By Cross point Solutions
A lot of Microsoft Dynamics GP users are overseeing the transactional and operational figures of a parent organization, with multiple subsidiary entities. Consolidating company data from various subsidiaries, at times with different currencies, can be logistically messy without today’s best financial report designers and consolidations tools. Financial information increases in amount and in relevance in regard to business decision-making for a healthy, competitive future. CFOs and Accounting teams must seek a business user friendly solution for the routine process of data aggregation in one set of unified financial reports. Cross point Solutions feels your pain, and in this article, we will discuss your best options that bring modernity, intuitive, and power to your Dynamics GP experience, managing a parent company portfolio.
Let’s start by defining the term. Financial consolidation refers to combining and reconciling transactional data from subsidiaries into one unified set of financial statements for the parent company. These reports aggregate subsidiary data that make up the complete financial picture of the parent company in one digestible statement. Financial consolidations do the work of converting for currency diversity when necessary, eliminating any inter-company transactions, and manually making any other adjustments necessary to accurately understand the health of the parent company. There might be several reasons to seek a premier consolidation tool, but we think a couple are important to note.
Your accounting team might be looking for today’s best automated consolidation solution for many reasons. Some might be ready to get rid of older consolidation software that is too simple to tackle modern business demands, like FRx or Enterprise Reporting. Others are ready to upgrade from older tools that are not very user friendly for non-IT team members to manage, like Hyperion or Cognos.
Cross point Solutions recently spoke with a CFO who relies on Dynamics GP to manage several subsidiaries around the globe for an international parent company. This CFO has to meet national and international regulations, in addition to currency conversions, with the International Financial Reporting Standards (IFRS) to Generally Accepted Accounting Principles adjustments (GAAP), also known as IFRS to GAAP. Some consolidation tools provide powerful, sub-ledger analysis and are also a part of a comprehensive Business Intelligence (BI) suite, completely integrated with additional tools like ad-hoc reporting, budgeting, forecasting, modeling, data visualizations, and BI data storage modules. This article is all about financial consolidation solutions for Dynamics GP, as somewhat of a shopping guide for you and your company in today’s marketplace.
To continue learning more about Financial Consolidation Tools for Microsoft Dynamics GP, read the rest of this article here.