You can gain power over the data your company relies on to succeed. But you need a financial consolidation and reporting solution that lets you eliminate manual processes so that you can focus on analysis. But with Infor CPM financial consolidation you can simplify all the test associated with consolidation thus allowing you to focus on financial reporting and analysis. So how can Infor CPM financial consolidation help to improve your business?
How Infor CPM Financial Consolidation Improves Your Business
1. It will enable you do your business better
Demands for increased financial transparency, compressed reporting cycles and changing and increasing regulations are just some of the performance management challenges that companies of today face when they close their books and prepare management and statutory reports. The times spent to collect, verify, consolidate and share data means that the finance professionals in these companies will actually have less time to spend on analyzing and also doing other strategic activities that can improve the efficiency of the company. Successful companies are those that not only uses technology to meet regulatory requirements but also to add values to their business and with Infor CPM financial consolidation, you will have more time to spend on financial analysis and reporting.
2. Leverage experience
Infor corporate performance management (CPM) solution has helps many companies around the world to streamline and improve the effectiveness of their business processes for more than 30 years. Infor CPM financial consolidation allows you to quickly and accurately collect report and consolidate data from different operating units all over the world including those with disparate general ledger systems, transactions systems and charts of accounts.
The built in financial intelligence will greatly help you to confidently address both local and global reporting standards and regulations such as international financial reporting standards (IFRS),generally accepted accounting principles(GAAP), international accounting standards(IAS) eXtensible business reporting language (XBRL) and Surbanes –Oxley. When business condition changes, you must also be able to respond quickly to those changes if you want to stay relevant and competitive. With the drag and stop simplicity of Infor CPM financial consolidation, you can easily accommodate acquisitions, mergers reorganizations among other structure changes. All that you need to do is simply to make the change and the system will then replicate the information throughout the application.
3. Get business specific
With Infor CMP financial consolidation, you will not only streamline the consolidation process but you will also improve its transparency, integrity and business value to the company. Infor CPM financial consolidation will allow you to not only decrease the cycle time but also give you the opportunity to improve the accuracy of data by automating, loading, validating and consolidating the data.
This application also determines the most suitable and efficient consolidation path for you. Also because all data and changes that you make are consolidated in a single central place, your data will not only be secure but you will also be able to arrive at a single version of the truth instantly -something that cannot be attained when you use spreadsheets. This application also features a built in calculator that can enable you to accurately handle all your currency conversions, variances and group ownership.
4. It supports compliance
By using Infor CPM financial consolidation journal entry system, you can simply adjust data for regulatory reporting, consolidation issues and management requirements. This application will automatically handle all gains and losses and also eliminate any consolidation adjustments like minority interests, inter company elimination, joint ventures and allocations. In addition, this application will also allow you to control associate enterprises and percentage of subsidiaries that are rolled up and rate at which it happens. CPM financial consolidation will provide you with complete audit trail on all consolidation adjustment that has been done to allow you to review the changes and also provide you with the transparency you need to satisfy both internal and external auditors.
5. It enables you to gain more insight about your business
Not only does Infor CPM financial consolidation create a standard financial report based on your current data but it also generate exception report and color coded interactive analytics to help you to analyze your business well. Your data can be presented as scorecards, dashboard, charts, tables, graph and spreadsheets and you can view the data from multiple perspectives like regions, product profitability and product line. For more insight, you can drill down the summary number and view all transaction details. Built in status monitor will provide you with a visual overview of impacted journals and financial data that you can use to determine the best and most efficient consolidation path to incorporate changed data.
6. It improves data accuracy
With Infor CPM financial consolidation, all your financial data will be presented accurately. This means that chances of getting error in your financial book of accounts will be almost next to impossible. Also in case of any error, this application will notify you in time so as to enable you correct the error. You will be able to save a lot of time that you could otherwise spent to ensure that all financial record are accurate .
7. Make informed decision
Since Infor CPM financial consolidation will give you accurate information about your financial status, you will actually be in a position to makes the right decision on what steps to make to improve the efficiency of your company. In addition, all data changes that you make are consolidated in a single central place thus allowing to access vital information about your financial status easily. You can only make the right decision if you have facts at hand and this application will ensure that you’re not only provided with accurate financial data but also an up to date data that can enable you to project your future financial status .This application will also give you some tips on what you can do to increase the profits of your business.
In conclusion, by bringing speed agility, accuracy and insight to the process, Infor CPM financial consolidation will simplify all the tasks that are associated with consolidation. This means that the financial officer of your company will actually get the opportunity to spend more time in guiding the business and analyzing results enabling your company to realize low total cost of ownership and greater return on investment. For even greater value, you can combine this application with other Infor CPM applications like planning, budgeting, strategic management and forecasting for comprehensive performance.
