How to Improve the Financial Consolidation Process?

Financial consolidation can be a complex and demanding task, especially if you still rely on outdated solutions like Excel that aren’t entirely intuitive and customisable. How to improve the financial consolidation process? Keep reading!

What is the financial consolidation process?

In simple words, the financial consolidation process is about collecting financial data from different departments within a company to assess the current situation of the business, prepare reports, or financial statements.

How to achieve better results? 4 methods

So, how to improve the financial consolidation process to achieve even greater results?

  1. Automate the financial consolidation process within your organisation. Benefit from available tools to save precious time and resources. It’s also worth mentioning that intelligent solutions minimize the risk of human error and give employees room to expand, as thanks to software, specialists don’t have to waste time and energy on tedious activities.
  2. Collect and calculate in real time to implement necessary changes on the fly and react whenever needed.
  3. Choose an integrated app or tool to improve your flexibility, give all specialists access to necessary information, and to safely trace all the numbers. This way, you’ll be able to seamlessly integrate a selected solution with your business financial platform.
  4. Go for self-service reporting in order to reduce your reliance on IT specialists and to immediately process necessary data, without waiting for support. This will give your team full control over the financial consolidation process.

How to improve the financial consolidation process? The takeaway

Thanks to modern solutions, the financial consolidation process doesn’t have to be complex or challenging. Automating routine activities within an organisation is a great way to save both time and money, while improving the productivity of your employees by giving them the possibility to grow and focus on different areas of business.

Leave a Comment