In today’s Part 2, I’ll answer this question by telling you how an automated consolidation process with Adaptive Consolidation helps to significantly improve your overall business performance.
By automating the consolidation process, finance has more time to devote to financial analysis for improving the bottom line. An automated consolidation process improves accuracy by minimizing the need for user intervention, which generates predictable, auditable results. Automation expedites the distribution of financial results and simplifies compliance with various local and international accounting standards. The automation within Adaptive Consolidation removes obstacles that have traditionally slowed companies’ close processes: different fiscal year ends, complex eliminations, manual allocation calc’s, multiple charts of accounts, varying ownership interests, and general financial reporting complexities.
With Adaptive Consolidation, companies can cut their close process down to a week or less, because after all, the last mile of finance isn’t a turtle race, it’s a sprint, and a faster close process means:
Improved efficiency and effectiveness of the Finance department.
Fast and accurate business performance data for management.
Increased time for management to analyze actual performance against forecast.
The Importance of Integration
Adaptive Consolidation’s features are robust and powerful, and can drive improved business insights and decision-making even when used as a standalone product. But it’s part of the Adaptive Suite for a reason, as are all Adaptive products. When integrated with Adaptive Planning and Adaptive Discovery, Consolidation supports an efficient and complete closed-loop process with full automation for budgeting, forecasting, reporting, consolidations, and data visualization.
Cue the music for the closing credits, and please don’t throw your empty popcorn bag on the floor.
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