Next Generation Financial Consolidations 9
4. Be er Insight
Traditional consolidation processes o en result in
a gap between the originating data and the data
inside of whatever system or spreadsheet is used
to perform the consolidation� This gap inhibits
transparency, limits insight, and creates a time
lag between when business activities happen and
when they get reported�
A cloud financial management system eliminates
the gaps between the consolidation and the
data. The configuration has a profound outcome.
Real-time consolidated financial information
is now available to decisions makers at the
push of a bu on. This eliminates the "black
box" of accounting that o en arises when the
executives must wait several weeks to find out
the consolidated financial results, sometimes
impeding important resource allocation decisions�
The globalization of business has also increased the complexity of preparing and analyzing consolidated
results. Foreign currency translation of transactions, balances, and operations is a common point of pain
during the consolidation process. Having the ability to choose the reporting currency and pivot the view
between looking at the results in the presentation currency of the parent and the local currency of the
subsidiary o en help the corporate accounting group and senior executive isolate the impact foreign
currency is having on overall financial results.
