Posts Tagged ‘Enterprise Performance Management’
Considering the impact areas, IFRS convergence has considerable challenges. Especially for companies with multiple operations, multiple sites and multiple system. It is the internal complexities that companies have built over a period of time, that makes IFRS adoption difficult.
Packaged Applications are typically used by finance teams to structure and automate the monthly or quarterly aggregation of historical results and include best-practice methodology. But with growing complexity, financial consolidation is becoming more of financial management these days. Primary requirements are Accelerated Reporting Cycles and Reduced Cost of Compliance.
Comparison of the various tools used for financial consolidation, from Excel Spreadsheet to Packaged Solutions
Financial consolidation is a process involving both horizontal and vertical planes. These vertical and horizontal steps are involved irrespective of the process followed by an enterprise. Unless addressed in a structured manner, financial consolidation process will result in one or more pain points
Financial Consolidation is perhaps one the complex and demanding financial exercise accountants engage on a monthly / quarterly basis. But why is the process demanding and complex and especially when enterprises run mature ERP and other transaction systems? And why is it a necessity?