A Financial Statement Consolidation process needs to be accurate and visible to all interested parties. At the end of this process, financial statements should be consolidated into "a single version of the truth". The procedures performed to complete the process should be accurately documented and management should clearly see financial numbers by territory, cost center, department, etc.
Thoughtstream Consulting provides the experience, expertise, and strategies behind building an accurate consolidation of multiple financial systems and entities. When dealing with multiple foreign currencies, intercompany eliminations, and general ledgers, maintaining accurate numbers across these platforms can be confusing and difficult to achieve. By using the proper software and proven practices we have gathered over the years, Thoughtstream can help your company feel confident that accurate numbers will be consolidated from your multiple data sources in a timely and efficient manner. Thorough documentation of procedures is also provided to ensure knowledge transfer within your company.
Financial Consolidation Software reduces the amount of time to perform a period end close and provides financial clarity that is essential for compliance with Sarbanes-Oxley, ICFR, and IFRS. This software can be customized to mirror your company's infrastructure all the while adding extra reporting capabilities and consolidated data views. Once this software is implemented to consolidate multiple entities and General Ledgers, data can be pushed to forecasting or budgeting models which can then be used to enhance analytical reporting.
