At a Glance
What is
Consolidation & Close?
The consolidation process can seem endless. It is an extremely challenging and a lengthy process to collect data from your departments and to ensure all that information is accurate. A range of problems can occur, including duplicate data, incomplete data and inaccuracies, which makes decision-making a nightmare for business leaders when it comes to planning and budgeting.
Fortunately, today’s Finance teams can access a range of tools to make financial consolidation quick and painless, including SAP Business Planning and Consolidation (SAP BPC), SAP Analytics Cloud, CCH Tagetik, and Codestone’s out-of-the-box package, INSIGHT for Planning and Consolidation.
Key Benefits
Consolidation & Close
Take Control
- Get Greater Control of Your Financial Close – Perform complex consolidations, create regulatory reports, and store all data to be faster, more accurate and compliant.
- Reduce Risk – Increase security and achieve greater control over your organisation, business information and operations. Getting rid of spreadsheets and paper-based systems means more lost data.
- A Single Source of Truth – Standardise information and provide a single source of truth for your organisation. Ensure consistency across consolidation and close.
- Stay Compliant – Clear and detailed audit trails spanning the entire organisation means greater transparency, traceability, and accountability. A strong compliance framework including auditing, segregation of duty keeps you compliant. Rich reporting means you easily comply with all current and new regulations such as IFRS 16 and IFRS 17.
Faster Close
- Reduce Financial Close Cycles – Collect, audit and store all financial data and gain deeper insights into your financial performance with feature-rich management reporting. Gain visibility into the progress of tasks by user and region.
- Quicker Reporting – Stop trying to chase deadlines and become more of a business partner supporting key decisions.
- Save Time – Automation means less time spent on data entry, elimination, and consolidation. Spend more time driving better decisions and strategy.
- Close The Books Faster – Through automation of the data loads, validations and consolidation postings accelerate the process and reduce the time spent closing the books.
Become Agile
- Get Running Quickly – Our pre-built solutions are IFRS and GAAP compliant and ready to go, shaving 62% off the implementation process.
- Become Agile – Continuous consolidation integrates seamlessly with ERP. Real time data lets you predict, adapt quickly and easily to new challenges and changes to company structures.
Real Time Insights
- Get More Valuable Insights – Benefit from a straightforward enterprise-wide consolidation & close process in a single platform.
- Greater Insights – Monitor key financial metrics across your organisation.
- Consolidate Continuously – ERP Integration allows for continuous consolidation in real-time, throughout the period and shaving days off the period-close cycle.
Smooth Operations
- Optimal Corporate Performance Management – Leverage out-of-the-box best practice financial consolidation processes. Reduce the need for customisation as cash flow, balance sheet, income statement, rollovers, CTAs, and more, are calculated automatically.
- Intuitive Interface – Perform all your financial consolidation and close process in a feature-rich and easy to use interface. Make reporting, analysis, workflow and task management simple in a single solution.
- Seamless App Integration – Leverage existing IT investment by integrating data from other SAP applications or spreadsheets and native databases removing all manual data preparation errors and risks. Easily connect to source EPM and ERP applications such to source data directly.
Better Collaboration
- Better Collaboration, Process and Workflow Management – Promote collaboration with dynamic, data-driven, approval flows. Improve efficiency across the full close and consolidation process and promote accountability and teamwork.
- Global Solutions – Support multi-currency, equity eliminations, intercompany, and multiple accounting standards.
- Work Smarter Together – Improve work allocation and teamwork with efficient and transparent workflows, and leverage reporting tools, dashboards, and ad-hoc analysis into your consolidation process.
Our Approach
Consultancy
Certified and accredited
to provide you the right solution
We understand the struggle. Consolidation and Close is vital to understanding the overall fiscal performance of an organisation. It must be done but it can be a long, drawn-out process. Compiling siloed reports, manual data entry, Excel frustrations – these are suboptimal solutions that are vulnerable to error and costing your business time and money.
As a growing business, you need to make the change, but you need to do it quickly.
Codestone has a number of out-of-the-box Consolidation packages that will save you crunching numbers and worrying about compliance. Instead, we will help you spend that time closing the books faster and making data-driven decisions with greater confidence.
Project Services
Experience and agile
to ensure project success
You should choose Codestone as your implementation partner for three reasons:
- Our best practice solutions come out of the box and can be implemented in as little as 10 weeks.
- Our multiple award-winning team also has decades’ experience across sectors, with proven client success stories.
- Our client engagement methodology empowers customers to become self-sufficient, so they get the most out of their investment.
Support Services
Supporting you
all the way
Codestone has a great deal of experience across multiple industry sectors, delivering rapid projects alongside complex international rollouts. Our successful implementation methodology and systematic approach ensures end-to-end project success.
After go-live we offer 24x7x365 SAP, Microsoft, CCH Tagetik, and IT infrastructure support, plus the industry’s broadest Cloud IT and Managed Services portfolios, to ensure you are always up and running and importantly, future-proofed.
Consolidation & Close
Technology Solutions
Bringing Planning and Consolidation with INSIGHT
Go Beyond Corporate Performance Management
24x7x365 Support and Training of Your BPC System