3 common problems with accounting consolidation – and how to solve them
Group accounting consolidation, especially if you’re dealing with multiple currencies and complex ownership structures, can be a logistical nightmare. Finance Managers frequently tell us that the three main problems they encounter when consolidating accounts are:
- Outdated financial information
- Inaccurate data
- Inflexible financial reports.
Often, that’s because their teams are still using spreadsheets to do this essential job every month. Manually transferring data from accounting systems into spreadsheets to consolidate your group accounts is time consuming, inefficient and error prone. It’s also hugely frustrating for your team.
Here’s how AccountsIQ can help finance teams simplify their accounting consolidation
Problem #1 – Financial information is out-of-date
Working in Excel means you’re probably working with outdated information. For example, you won’t necessarily know when someone modifies a file, and your spreadsheet won’t take variations in exchange rates into account. When you don’t have real-time financial data to hand, it’s difficult to get a handle on what’s really happening across your group.
The AccountsIQ Solution: Our accounting platform generates customised reports in the system, so you don’t need to export to Excel. It’s dynamic database automatically updates when users access and modify files on different devices in multiple locations. This means you’ll always have access to real-time information.
Problem #2 – Data isn’t always accurate
Human error is one of the biggest problems of using Excel. Mistakes can easily go unnoticed for long periods. Finding and correcting them is invariably time consuming.
The AccountsIQ Solution: Our automatically generated reports eliminate human error. This also saves your team time; we estimate up to a week a month. That leaves them free to dedicate that time to more interesting, valuable work.
Problem #3 - Inflexible financial reports.
Accounting systems often don’t provide the reporting structure businesses company need. As a result, many finance teams resort to formatting the data on a spreadsheet. Again, that’s time consuming, frustrating and error prone.
The AccountsIQ Solution: our accounting software comes with a suite of 250 pre-built reports. This enables finance teams to personalise their reports and choose how they want to export the data. This flexibility makes it quick and easy for companies to see the exact information they need, to analyse their performance, and take informed strategic decisions.
Join over 4,000 companies worldwide who trust AccountsIQ’s cloud accounting software to:
- Capture and automate the processing of accounting records
- Consolidate accounts across subsidiary companies
- Collaborate remotely
- Access detailed business intelligence to inform financial and business decisions.
Read our customer success stories to find out how forward-thinking finance teams are benefitting from quick and easy consolidated accounts with AccountsIQ.
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