ENTERPRISE PERFORMANCE MANAGEMENT SYSTEMS
Prophix for Financial Consolidation
Multiple legal entities. Intercompany eliminations. Different and disparate regulatory reporting requirements. Mergers and acquisitions. Foreign currency translations. Expense allocations.
With so much to organise, is it even possible to get a true picture of your company’s global finances?
The lack of a standardised and consistent monthly process for Financial Consolidation leaves many organisations in a jam. Many companies rely on manual efforts to organise and understand information from different accounting systems, charts of accounts, currencies and calendars. They also need to apply adjustments and reconcile account balances.
If you’re like most companies, you manage your consolidation requirements through spreadsheets and with home-grown applications. But despite the best of intentions, these efforts typically fall short when it comes to providing valuable and timely information.
Prophix offers a solution.
Streamline your consolidation process with Prophix
Prophix provides a solution that adds process and control to your Financial Consolidation efforts. Rather than manually collecting data from a number of sources and varying formats, use Prophix to automate the collection and consolidate the information to give you better quality and consistency.
With Prophix you can summarise operational data for all of your subsidiaries. Create a single set of financial statements. Ensure compliance with different regulatory requirements like GAAP or IFRS. What previously required extensive man-hours to complete and a number of reviews to ensure accuracy can now be completed within minutes. No more overtime to approve and you can be assured that the data is correct.
Other benefits include:
- Sophisticated workflow capabilities remove the burden of having to manage and remind other stakeholders that they need to submit their financial information. With Prophix, you can schedule alerts to be sent on your behalf. Workflow also provides the structured review and approval process you need to ensure the data’s security and auditability.
- Mitigate risk and reduce errors with documented adjustments using journal entries.
- Increased collaboration between multiple entities. Collecting data and reporting the information in a consistent way provides a single version of the financial truth. Now you can compare the performance of your subsidiaries against each other.
- Transparency and increased governance through sophisticated reporting, with role based security and detailed auditing capabilities.
Reporting your consolidated data is easy
Prophix’s unified solution not only provides you with the functionality for automating your consolidation processes, it also comes with advanced reporting capabilities at no extra cost.
Our reporting functionality provides for all your reporting needs - from consolidated reports to segmented reporting to analysis of individual transactions and adjustments.
Understand your competitive standing and global business performance. It’s easy to do with Prophix’s flexible reporting and analysis capabilities.