution also supports complex consolidation needs for multinational organizations with diverse charts of accounts and fiscal calendars.