Updated: Dec 10, 2018
Australian and international companies with multiple entities often face various challenges in producing a set of consolidated financial results both for internal stakeholders as well as outside parties.
The complexities of consolidation reporting
Now more than ever, the department of finance must provide accurate, reliable, and timely financial reports. They must address questions on whether the report contains all the necessary information, if it accurately reflects the company’s overall position and has no errors from the accounting process
However, despite its importance in the management of the business, consolidation reporting is still rife with potential risks and errors. Due to the complex process of various interlinked transactions, the potential for errors in a manual spreadsheet system is extremely high. Not only that, often the lack of transparency around those internal transactions may contribute to further errors.
Consolidated financial reports also have the unique problem of potentially having to deal with different currencies. Calculating these differences manually is not only risky, but making sure that the currency information is accurate can be extremely time consuming and inefficient
The fall-out from potentially not addressing all these issues can be significant; even the smallest of errors can lead to consequences in management and business decisions.
Providing a solution
So, how do we solve this issue?
Implementing a controlled system may ensure financial reporting accuracy. At OYB we’ve created a journal module in-built to Jedox that provides a unique set of journal interfaces to maintain data integrity, and give our clients more control over consolidation reporting.
The journal module includes various checks and balances to ensure data integrity and accuracy of information by keeping track of data changes and corrections, making any changes audit-proof. It also provides a safety net when processing the journal in case of any incorrect data inputs by alerting the user.
As a web-based online tool, the journal can be accessed and manipulated (subject to security approvals) by multiple users. It provides a singular unified system where data can be viewed and manipulated in one platform.
In addition to that, the journal module provides time-saving mechanisms through its recurring journals so that you don’t have to repeat the same entries each month. It can even allow for the input of different currencies.
Click to see a short demonstration of the journal module.
Implementing such a system as the journal module not only improves the accuracy and integrity of the report, but also provides unique technological benefits that expedite standard processes.
To learn more about the journal module, or about corporate performance management solutions contact us at: https://www.oyb.com.au
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