Financial consolidation software

Financial consolidation is the process of combining assets, liabilities, and other financial data of two or more entities into one. Without automating financial activities, consolidations can be a drain on time to manually manage complexities in a multi-location organization, such as decentralized payables, inter-entity transactions, or multiple currencies.

Tracking hundreds, perhaps thousands, of inter-company transactions using spreadsheets is error-prone and time-consuming—taking days or weeks to consolidate. Financial consolidation software like Sage Intacct helps automate multi-entity accounting and multi-currency accounting:

• Automating inter-company eliminations
• Automating currency conversions and revaluations
• Complying with ASC 830/FAS-52 multi-currency consolidation, creating cumulative translation adjustments (CTAs)

After setting up your entities’ books, running the consolidations processes is easy. Simply select the books to consolidate and period range and click the consolidate button. You can even set up a recurring schedule of how often you want to consolidate so the process can run in the background.

This comprehensive automation translates to getting your consolidated financial reports in a fraction of the time it takes with manual consolidations processes, leading to reduced close time and improved accuracy. Every stakeholder gets the right view of performance with streamlined financial management and reporting.

Here are just a few examples of how organizations achieved greater efficiency and visibility.

Jumpstart, a venture development nonprofit, managed consolidations across complex multi-entity operations to more than double the speed of planning cycles and increased budget accuracy by 90%.
Tandem HR, a custom HR solution provider, cut 500 hours annually and increased EBITDA 195% through data-driven decision making made possible with faster, accurate financial information.
Rivr Media, a television producer, streamlined inter-company financial processes to shorten the monthly close by 3 to 5 days and save over 125 hours per month.

Sage Intacct financial consolidation software is ideal for setting up and consolidating up new entities. Existing practices, perhaps with similar business models, can be used to quickly configure the accounts of new entities. In-system report writers can adjust to the reporting needs and meet different GAAP and industry requirements. You can adapt the chart of accounts to meet the needs of the new business unit. Configurable rules for inter-entity transactions, bank accounts, and more—keeping new entity setup easy and consistent.