Streamline Your Financial Consolidations
Managing financial consolidations across multiple senior living facilities is no small feat. CFOs and Controllers at holding companies often face the daunting task of reconciling accounts, eliminating intercompany transactions, and ensuring compliance with industry regulations—all while juggling time-sensitive reporting deadlines. Traditional, manual processes can be a significant drain on resources, but there is a better way. Implementing a modern Financial Planning and Analysis (FP&A) solution like Solver xFP&A can automate and simplify the consolidation process, freeing finance teams to focus on strategic priorities.
Financial Consolidation Challenges in Senior Living
Without the right tools, financial consolidations can be a complex and error-prone process. Here are some of the most common challenges:- Time-Consuming Manual Processes - Finance teams often rely on spreadsheets and manual data entry to consolidate financials across multiple entities. This process is not only time-consuming but also prone to human error. Every data point must be manually entered, checked, and reconciled—a process that can take days or even weeks.
- Inconsistent Data and Reporting Formats - Each facility may use different accounting systems, chart of accounts, or reporting formats, making it difficult to produce consistent and accurate consolidated reports. The lack of standardization can lead to discrepancies that require time-intensive manual adjustments.
- Complex Intercompany Eliminations - Managing intercompany transactions and eliminations manually is a tedious process. Errors in eliminations can distort consolidated financial statements, resulting in inaccurate reporting that affects decision-making and compliance.
- Delayed Financial Close Cycles - The reliance on manual processes often leads to extended financial close cycles, which can delay critical business decisions. Senior living companies may find themselves working with outdated information, limiting their ability to respond quickly to market changes.
- Limited Visibility into Facility Performance - Without a robust consolidation system, it can be challenging to gain a clear view of individual facility performance. This lack of visibility hampers the ability to compare subsidiaries, analyze variances, and make data-driven decisions to optimize operations.
- Compliance and Audit Challenges - Manual consolidations increase the risk of non-compliance with industry regulations and standards. Additionally, preparing for audits becomes more challenging and time-consuming without a centralized system that ensures data accuracy and traceability.
Benefits of Automating Consolidations with Solver xFP&A
Modern FP&A solutions like Solver xFP&A offer a transformative approach to financial consolidations.
Here are the key benefits:
- Faster, More Accurate Financial Close - Solver automates data collection, reconciliation, and eliminations, significantly reducing the time required to close the books. Automated workflows ensure accuracy and consistency, allowing finance teams to complete the consolidation process in days instead of weeks.
- Standardized Reporting Across Facilities - With pre-built templates for P&L statements, balance sheets, and cash flow reports, Solver ensures consistent reporting across all facilities. Standardized data formats eliminate the need for manual adjustments, providing a single source of truth for consolidated financials.
- Automated Intercompany Eliminations - Solver’s automation capabilities handle intercompany transactions and eliminations seamlessly. This ensures that consolidated financial statements are accurate and compliant, reducing the risk of errors that can occur with manual processes.
- Enhanced Visibility and Insights - Solver provides real-time visibility into financial performance at both the facility and enterprise levels. Side-by-side comparisons of subsidiary performance help identify trends, variances, and opportunities for improvement, empowering leadership with actionable insights.
- Improved Compliance and Audit Readiness - Solver’s robust audit trail ensures that every transaction is documented and traceable, simplifying compliance with industry regulations. Automated reporting reduces the burden of audit preparation, allowing finance teams to focus on higher-value activities.
- Flexible, Industry-Specific Solutions - Solver’s industry-specific templates are tailored to the unique needs of senior living companies. These customizable templates enable organizations to analyze key metrics, such as working capital and revenue per facility, ensuring that financial reports align with strategic goals.
In the fast-paced world of senior living, timely and accurate financial reporting is essential to maintaining organizational health and making informed decisions. Automating the financial consolidation process with a modern FP&A solution like Solver xFP&A can transform how CFOs and Controllers manage their financial close, reporting, and compliance. By streamlining manual processes, enhancing data accuracy, and providing real-time insights, Solver empowers senior living companies to focus on what matters most—delivering exceptional care and driving sustainable growth.
Ready to elevate your financial consolidations? Discover how Solver can help your organization achieve financial mastery with a seamless, automated approach to reporting and consolidation.