Research shows that companies change their financial consolidation solutions infrequently, with the vast majority using stand-alone software that has been in place for over a decade and the remainder relying on functionality within their enterprise resource planning system or spreadsheets. However, factors such as an increasing compliance workload, the ability to report management information in consolidated financial statements and disclosures, the need to improve productivity in the finance function, and the opportunity to lower costs by migrating to the cloud mean many finance and IT professionals have to decide what to do about their existing solution(s).

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