December 20, 2018

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Financial Consolidation in the Cloud

April 25, 2014

 

Financial Consolidation is something very simple that merely provides an overview of the total organisation’s performance based on inputs from the separate legal entities in the group. The only difficulties arise in understanding that the results of each separate legal entity are produced based on rules which apply to each of those legal entities in isolation, in the jurisdictions in which each operates.

 

The new Anaplan Financial Consolidation Application diminishes these problems by providing the following benefits:

 

  • Instant upfront validation of data;

  • Automation of the input of the financial ledgers of each legal entity;

  • These can be from as many sources as are needed by the group.

  • Automation of mapping to the group chart of accounts, as the structure of the ledgers in the legal entities changes.

  • Workflow can be applied to check the completeness of the submissions at any point in time during the load process.

 

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  • Instant snapshot at any point during the consolidation process: say, when the top three entities in the group’s ledgers have been loaded, reconciled and adjustment entries made.

  • Tailored, secure access to data: the group FC can grant access for each legal entity’s FC to see their entity’s data, and provide analyses required, without granting access to other legal entities or to group level data.

  •  Automatically open the most relevant dashboard upon login, with clean and clear actions to show ‘where to go next’.

  • See all of the data you need, and only the data relevant to you, without having to wade through there people’s information.

 

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  • Full audit trail of all consolidation adjustments and other entries made during the process.

  • No more multiple Word docs and e-mail chains to record what was done: it is all available at the click of a button inside Anaplan.

  • No more ‘I didn’t make that change’: every single changed time stamped with the user’s name recorded against the change.

  • Full ability to ‘roll-back’ to a prior point in the consolidation should a set of recent changes prove unhelpful or incorrect.

 

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So in summary: in principle there is nothing difficult about Financial Consolidation. But the devil is in the detail: working with humans who make mistakes and change their minds (and sometimes cover their tracks?) makes the process troublesome. Anaplan’s new application will shine a light into those dark corners.

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