Auditor! Save time on the consolidation process

29th Oct 2021
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Step into 2022 with an accelerated and easy consolidation process and, thereby, progress towards a fast close for your clients. That should be the goal, along with minimizing your time spent chasing errors and increasing your company’s profitability. If you then could add: simple process, easy customer management, and recognizable methodology, which the entire audit team can use. Why haven’t you then adopted cloud software for your audit team?

Auditors across the world experience challenges regarding the consolidation process. The complex process, prone to constant error-checking and insecurities about number validations across the group and its subsidiaries, is often demanding and time-consuming. It only escalates the complexity, as the auditor separates financial statements from subsidiaries, mergers and acquisitions, foreign currency translations, and intercompany transactions. Of course, there is the element of strict compliance and governing regulations to think of too.

The increased pressure to identify risks in the consolidation process as early as possible is a constant in the audit. The reality is that outdated methods such as Excel and manual reporting are taking unnecessary time out of the auditor's calendar. And time is money.

 

STEP INTO 2022 WITH A FAST CLOSE AND INCREASED PROFITABILITY

There is a better use of an auditor's expertise, project management skills, and agile mindset elsewhere. For example, use these competencies to offer strategic advice to your current clients or pursue new clients for your practice. When you prepare clients' financial consolidation in a digital and streamlined format, you can decrease the time spent on the financial consolidation and increase profitability while avoiding the risk of common spreadsheet errors.

By future-proofing your auditing through automated consolidation, you can strive towards continuous improvement in accountancy. Additionally, it is a good idea to become digital before your clients. We need more front runners in this landscape to take the lead on simplifying processes and minimizing errors in consolidation.

New digital technology allows you to automate group consolidation – eliminating manual processes in Excel and building more costs in the audit team. Using one software to standardize and automate ensures everyone in your team uses the same methodology (well-prepared audit value) in the review or preparation of group consolidation. Simply it is a key to lower costs and greater accuracy in auditing.

Besides the abovementioned benefits, a valuable system can:

  • Manage all your clients’ accounts in one place. And provide Immediate access.
  • Manage multiple exchange rates.
  • Ensure correct elimination of investments in subsidiaries and subgroups.
  • Create a transparent audit trail.

Automate the consolidation process in three simple steps with an easy-to-use consolidation software.

Konsolidator Audit
Konsolidator

Step into 2022 with an accelerated and easy consolidation process for auditors, and thereby come closer to a fast close.

Meet CFO Jack Skov from Konsolidator at DAFA 2021 where he will speak about how to increase profitability in 2022. And our County Manager of the UK and Ireland Lianne Gatti will be a part of the closing panel regarding essential takeaways to apply in 2022.