Automating Financial Consolidations
We constantly see SME’s and businesses being under intense pressure to manage the financial consolidation process in a timely and efficient manner and in meeting the standards of multiple regulatory bodies at once. This process is also essential to provide stakeholders and investors with better and timely information and disclosures about the financial state of the organization.
The challenges we believe businesses face in meeting these objectives are:
- streamlining their financial month end and close process
- integrating multiple sets of financial data without compromising the accuracy of those data
- ensuring visibility of the consolidation and close process
- managing costs to remain within budget
Take a minute to think about all of the excel spreadsheets you have for your consolidation process which are handled by different team members. This increases the risk of errors, outdated information and limited reporting options and most significantly the sheer effort required to piece together the data each and every month.
That is no longer the case and those of our clients that have invested in better financial technologies are appreciating the rewards. One of the automated solutions we are using more and more is Spotlight Reporting, which can upgrade your current consolidation processes by providing:
- real time and automated data consolidation
- fast creation of advanced consolidated reports
- ability to drive action through development of action plans
Our specialised CFO’s at Stepping Stone can assist you not only in bringing your consolidated numbers to life quickly but also providing and developing an ideal canvas for meaningful reporting and analysis. This also includes building a seamless integration with Xero which enhances the digital transformation process within your business and delivering a quality automated product.
Top Spotlight Reporting Features & Benefits
Spotlight Reporting offers a complete digital and automated solution with ease of use, speed and clarity.
The main features of the software are:
- Consolidate up to 50 entities – minimising the manual transposition risk and outdated reporting options. Having the ability to eliminate inter- company balances and transactions in a seamless manner. Gain hours / days back from manual preparation and produce superior reports. Learn more from the “Consolidation in the Cloud” white paper.
- Powerful integrations – from leading sources of financial data like Xero, Spotlight Reporting brings useful data together, simply and fast. Learn more about our financial and non-financial integrations.
- Multi-currency consolidations – 50 currencies are available hence most international operations are covered and there are capabilities for single and multi-currency reporting.
- Custom charts – with more than 100 charts available all with templating, customisation and white-labelling options. From visualising cash-ins & outs to stock-on-hand and even personal wealth, there’s a chart to bring your data to life and provide an instant snapshot of your business. The software can also provide insights into non-financial information, KPIs and industry metrics and you can use formulas to create bespoke charts. Find out more about the Chart Gallery.
- Cashflow Analysis Page with waterfall – this page monitors cash movements and balances critical for your business. The cash flow waterfall chart is a visual representation of the impact that business decisions have on your bank balance. Find out more about this feature.
- Customisable and industry templates – the software has the ability to create and save your relevant reporting templates. There are also prebuilt industry specific templates for metrics and KPIs for Hospitality, Professional Services, Retail and SaaS industries.
- Account groupings – with the ability to group accounts as this will place a greater focus on the information that matters and enable the business to make better decisions. Simply choose which accounts to group and how to display them for enhanced readability and analysis of reports. This function also allows grouping & summarising of non-essential accounts and highlight important ones by displaying the details. Accounts can be displayed alphabetically, numerically or in the order that adds the most value and makes sense. Find out more about Account Groupings.
Start now, be more efficient for the new year
Going digital on consolidations is a journey, and from our project experience it may take some time to walk before you can run, but there’s no better time to start, since we’re about to enter a new year. Prepare for 2021 with a growth mindset and start making small but significant changes now to achieve more efficiency and profitability in your business.
Do feel free to reach out to us at Stepping Stone if you would like us to provide you with a product overview or have any queries on the above.