Sun, 05 Feb 2023

An efficient consolidation software provides efficiency gains and timely, accurate figures to the finance, accounting, and executive teams. To put it another way, you and your business will have more time and confidence. In today's competitive environment, which organization isn't looking for a new advantage?

Fluence Technologies' software automates manual consolidation tasks, giving your team more time to focus on analysis and high-value tasks. By establishing confidence in statistics, fluency enables decision-makers to acquire a clearer sense of their organization's financial status and make decisions based on solid knowledge.

To achieve these benefits, the Fluence program offers the following five capabilities, making it the greatest consolidation software available for mid-market companies:

Quick Deployment Techniques

Implementing financial consolidation software should not take up valuable time due to lengthy deployment and slow adoption. You need a system with a rapid deployment model that has worked well with previous clients.

In contrast to your ERP, which may take months or years to implement, Fluence software can be updated in a matter of weeks. Rapid adoption and implementation result in faster reporting capabilities without requiring significant changes to how your teams currently work. Users will also feel more at ease using the accurate data produced by Fluence as a result of its integration with existing systems.

Excel integration

Although it is no longer the most efficient means of reporting, Microsoft Excel is installed on every finance workstation in the world, and both finance and business teams are comfortable using it for data input, financial reporting, and management reporting. Because Fluence is simple to integrate with Excel, your staff can continue to use the tool with which they are most comfortable and familiar, reducing user resistance to change.

By integrating Excel with your financial consolidation and reporting software, you gain the following benefits:

  • Excel's comfort and simplicity of use among users in finance and other business sectors, rapid adoption time to value is short.
  • To avoid the risks associated with using isolated Excel files, you must also connect them to the appropriate data sources.

Data integration

Many mid-market businesses struggle with the integration challenge of dealing with fragmented, patchwork systems. Silo systems that do not communicate with one another waste time and produce ambiguous results when reported, in addition to being inefficient.

As a result, it makes the most sense to integrate your financial consolidation software with other transactional data. If you connect directly to your GL, ERP, and other data sources, your efficiency will increase and your risk of reporting incorrect data will decrease.

Too much data handled from too many diverse sources produces a human mistakes, which is the major problem with traditional consolidation software. Any danger of human error is total eliminated by the deployment of consolidation software.

You can expect considerable efficiency gains with trustworthy data for your financial statements, management reports, and more when you combine an Excel interface with data integration.

A Customized Solution

The market is grossly underserved in terms of financial consolidation software for mid-sized firms. When assessing financial consolidation software solutions nowadays, you generally have to choose between one of the following key requirements:

  • Software that is simple to own, use, and adapt quickly.
  • Solutions that prioritize the middle market rather than treating it as an afterthought

    Technology developed to meet all of your reporting and consolidation needs.

And what usually happens?

Systems with limited usage, imply slow adoption and value realization.

Solutions that thrust your needs into the needs of enterprise customers, disturbing your consolidation operations.

Software that only partially meets your needs while still requiring your accounting staff to perform manual, error-prone tasks.

You can purchase software that is specifically designed for consolidation, such as Fluence, and that your employees will enjoy using. Workflow automation and data integration are critical components to consider when developing the ideal consolidation software.

Fluence does more than just automate processes and data collection. The program includes computations, rules, and other tools to help you manage the full range of (sometimes difficult) consolidation operations automatically. Examples include:

Account Reconciliation and Intercompany Eliminations

Financial, management, and other KPI reporting Cash Management and Forecasting Foreign Exchange Translation.

Finance Ownership Non-Traditional

The team that will use the new software is frequently involved in its implementation, as is a significant reliance on IT. As a result, your finance team is reliant on the capacity and skills of your IT department for everything from implementation to reporting customization.

With the right finance-owned consolidation software, your finance team can fully implement, manage, and own the system right out of the box.

You don't need IT help or a Ph.D. in coding to get your software up and running quickly.

So, how will your company accomplish this? Using a Fluence consolidation solution with pre-installed features such as:

  • Simple administration tools include drag-and-drop interfaces for creating rules, automating workflows, and controlling access for all users.
  • Built-in calculations for your most complex, time-consuming accounting logic, such as roll-forward continuity and intercompany eliminations.
  • Automation of the workflow for a quick and easy transition from actuals to consolidated financial statements.

The time to invest in your digital strategy has never been better than right now. If you invest in a dependable financial consolidation and reporting solution, your organization will be on track to meet its objectives and thrive.

Choosing wisely when investing in financial consolidation software means investing in your company's future prosperity.

If you are thinking about implementing financial consolidation software to improve your reporting and free up capacity in your team, please contact to data analytics company to arrange a business discussion with one of our Fluence experts.

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