Do you work in an organisation with multiple structures or entities?
If so you’ll know how much effort goes into Financial Consolidation… and how much the picture can change from one quarter or year end to another.
You may have different systems used by different parts of your organisation, you may have different regulatory and compliance regimes. There is the challenge of multiple currencies and exchange rates. There may be different Charts of Accounts, Balance Sheets and other underlying data. Getting all these dimensions into line to allow consolidation can be a huge task. All this work invariably has a deadline which is immovable
- What if you could automate your whole Consolidation process?
- How much easier would it be if you could stop using spreadsheets and use a common system for all?
- Would you like to reduce overtime and allow the team to do their work inside normal working hours?
- What if you had time to research and analyse data to add value to your business?
- How can you become a more valued and supportive business partner to your Board?
Imagine you’re a gymnast, striving to deliver new and better routines. The finance department wants to streamline consolidation whilst adding flexibility to the process, and consider the demands of the ever increasing regulatory, audit and reporting requirements. Much like tackling the uneven bars, finance should know in advance what the routine will be, to include compulsory manoeuvres, but also to understand that no two process runs will ever be quite the same; as conditions change and adjustments are required.
There aren’t many solutions that handle the challenging areas within the Group Finance function. ORYX Consolidation achieves just that by unifying all general ledgers for multiple entities, multiple currencies and multiple reporting standards together with non-financial data. The results provide access to the right information – dynamically – when needed. Here’s a snapshot of how our clients have benefited from our Group Finance Consolidation offering:
A single view of Group financials
With one single interface, Group Management gain visibility of the whole global business, allowing them to spend more time on analysing the data, and less on collating it.
Consistency and Regulation
By automating three key processes – accounting, reporting and consolidation, Finance is able to meet business, compliance and regulatory requirements by integrating existing ERP, planning, and other finance tools, providing the benefit of standardisation and consistency of information, reporting and presentation.
Management of Multiple Currencies
The need to handle fluctuating currencies has never been greater, both manual and automated FX adjustments can be used to adapt policies on plan, versus actual rates.
ORYX Consolidation handles the original currency (where the transaction occurred), the local currency (the home currency for the region) and the reporting currency (the currency in which you report Group Accounts).
Saving in time and cost
Centralising the control and automation of manual sets of processes leads to reducing the effort and cycle time to produce consolidated reports, our clients report a reduction in effort of up to 60%, and the shortening of elapsed processing time of up to 30%.
Management reports and packs
The creation of final consolidation reports and outputs can be produced automatically. With full analysis and drill down capabilities, reports are delivered accurately with a consistent presentation and style.