Manual process don’t allow for the automation of foreign currency reserve calculation or the necessary consolidation entries for eliminations.
Reporting is not automated or integrated making it difficult to answer questions and provide information in an efficient manner.
Complexity in collecting multiple subsidiary data and mapping to a group chart of account.
Validating completeness and accuracy of the data.
Reconciling Trial Balances, disclosures (movements) to the face of the financials and opening to closing balances are manual leaving room for error and exposure to risk.
Dealing with the complexity of inter-company matching is often extremely time-consuming delaying an accurate reliable close.
Financial teams drive efficiencies, accuracy and reliability into the close cycle by making use of out-of-the-box capabilities to improve and automate: