How to solve the three main problems of consolidation
12th Feb 2020
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For companies with subsidiaries, consolidating group accounts is a monthly challenge. Here’s how AccountsIQ can simplify the process.
Many companies still copy and paste information from the accounting system into a spreadsheet to consolidate group accounts. Although this process is time consuming and unproductive and often leads to errors, companies don’t know there are better options available.
AccountsIQ provides a solution to generate complex consolidated accounts easily thanks to the latest SQL database technology.
Here are three of the most common problems with consolidating accounts and how AccountsIQ helps you avoid them:
1. Reporting structure is inflexible
The format of the reports vary depending on the accounting system. Quite often, this format doesn’t meet the needs of the company, which has to resort to using the provided format or spend time formatting the data on a spreadsheet.
Solution: AccountsIQ comes with a suite of 250 pre-built reports and also enables companies to personalise their reports and to choose how they want to export the data. This flexibility makes it easier for companies to see the exact information that they need, allowing them to analyse their performance and take the right strategic decisions.
2. Accounts aren’t accessible in real-time
Working in Excel means that you might soon be working with outdated data, for instance if exchange rates vary.
In addition, others cannot make changes to the information or modify the file at the same time as you are working on it, because the files are located on computers instead of online.
Solution: AccountsIQ generates customised reports on the system that you don’t need to export to Excel. This brings a number of advantages, from accessing real-time information to modifying your files on various devices and different locations.
3. Errors and inaccuracies from excel spreadsheets
Human error is one of the biggest problems of using Excel. Even worse, mistakes can easily go unnoticed for a long period of time and correcting them can be quite time consuming.
Solution: AccountsIQ generates your custom reports automatically, thus eliminating human error and saving you valuable time that you can dedicate to more important work.
Join our live demo webinar - 26th Feb, 11am
Thinking of changing accounting software? This Webinar gives you a high-level look at AccountsIQ, award-winning financial management software designed to meet the needs of businesses with multiple subsidiaries. Combines Accounting, Consolidation and Business Intelligence, all in one unique, powerful solution.