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Next Generation Financial Consolidations 7 Consolidations: The Next Generation The be er way comes from leveraging leading cloud financial management systems. The characteristics of this type of configuration include four critical differences between other traditional, on-premise solutions. 1. The Scalable Accounting Foundation Enables Automation Businesses today are o en adding virtual and physical entities to their corporate structures� However, traditional accounting and finance systems struggle to add these entities� On- premise solutions cannot replicate the systems and processes for new entities and across geographic jurisdictions. Cloud financial management systems alleviate this shortcoming, enabling you to add new business units seamlessly and without any additional investments in hardware, so ware, or configuration. When one integrated system gets leveraged, training and user resources are readily available to support the implementation� When all business entities–regardless of location, old and new–use the same system, you achieve significant productivity gains. Automation means you can redeploy corporate accounting staff to more strategic activities. Finance's role changes from a mere preparer to the analyzer and reviewer. It creates a shi in mindset and positions finance to add value to information and move beyond simply reporting it. 2. Supporting Faster Growth Many companies are moving quickly these days to capitalize on international growth and M&A opportunities. The finance function must be nimble enough to keep up with the corporate strategy by establishing books and records that align with the rest of the company. They also need a turnkey solution to get their systems and processes up and running to generate valuable information to support all the myriad of decisions that happen at the beginning of a new entity. At the same time, those in the corporate accounting group want and need to roll-up a new entity without missing a beat� Cloud financial management systems are ideal for ramping up new entities. Existing divisions or companies, perhaps with like-businesses, can be used to quickly configure the accounts of the new entity. Report writers can be used to adapt reporting needs to meet the different jurisdictional and GAAP requirements. The chart of accounts is easily adapted to localize reporting to meet the needs of the new business unit�