Financial consolidation is the engine that keeps the finance department in motion. Yet, organizations regularly pour huge investments into systems that continue to disappoint – and really, cause more hindrance than help. I’m pleased to announce that we have solved that with no, not yet another expensive and time-consuming tool, but with a cloud-based application. The Financial Consolidation Pain As a company, you publish books and financial statements. Consolidation is the act of combining the books of a company's subsidiaries into a single group economy, so that you can see the complete financial picture. This process is extremely necessary but historically ungainly; each subsidiary produces its own accounts, and then they all must be combined. This is exponentially complicated when you consider all combinations of parameters that drive consolidation calculations: currencies, intercompany transactions, consolidation methods, versions such as actual and forecast, and many more. The Anaplan Answer Old solutions just do not work in today’s economy and consolidation is no exception. While integral to finance, financial consolidation has historically been a huge burden on time, resources, and team sanity. Anaplan’s financial consolidation app reverses all of that. We have completely rethought the whole process to leverage fully today’s technology and eliminate every wasted second of your precious time. This series of blog posts will focus on several aspects of Anaplan’s Financial consolidation application, and explain how Anaplan radically simplifies and accelerates the overall consolidation experience, from setup to financial statements production. Today, let’s focus on immediacy and what it means when it comes to consolidation: Immediacy Benefit #1: Rapid Setup Remember the (not so good) old days? Setting up a new app entailed new hardware, getting the right versions of base software (OS, DB), and an overly complex installation process. Very often, it could take weeks until you could even simply access login screen. And then, the tedious but necessary task of application development began in order to transform a toolbox into something useful. This could take months, and required development skills to deal with the scripts that had to be written. Now let’s consider Anaplan. You’re up and running in three simple steps:
- Access Anaplan: all you need is a browser and an internet connection.
- Copy the Financial consolidation app into your environment: this takes no more than a few minutes.
- Configure the app: Yes – configure. No script, no development. The application is fully comprehensive; all consolidation logic is already built-in. You just have to load your chart of accounts and organization structure, and you’re good to go. This took half a day at one of our customers.