Ben Reddall 0:00:13.5: 

Thank you for attending today's session, Ending the chaos, a modern approach to financial consolidation. We're going to go through, over the next 40 minutes, an overview of Anaplan's consolidation solution, and take you through some of the key benefits, some of the things that it will help you as an organization understand. A lot of the conference has been around planning and forecast data. We're going to be focusing around the actuals, so why the actuals really make a difference. With that, I'm Ben, I'm a senior director in our presales organization, I'm based in Massachusetts. I really focus on bringing our finance applications to our customers. I have a team that are really focused on financial consolidation, the financial planning, integrated financial planning applications. We also focus on some of those other areas, subscription revenue, consensus margin. 

 

Ben Reddall 0:01:13.9: 

When it comes to really looking at finance and accounting, there's many different aspects. You've seen probably this roadmap a couple of times over the last couple of days. We're focusing really today on the far left-hand side of the screen as you see it. A lot of the integrated financial planning is around forecast, plans, budgets. We're going to be focusing on that bottom honeycomb around financial consolidation today. When I think about finance and I think about all of the other applications that we have within our ecosystem, everything leads to finance, whether it's your actuals, whether it's your budgets, whether it's your supply chain, whether it's your workforce planning. All of that information comes back into your finance accounting side of the house. 

 

Ben Reddall 0:02:05.2: 

When you think about that, those processes need to be a unified perspective. When I look at consolidation, which is really I've spent most of my career working with organizations around financial consolidation and financial reporting, having that blend of actuals and budgets is really important, mainly for that internal management style reporting. Organizations, yes, you need to report your statutory numbers out to the SEC, as an example, or maybe got internal stakeholders, some of your investors that need to see your results. A lot of that's going to be around gap standards, IFRS standards, all of those different accounting standards that need to be adhered to from the actuals perspective. This is going to give you that focus from the actual side of things. That's really where we're focusing on the financial consolidation. 

 

Ben Reddall 0:03:00.4: 

All of that data needs to integrate with your plans, right? You need to bring your planning data into that to help with some of the management reporting that may go alongside that, so comparing your actuals to budgets, comparing your budgets to your actuals, comparing your forecast, different versions of that. All of that needs to go through the same rigor, potentially, as your consolidated actuals. That's really where we talk about that unified experience. If you look at this on a timeline, all of the exciting stuff happens to the right-hand side, so that's where you can do all of your planning. You can decide how you want to plan your business. What I call, that's more of art. Planning, every organization does it slightly different. You may do it slightly different to another organization around your revenue. You may be looking at your operational expenses in another way, differently to another organization, so planning is really how you want to see the projects of your business, and how your business is ultimately then looking outwards from that current today's perspective. 

 

Ben Reddall 0:04:06.4: 

Close and consolidation, or consolidation, we're looking at today is really today and everything that happened yesterday, last week, last year, two years ago. It's everything that's happened, but it's highly important. It's highly regulated and it needs to be accurate. Your CFO can't report results up to the SEC that are incorrect, or they are nearly there, they need to be completely accurate. That's why consolidation systems exist. That's why many organizations, if you've got multiple subsidiaries, you need to bring all of that data into a consistent user experience, but also a consistent model that's going to give you accurate, auditable information that's gone through SOX compliance and all of those different jurisdictions. 

 

Ben Reddall 0:04:55.3: 

When you think about the objectives of the CFO, it really starts with your actuals. Where are you from an actual performance? You then start getting into analysis and insight, so really branching out and starting to understand the actuals. You then look at different risks, different opportunities out there. You then start to blend in your plans and your forecasts. How is that data being married together? How are you looking at your current position? How are you then building out your future forecast where you're blending your actuals and your budgets? You're starting to build a picture of your financial perspective, not just looking inward at today and yesterday, but starting to take those results and blend those into your forecast and budgets. When you think about the key objectives, the CFO is looking at how are we going to grow the business, but how are we also going to control the costs within the organization? That's how all of that information comes together. Then ultimately, how do we get to that strategy validation and really defining what the strategy is of the organization with all of the data we have available to us and the CFO within? 

 

Ben Reddall 0:06:11.0: 

This is a journey. It's not every organization has all of these items sorted out, but it's really where that utopia comes down. It's really understanding what are those objectives, and then how do you get to that, and how can you achieve that with solutions like Anaplan? Not just on the consolidation side, but on the planning aspects as well. What does financial performance excellence look like? I'll just read the title. When you look at planning, when you look at consolidation, when you look at different processes within planning, there's going to be different aspects that come into that, whether you're doing - and I'm going to focus on the left side - all of those different, what I call dimensions. A dimension is an entity structure. It's an account structure. It's your time structure. It's your scenario structure. When you think about planning, you're going to have different dimensions, different lists for your workforce planning, your operational expense planning, your supply chain planning. You're going to have different dimensions for your revenue planning as opposed to your OpEx planning. 

 

Ben Reddall 0:07:23.8: 

That's why Anaplan is unique in this factor. We can have unlimited dimensionality that's really fit for purpose and fit for the model and fit for the reason you're using those dimensions. We're not saying to you you've got 14 dimensions and try and make it work across all of these different processes. Anaplan really is the only vendor out there that gives you that ultimate flexibility to define your plans how you want to define those plans, but also then when you marry that into the consolidation, you're going to have potentially different dimensions, but they're going to be pretty standard in that aspect as well. Consolidation will always have less dimensionality than your planning, but you need to have those as disparate but connected processes and there we will bring all of that information together. 

 

Ben Reddall 0:08:14.0: 

Having the flexibility that Anaplan gives you to do not just your finance but your operational plans, but also then give you the consistency and the regulatory governance around your consolidation. Those are key aspects to think about when you look at these as processes. They need to marry in the middle, but we need to have the flexibility to do the tasks that they're required for as well. This may be simplistic to you, but when I look at consolidation, it's not that complicated. Whether you're consolidating your actuals, whether you're consolidating your budgets, whether you're consolidating your forecasts, there's really not that much that goes into it. You obviously need to make it correct and you need to understand how all of that information comes together, but if you look at this simplistic map on the right-hand side, any organization that has more than one subsidiary needs to do some kind of consolidation. Sometimes, it may just be an aggregation, adding up numbers and here's your results. 

 

Ben Reddall 0:09:24.9: 

A true financial consolidation is taking a P&L, a balance sheet and a cash flow, and producing those on a corporate basis, bringing in all of the trial balances from each of your subsidiaries. If you look at this example here, our parent companies in the US, we have subsidiaries in Canada, in the UK, and Germany. You can see our German subsidiaries owned at 80 per cent. We also have an investment in a French company that we don't own or control, but we have an investment that we need to account for as part of our consolidation. We have an owning percentage, we need to consolidate what our profit is of that investment, and then ultimately, how that information is related as part of our overall reporting package. No matter what those percentages are, we need to represent that accurately in our final consolidated position. 

 

Ben Reddall 0:10:24.4: 

This is what we're really good at. The more complex an organization, the better it is for us. I love an organization - when I speak to a company and say everything is 100 per cent, I go okay, we can do that, but if you get really complex, we've got an equity method here, we do equity pickup in Holland for our Dutch gap organizations, we have joint ventures, our ownership changes month to month, or we see ownership changes. We can track all of that and have all of that available to us and give us that flexibility directly within our consolidation. This is where I get excited, where when an organization says, 'We've got this complexity,' I say, 'Yes, we can do all of that.' The process of consolidation is really just collecting your trail balance. If you've got one ERP, it's very simple, it's one data load coming in. You may, and I won't say this officially, but you may be able to do it in your ERP system. Some ERP systems have great consolidation that goes alongside it. 

 

Ben Reddall 0:11:28.9: 

The more ERP systems you have, the more there is a need for a dedicated consolidation solution. If you've got NetSuite, you've got SAP, you've got Oracle, you've got a whole host of different ERP systems and different chart of accounts, you need to bring those into a common set of books that you need to map the data and bring it all together from that aspect. The more ERPs, the better. Yes, we've got organizations with one or two ERPs successfully using us in a very efficient manner for their consolidation. That's the first thing, bringing in data. The second thing is understanding adjustments. How do you make adjustments? Adjustments could be things like gap adjustments, IFRS adjustments. It could be you've done a late audit adjustment in your ERP but you don't want to re-import the trial balance, you want to effectively make that adjustment, and then next month that adjustment is part of your ERPs, you don't get to carry that forward, so journals and adjustments are important. 

 

Ben Reddall 0:12:33.0: 

Intercompany elimination. That's the process of you've got a sale between entity one and entity two, maybe Canada and the UK. You can't represent those results outside your organization because you're overstating your books, so we will incorporate that as an intercompany process to eliminate that, so you don't effectively overstate your books or overstate your financial position from your balance sheet. Currency conversion, pretty standard if you've got foreign subsidiaries, you're going to have actuals, you're going to have average rates, you're going to have closing rates, you're going to have historical rates, you're going to have opening balance sheet rates. All of those items are pretty standard, but again, you don't want to have to build that in Excel or another system. We have all of those methodologies defined and available within the application. 

 

Ben Reddall 0:13:29.8: 

Then investment elimination is just a fancy word for additional adjustments. These are just automated adjustments, so how do you deal with your ownership of 80 per cent in Germany? You need to back out of 20 per cent of your profit. Then you need to effectively show that within your balance sheet and your P&L. Investment elimination is just a fancy word for additional automated adjustments. That's it. Consolidation is, I always call it the circle of trust, these are the things that need to happen, we need to do them well, and you need to be able to have a system that does it as part of these standard application. That's really it. We're going to go into a quick demonstration in a few moments, but some of the things to think about is it's not just a regulatory consolidation, it's bringing together your management data, it's bringing together your budgets and plans, and bringing that all into a consistent set of reported books. 

 

Ben Reddall 0:14:30.8: 

It's also being able to understand the automation around the financial statements. The key statements I always talk about are income statement, balance sheet and cash flow. Bring all of those items together. Our solution is designed to be owned by the business, owned by the finance, the accounting team. It's meant to be no code, so if you make an acquisition, you know how to add that entity into your consolidation. You need to add a new trial balance, you can add that information into the consolidation. It is true cloud-based, so there's no on-premise administration, which is the same across all of our Anaplan solutions, so it gives you that flexibility to have a very open application from that perspective. Workflow really drives what that process is. 

 

Ben Reddall 0:15:23.2: 

I'm not going to go through each of these points, but ultimately, think about some of the key aspects. Consolidation, I get asked a question a lot. We have an organization structure, we have this group of ten entities, we have another group of another five subsidiaries, another group of another eight subsidiaries. If I want to roll those entities up differently, can I have alternate consolidation hierarchies, consolidation structures? The answer is absolutely yes. Then the question comes, well, my entity moved on this month to another group within the organization, so it's another time-based movement, can you manage that as well so I can see the historical data if that entity rolls up to Europe, but I can now see the future data or the current data going forward, rolling up into Canada where that entity moves. We support that time basis, that slowly changing dimension around how data gets moved if you make changes and alterations based on the time of your application as well. 

 

Ben Reddall 0:16:28.5: 

It's future proof. We don't necessarily have to implement everything from day one. If your organization is evolving, so you start with here's where the organization is today, we know we're going to make an acquisition down the road. You don't need to build all of that out from day one. You can start to evolve as your business evolves. If you're acquiring ten companies, you don't have to create ten buckets for those entities within the start of your application, you just update as the system goes forward. We've got customers that started off in just the US where they didn't have any currency, and they knew they were making an acquisition, and they were going to get into more currency aspects with their new subsidiaries. That was just part of the standard implementation, let's just make sure we've got the currency set up so our balance sheet converts at the closing rate, our P&L at the average rate. We'll make sure we've got the currency codes in there, and that was it. Nothing crazy. All we had to do then was just bring in the exchange rates, and you're off to the races once you've got that. It's future proof from that perspective. 

 

Ben Reddall 0:17:39.5: 

We've got customers that have implemented, we've got several customers that have implemented recently, where they've had, I don't know, let's say we've got - I'm just thinking it's one customer, Life Care Services, they're one of our customers. They have over 800 subsidiaries, I think it's over that number. They consolidate that on a monthly basis within our consolidation solution. They utilize all of the reporting, you've seen all of the adjustments. They implemented, I believe, in about 15 weeks, so the time to value is very strong within our solution. You can get faster consolidation reporting times. If you're using a very manual process like Excel, you need to check all of your formulas, all of that crazy stuff, with us it's a database, it's got all of the pre-definitions built in, so it's going to give you a lot more time. 

 

Ben Reddall 0:18:38.5: 

Reduction in audit time. Yes, if you're doing Excel you've got to audit all of your formulas, if you've got a system that's got all of the standard reports built in, then it's going to give you that reduction potentially on that side. The integration of acquisitions is pretty important as well. Then we're down to the demo. Let's go ahead and see what happens when I start doing the demo. It's been a long day, so hopefully my computer is going to play. We have within our Anaplan user interface, it's our integrated navigation. You can see in here we have financial consolidation, so if I need to perform my consolidation, this is where I'll come. This is now going to take me into that particular area of our application. 

 

Ben Reddall 0:19:34.5: 

On the left-hand side we have particular tasks that we may want to achieve or may want to understand. You can expand, collapse that, so it's a highly configurable interface, you're not just stuck with everything, you can collapse and expand items on here. Everything in here is designed for what you want your users to see. We have in here, Quick Links. These can be Quick Links to the Anaplan Academy, they can be Quick Links into a report for your consolidation. Hey, I want to see my consolidated P&L or my consolidated balance sheet. It could be a Quick Link into your intercompany elimination, intercompany reconciliation report. You have that ability to configure what you see. We also have our workflow. I can have one workflow, I could have five workflows. You're not configured just to one process, you could have a process that is for your month-end consolidation, you could have another one that's for your flash reporting, another one that's for your quarter end. You may be collecting different details. You may have different individuals involved in that process. 

 

Ben Reddall 0:20:47.3: 

You can have as many workflows as you want. You can also connect workflows. You may have a workflow that ingests data from your trial balances. When that workflow finishes, it starts off your data validation process where your subsidiaries are going in and checking the data. You can link workflows together, and workflows can have automation as well as manual processes built in. A workflow is a set of tasks. Each of these tasks I've defined, it's not you only get one set of tasks, you can define what those tasks are, where they fit within the process of your reporting, and who is in charge of those items. If I click on the maintenance, this will now show me the different activities I want to complete on the right-hand side. We'll touch on a couple of these as we go through in the next five or six minutes, just to show you some of these items that we see on the right-hand side. 

 

Ben Reddall 0:21:51.2: 

It's effectively giving you direct access into control, what each of these processes contain, but also control who's got access to each of these processes. We're all user-based, and we are role-based, so it gives you the flexibility to configure exactly how and what individuals will see and have access to as part of each of these processes. If I go back to my home screen, I can now click on this consolidation option, and it will show me a pictorial, diagrammatic view of that. Our process, you can see the individual items underneath, here's now a map of what that process looks like. You can see the dependencies, how everything tracks, and how everything is tied together. We can have automation built in. What's an automation? Something like a Teams message, a Slack message, or an email. When you finish something, you don't have to go off and send that message yourself, you can have the system automatically send messages, and we can package report books and have those sent out to your team if you want to as well. We have automation built into the workflow itself. 

 

Ben Reddall 0:23:07.8: 

In keeping with what I said earlier around having everything user definable, here's our workflow designer. You'll see different tasks listed out on the top here. If I come into here, you'll be able to see, here's each of my tasks, here's my task toolbox. If I come down and want to say I want to add reporting in here or a notification section, all it is, is just a drag and a drop, then you come in here and you just connect the dots. Then you come in here and you can configure even further. It's not a standard process, one size fits all, it's giving you the ability to define how that process comes together, and how you're defining all of those different activities. Just the other side of this, when we're connecting, you might have heard of Anaplan Data Orchestrator. This is how we can trigger tasks, so if you want to automate the ingestion of data from your ERPs through ADO, Anaplan Data Orchestrator, we can trigger those tasks directly from our workflow. Once you complete maintenance, you go to the next stage, and it will then import that data. 

 

Ben Reddall 0:24:24.0: 

We can also start an Anaplan planning workflow. Once you finish your consolidation, you want to send the data to planning to see the actuals into your budget, we can trigger that process automatically from the workflow. It's giving you those trigger points, those integration points directly within our workflows. The flexibility is beyond just can you define a process, it's going to give you some pretty cool stuff that enables you to track how all of those processes come together. The other side is you may have heard of - has anyone heard of Anaplan XL? I have. Anaplan XL is, I think, pretty cool and I love it, but it gives you the flexibility of reporting on your data through the canvas of Excel. I'm going to open this report up. Maybe not. I think I've been logged out. 

 

Ben Reddall 0:25:35.9: 

I'm going to open up this report here. I'll just come into here now. What this will show me is a standard Anaplan Excel report within the web browser. Why is that important? It's important because I've got interactivity with this report directly within here. I can come into here and double-click, and what this will do is expand the report for me and show me that detail, so we've got that flexibility of adaptability right directly within the browser. Here's all of our dimensions. If you were in any of the XL workshops, you would have seen a very similar screen within XL where you can drag and drop your dimensions and give you the flexibility of understanding how everything comes together from that side. 

 

Ben Reddall 0:26:29.0: 

This is an Anaplan XL report, and we published it directly into the web. You can do the crazy stuff like pivot tables, drag and drop, you can expand, you can do all of the other good stuff from that side. It's giving you the flexibility of understanding how everything comes together. If we go into our P&L, this is just going to show you another different aspect of that report, and it's going to show you we've got our 12-month trend, we've got actual data, if you can see that, we've got budget data. We can do cross-currency conversion. Why is that important? You can convert your actuals at budget rates, budgets at actual rates, so you can get that performance-based reporting directly within here. We can also come in and say, 'I want to look at my forecast.' This will now update this column and show me my forecasted data, so you've got that comparison report directly available to you within here. 

 

Ben Reddall 0:27:30.8: 

There's many different aspects of the reports that you can see, and how it all comes together, but ultimately, it all traces back into ultimately how you get into your system and how you want to report. Taking those Excel reports, keeping them in Excel is great, but then being able to publish those out to the web is pretty powerful as well. We're going to just go ahead, and I'm just going to complete this task. What that's going to do is not just complete this item here, but it will give me some additional flexibility to see the additional items that I need to complete as I go forward. One other area that I didn't touch on, but maybe I'll come back to, is if you do make an acquisition, one of the key things to consider is how do you map their trial balance, their acquisition trial balance into your consolidated codes? When I started off doing consolidation, I was a consultant. I basically went back, I would get the subsidiary trial balances, I would then sit with my corporate chart of accounts, and I would map and do that for each subsidiary, build a mapping table. 

 

Ben Reddall 0:28:47.5: 

We have what we call AI-assisted mapping, and AI-assisted mapping gives us the flexibility of effectively taking what we have from an ERP system, so I can take my subsidiary's trial balance accounts, entity structure, or whatever, I can ingest that directly into my mapping table, so here's what they've given me as their ERP chart of accounts. I can then hit my AI-assisted mapping button, and that will go off and tell me where it thinks those items should be mapped, based on using our mapping logic and our AI assistant to be able to then disseminate exactly what those accounts are, and then understand what accounts it think it should be mapped into. Anything above a certain confidence level of 85 per cent it will auto accept. If there was one that I didn't want to accept, I could just click this button, and then that would ultimately not accept that mapping, but I have the ability now just to save that. 

 

Ben Reddall 0:29:58.4: 

I can then come down to these other ones and say yes, I want to accept these as well. I can leave the top one, and then once that mapping is done, we have effectively gone through that process. If you add a new account as part of your ERP and it's not mapped correctly, the system knows that it needs to ask you what it wants to do with that particular element. It knows through the assisted mapping, if you've got new accounts, what do you want to do with it, and it will take you directly here and then give you suggestions on those accounts that are being added into your ERP system. Some of those key aspects are really important to just understand how the process comes together and how we're effectively working with individual acquisitions that come in. 

 

Ben Reddall 0:30:51.4: 

I won't go through a massive process of uploading and all of that good stuff, but just to talk about this quickly, I don't have an ERP system on my desktop, so all I'm going to do is just choose one of my subsidiaries, trial balances, and import that directly in. At this stage, if there were any mapping errors it would tell me, and then ask me, give me a question of what I want to do with those mapping items. This can be - you saw me click the buttons here. I can have this as a completely automated process if I want to. I'm not just limited to automated or manual. If you've got different processes or maybe day one, you're going to get a flat file from your subs, maybe day two you're going to build the automation, you've got all of those options available, hence that extensibility option that we talked about earlier. 

 

Ben Reddall 0:31:46.2: 

When we go into review, this is where we can get into some of those standard, out-of-the-box reports. I mentioned adjustments earlier, and this is just a report that helps me explain a couple of items here. If I come into here, this s now going to open up one of our standard reports. This is a balance sheet, and it's showing a consolidated view. What audit is, it's important to understand that many times with consolidation you need to make adjustments. Those adjustments can be for gap purposes, they can be for audit purposes, probably can't read all of those. They can be for allocations, reclassifications. You can define those buckets of where data gets adjusted within the solution. I'm just going to choose local reporting and that will change my column header here. I can then double-click and it will show me now local reporting is made up of source data, manual adjustments, and local reporting. 

 

Ben Reddall 0:32:53.2: 

We don't have any adjustments in here, but I will show you where those adjustments are in a moment, and what happens if you do have adjustments. I'm going to click on the USA group, and I'm just going to double-click again on source data. If I do a right-click, I can view intersections. This is going to show me at the total group I have subsidiaries, and you can see new Ben, I added in for this demo, and you can see that we've got a value of 2,100,000. If I come into here, I can do a right-click, I can come into here now and say I want to drill down, and drill through on that data. Once you click drill through, what that do is then show me all of the transactions that were made up as part of that import process. When we're importing data, when we map data, it's going to map directly into the one account, but it's going to show me and keep that source detail of all the bank accounts that map into that. 

 

Ben Reddall 0:33:57.7: 

From an audit perspective, that's pretty important to understand how it all comes together, and ultimately how you want to report on that data from this perspective. This is just an example of one of our standard reports. The other side of this is I talked about journals, and I won't go crazy on adjustments, but adjustments do come up in most conversations around consolidation solutions. If I click okay, this will show me where all of my adjustments are. All of these are unposted at the moment. I can see this is a suggested adjustment of a thousand and a thousand. We've got a description. We've also got in here the ability to see some supporting information that's an attachment. At any point, I can come and approve and post this, and it will give me now the ability to see that available. You can have delineation of duties for individuals that need to be able to create the adjustments, but they're not the final approvers on those adjustments. We have all of that process flow built in. 

 

Ben Reddall 0:35:05.9: 

The only other standard report I'll show you here is when it comes down to validations. Does my data validate? Does my balance sheet balance? Does my depreciation expense on my P&L, does that validate against my accumulated depreciation from each of my asset lines? It's going to give you all of those validations built in, so when we bring all of that data together, back to that audit item earlier where we can reduce the audit times, this is going to help with understanding all of those validations. Again, it's pretty standard from the application approach. We're going to look at three other items, three other reports. Actually, four. I'm just going to open up our movement report. One thing about consolidation systems, there's something called a movement dimension, the flow, which tracks an opening balance to a closing balance. Everything that happens in the middle is effectively what's going to be supplied into your indirect cash flow. 

 

Ben Reddall 0:36:13.3: 

Any consolidation system that pertains to be consolidation systems, they need to have a movement or a flow dimension, because without one, you can't have the system automate your indirect cash flow from a subsidiary level all of the way up, ingesting and incorporating currency within that. The cash flow will be at the average rate, which is the middle columns, your opening balances at the historical rate, your ending balance sheet should be at the ending balance sheet rate. We manage all of that, not just from a local currency standpoint, but we manage that from an elimination standpoint. If I come in and choose my euro currency. This report is going to change, we're going to get two additional columns, and it's going to be your translation adjustment columns going from your different rates, to bring it back in line with your ending balance sheet rate. Your cash flow is always going to be net of those exchange rates. 

 

Ben Reddall 0:37:11.7: 

To look at the cash flow briefly, we can just open up our cash flow again, another standard out-of-the-box report. Looks pretty boring right now. I can just double-click and drill. I could click show details and expand all, then it gives me my full cash flow. You can see exactly where your cash flow accounts are coming from. You can see each of the grey lines is where the cash flow is, and then each of these are my lines being fed for my balance sheet or P&L. You can also see the movement, so things like our purchasing and sales are fixed assets. That comes from our fixed asset schedule. The increase, part of that is not the closing or the opening, it's the increase. That feeds into our purchase items, and then the decrease feeds into our sale, and that is part of our investing activities. 

 

Ben Reddall 0:38:00.2: 

Having that movement dimension with all of those elements helps you understand that and have a fully audited cash flow from that perspective. Then there's two more quick reports, which I think are pretty neat. Intercompany, pretty much any consolidation system can do an intercompany matching. We have again another standard report that will show us what our position is from an intercompany standpoint. On the left side is our receivable, our income side, on the right side is our purchase expense side. How do those items match, and where do we have tolerances we might have built in? Where do we match? Where do we bring all of that information together? One of those different aspects is really understanding our intercompany. We can track real differences, we can track differences related to currency that may be for fixed historical purposes. We can also refilter this report and I say I want to sort by couple, and what this report will do is effectively group our receivable and payable entities together, so this is holding euro against Scotland. This is Scotland against euro, holding euros, so you can see both sides of the equation next to each other in the report. 

 

Ben Reddall 0:39:22.0: 

We do intercompany very, very well. We can also do intercompany at a transaction level. If you want to do intercompany matching for invoices, we also give you the flexibility of doing that directly within here, and it'll give you that next level of detail down. You can choose your receivables side against your payable, you can go down to items where you want to match, you want to match automatic matches, and you want to do that based on confidence levels. We've got all different levels of matching, not just from the balance level but also across the whole of your invoice transactions as well. Then the final pièce de resistance is we've had consolidation as a task running, we don't need to manually kick off that process. The final report that everyone - if I go to most companies and look at a consolidated, their financials, and I will ask them, 'Can you show me your consolidated financial statement?' they're going to give me something that looks like this. 

 

Ben Reddall 0:40:29.1: 

You're going to have your subsidiaries, boom, boom, boom, you're going to have your elimination company, and then you're going to have your eliminations broken out as you see here. This is a very typical financial statement from a consolidation perspective, and this is what I will see very commonly when I talk to our customers. I can drill down on this as well. I can do things like audit currency conversion. If I want to see how this data got translated from Canadian Dollars into US Dollars, I can sit and just do an audit and say let's look at this. This will show me my source of values. It will then show me my rate that's being utilized, and it will then show me my converted values, and show you the type of calculation. All of that audit trail is really important when it comes down to consolidation. 

 

Ben Reddall 0:41:26.1: 

That's really where I come to a conclusion today on this presentation. We've gone end-to-end on not just understanding the key aspects of financial consolidation. We've gone through a demo to show you some of the key aspects that we talked about right at the beginning when we looked at the org structure. We've been through the trial balances, the currency, the journals, the eliminations, to your final consolidated results. I normally do that in, I don't know, two hours, so I skipped on a few things there, but hopefully that gave you a good understanding of where we are from a consolidation standpoint. With that, I'm going to see if there are any questions, and happy to take any questions from the audience. Thank you for your time. Anyone got any questions? Otherwise, I'll let you go and enjoy the cocktail hour! I always get the last session of the day as well. All right. With that, thank you, and have a great travel home, and thank you for coming to our Anaplan Connect event in San Jose. Thank you.