Consolidation, Close and Financial Reporting

Financial reports should answer certain basic financial questions including:

  • Is your business making a profit or suffering a loss, and how much?
  • How do your assets stack up against liabilities?
  • Where did your business get its capital, and is it making good use of the money?
  • What's the cash flow from the profit or loss for the period?
  • Did your business reinvest all its profit?
  • Does your business have enough capital for future growth?

At Strafford, we help our clients gain more powerful tools to work the increasing complexity of financial reporting in the decreasing timelines presented. Our solutions provide increased ease of use, better data access options, better data/process management, and reduced cycle times for a faster, more compliant close.

Financial Reporting issues we help our clients overcome...

  • Standardization and consistency in data
  • Multiple financial statement hierarchy definitions
  • Time consuming manual efforts to prepare useful results
  • Flexibility and adaptability
  • Inability to add or modify financial data structures
  • High cost to update and maintain systems
  • Transparency and visibility
  • Lack of access to financial statement details due to offline combinations
  • Reliance on Excel spreadsheets and manual processes
  • Repurpose financial data
  • Multiple versions of the truth
  • Disparate and nonintegrated reporting
  • Global applicability
  • Different regions, different requirements
  • No universal or common unit for rollup and reporting
Consolidation issues we help our clients overcome...
  • No commonality in account structure
  • Inconsistent account use
  • Inaccurate financial statements
  • Multiple currency translations
  • Different translation rates
  • Unpredictable currency translation implications
  • Unresolved Intercompany eliminations
  • Manual corrections
  • Extended reconciliation efforts
  • Lack of visibility into legal entity or sub consolidations
  • Offline tax reporting
  • Different rollups = different totals
  • No established hierarchy structure for accounts or entities
  • Use of multiple spreadsheets for consolidation
  • Inability to adapt to Securities and Exchange Commission (SEC)/Agency requirements 
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Oracle Hyperion Financial Management (HFM) 11.1.2.4 helps organizations improve their consolidation and reporting process and reduce internal control risks. Financial managers move from the role of scorekeeper to one of business partner— delivering financial and non-financial analysis that supports strategic and operational management decisions.

Strafford Technology can deploy HFM on premise and in the Cloud.

 

SAP Business Planning and Consolidation (BPC) is an industry leading unified planning and consolidation solution that allows the office of the CFO to perform both activities in one solution and platform.

Strafford Technology can deploy SAP BPC on premise and in the Cloud.