eBooks
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Next Generation Financial Consolidations 10 Conclusion Addressing the challenges of consolidation 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 in any global jurisdiction with the corporate consolidation function� • Improved control and opportunities to leverage a cloud financial management system across the enterprise 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 corporate accounting group� • Real time consolidation from across the enterprise 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 high-grade the financial talent. Accounting staff performs higher valued work and spend less time with the manual assembly and reconciliation when the consolidation process becomes automated� As a senior financial executive, you need to ask yourself, is my consolidation process of source of value creation or a barrier inhibiting greater strategic contribution?