The demands on Group Finance teams have changed dramatically in recent times with the pressures of true global businesses, the burgeoning complexity of group structures, the varying needs of different operating units and the ever-increasing regulatory, audit and reporting burdens.
Reporting on currency fluctuations has added a further dimension to the challenge, as have the pressures to increase planning and reporting cycles.
Group Finance plays a crucial role in every corporate or multi-national organisation, but there are precious few solutions aimed at reducing their workload or supporting them in becoming more efficient.
Now that has changed. Much like the matryoshka dolls that consolidate into one, ORYX Consolidation unifies all of your general ledgers, for multiple entities, multiple currencies and multiple reporting standards together with your non-financial information, when you need it.
STREAMLINE YOUR BUSINESS
ORYX Consolidation is a complete solution for Group Finance that enables the automation of three key processes – accounting, reporting and consolidations. It acquires data from your ERP system(s), and then works with information from ORYX Close and/or ORYX Plan, or other tools and spreadsheets.
The centrepiece of the solution is the consolidation engine, which is built around flexible business processes and rules, and is designed to:
- Perform aggregations
- Effect eliminations
- Generate consolidation journals
- Create final consolidation reports and outputs
- Provide a single view of Group financials
There are many individual short cuts, automations and labour-saving features built in, with the net result that your Group Finance team no longer needs to burn the midnight oil. You can improve staff conditions and morale, control overtime costs, whilst mitigating the potential for errors and improving accuracy. You will release time to perform other analyses, added value insights, or regulatory and reporting processes.
All in all, you can take out the stress associated with meeting the deadlines of this vital time-critical function, whilst increasing accuracy and business value.
SINGLE VIEW OF THE BUSINESS
ORYX Consolidation can integrate to your existing ERP and planning systems to create a single set of consolidated views of the Group business, at any level required. This provides many benefits including standardisation and consistency of information, reporting and presentation. Group Management can now gain visibility of the whole global business, for greater insight and control.
MULTI-CURRENCY, THE WAY YOU NEED IT
ORYX Consolidation maps to your FX requirements by coping with up to three currency types:
- Original currency (in the currency where the transaction occurred)
- Local currency (in the home currency for the Region, for example)
- Reporting currency (your key reference currency in which you report your Group accounts)
Furthermore, it adapts to your policy on plan versus actual rates, and offers both manual and/or automated FX adjustments. However large the FX headache, ORYX Consolidation has the cure.
SPEED UP THE CONSOLIDATION PROCESS
ORYX Consolidation addresses many challenging areas within the Group Finance function through the central control and automation of what can often be a very manual set of processes. The result is substantially reduced effort to carry out the work and a shorter time cycle to complete them. Clients report reduction in effort of up to 60% and shortening of elapsed processing time of up to 30%. This means that the accounts are both more thorough and more timely, and that the accounts and reporting are more accurate.
AGILITY IS BUILT IN
ORYX Consolidation is built on a flexible business process platform that provides boundless agility even within the confines of a standard solution. Example uses of such flexibility include:
- Allowance for regional variations and distinct rules
- Rules-based adjustments, Group on-tops and eliminations
All this is achievable within a single and consistent workflow stream, for efficiency and predictability.
EXCEPTION TRACKING AND GOVERNANCE
ORYX Consolidation incorporates a workflow that simplifies the logging, tracking and management approval of exceptions and changes, with all issues, actions and sign-offs being recorded for governance best practice. Signatories can either approve workflows within the regular cycle, or revert back with comments for future attention, saving time on approval processes. This reduces manual effort right the way through the cycle. Not just simplified, but automated, documented and above all, common sense.