Discover how your business can build a single version of the truth
In a business where different systems are used for managing performance, it can be a challenge for Finance Directors to obtain accurate and reliable data for group finance reporting.
When the Sales Director and the Accountant produce data from different sources, a Single Version of the Truth (SVOT) can be hard to find and lots of reconciliations have to be made. In a group scenario - with consolidated results in multiple currencies - the potential for discrepancy multiplies.
In this three-minute read, AccountsIQ’s CEO Tony Connolly explains why these inconsistencies occur and what CFOs can do to ensure the numbers are accurate and reliable.
The Challenge
Creating a consistent, monthly management report pack, which represents all aspects of the organisation’s results, isn’t easy. The Board pack can be constructed from individual divisional or branch reports, with data derived from multiple sources, often with inconsistent data. Each division may have their own system for day to day management; a Reservation system, an Electronic Point of Sale (EPOS), a Transaction Processing System (TPS) or perhaps a CRM system to manage the sales pipeline. The accounting team typically derives its information from the transactions that are formally posted to the accounting system. The timing and values of these transactions frequently differ from the source systems, causing discrepancies that can create uncertainty at board level, taking time to unravel and explain.
This whitepaper looks at why discrepancies happen and how you can overcome this month end challenge.
Download Group Finance Reporting whitepaper
Join our upcoming webinar: Scaling up for growing companies
25th August at 11am (30 minutes)
Are you outgrowing your on-premise or starter Cloud accounting system? Find out why hundeds of companies have switched from Sage, Quickbooks, Xero, Access Dimensions and a multitude of others to AccountsIQ. We’ll demo our sophisticated FMS in just 30 minutes.
This Webinar covers:
- Save hours on repetitive tasks by automating key processes.
- Get deep multi-dimensional analysis and business intelligence.
- Automate multi-currency consolidation.
- Collaborate better with our workflow approval app.
- Scale up - add subsidiaries & multi-currency transactions at speed.
- Integrate your other systems for speedy close and analysis.
Discover how AccountsIQ makes reporting and consolidation really easy at month end.
View case studies and customer testimonials.
Request a Demo, find out more about our powerful cloud accounting software, or get in touch on (0)203 598 7350 to see how we can help your organisation.