The world of Statutory & Regulatory Reporting consists of many important facets. Financial Consolidation is one of them. This page highlights not only what it is, but also why it is crucial and what tools are best to use.
What is Financial Consolidation?
Financial Consolidation is more than a simple addition. It brings together various financial reports into one clear and transparent overview. It is not only a must for your operations and decision-making, but also a requirement for auditors, financial markets and, of course, the government.
Why Financial is Consolidation important?
Reliable data is your compass for success. Financial Consolidation provides an integrated financial picture, allowing you to steer with confidence and vision. And that's important, because without a solid consolidation process, you run the risk of misinterpretations and less than optimal choices.
The Best Tools for Financial Consolidation
A good Financial Consolidation tool is reliable and powerful, with a solid calculation engine for course conversions and eliminations. Clear progress monitoring and transparent audit trail are also essential.
Typical tools that keep you on track:
- CCH Tagetik
- SAP Cloud Finance
- Fluence Technologies
Financial Consolidation in a broader perspective
Financial Consolidation is only one facet of Statutory & Regulatory Reporting. Other relevant topics include ESG & Integrated Reporting, Lease Accounting & Reporting and Tax Accounting & Reporting. Together, they provide modern organizations with the tools to meet all reporting and control requirements.