Next Generation Financial Consolidations for the Cannabis Industry 10
Conclusion
Addressing the challenges of consolidations
using a cloud financial management system can
propel the finance function and an organization
forward. The benefits of automating the
consolidation process can be summarized as:
• Accelerating the initiation and integration
of new entities within the financial
consolidation function�
• Improved control and opportunities to
leverage a cloud financial management
system across the business to centralize
core processing functions�
• Drilldown insight from the consolidated perspective to the operating entity�
• Greater coordination throughout the close process between those working in the business units and
those in the accounting group�
• Real time consolidation from across the business at any time without the need to wait for period ends.
Never in history has the finance function been so data rich, yet time poor. By leveraging a truly
integrated cloud financial management system, the consolidation process becomes automated.
Most importantly, by automating consolidations, quality and trust are reintroduced into the close
process. Senior finance executives can circulate timely information with confidence. Achieving such an
accomplishment enhances the credibility of the finance function and opens the door to opportunities to
add incremental value�
The opportunity is before every senior financial leader to up-level the financial team. Accounting staff
perform higher valued work and spend less time with the manual assembly and reconciliation when the
consolidation process becomes automated�
As a financial executive within the emerging Cannabis industry, you need to ask yourself, is my
consolidation process of source of value creation or a barrier inhibiting greater strategic contribution?
