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Taking Financial Consolidation to the Next Level

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Financial or statutory consolidation is a specialist activity steeped in complex accounting standards and regulatory reporting requirements that can vary quite significantly across the world. As such, since the introduction of consolidation applications in the mid-eighties, financial reporting has been the preserve of highly skilled teams of specialists frequently working as a separate strand of the finance organisation, creating a 'silo' mentality reinforced by ever more pressing statutory deadlines and complex information needs.

Yet to view statutory consolidation in a 'vacuum' – whose purpose is limited to providing historic reporting for the benefit of governments, regulators and investors is to miss the point. 'Actuals' reporting is the lynchpin of performance management and the gateway to superior business performance.

So why are so many organizations seemingly hidebound by outmoded ways of working?

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