If your business users come into contact with different applications or methods for financial reporting, you know how frustrating it can be to consolidate and standardise the data so that it can be used in a meaningful way. The process often involves manually collecting data or entering it into another program. Despite your best efforts errors can still occur, creating many problems down the line.
Companies spend much time and money consolidating their financial reporting, often needing to employ and train extra staff simply to oversee it. Automating this process can free up internal resources for where they are really needed, and ensure that consolidated financial reports are devoid of errors and delivered in a timely, cost-effective manner.
As data becomes more complex and often fragmented, businesses need a single version of their data that they can trust in order to make informed business decisions. At the same time, this represents a challenge of how to consolidate the data from different systems without having to replace them.
Systems like UNiFY create a unified, master view of an organisation, mapping multi-dimensional data into a single application. There is no need for a company to adopt a single-system or ERP approach, which can be costly and inflexible. UNiFY’s data-warehouse driven approach will consolidate data from different sources, allowing you to analyse data from Lead to Invoice to Payment, as well as integrate Product, Service, Sales and CRM data into your financial reports.
Having worked on automating consolidated financial statements across Australia, with many different sized companies and industries, it made us realise that companies needed more information on how the process actually works and why it is so important to rely on a local team with seamless communication
ITeM Group’s new whitepaper on the subject explains in greater detail how businesses can automate the consolidation of their financial statements.
To download the whitepaper, please click here.