1. Integrate your data from various sources & systems

• Your company may employ one or more ERP systems, resulting in hundreds or even thousands of entities in a corporate structure, that need to be consolidated.
• Find a financial consolidation application that brings the disconnected systems together to create a single set of consolidated results, which provides accurate, quality data.

2. Unify data with more than just a reporting solution

• Create more accurate forecasts with precise consolidated data.
• Prophix unified solution offers budgeting, planning, forecasting all in one application. Move beyond just closing your books; and use financial consolidation as the springboard to strategic financial analysis and better business decision making.

3. Simplify or streamline your financial consolidation workflow

• Since financial consolidation involves multiple inputs and often tight timelines, implement a consistent secure multi-user workflow process. An automated system can notify users when data must be made available and streamline the process.
• With Prophix, an integrated workflow can help manage the collection of data and the process of approving adjustments. For example, if a journal entry is rejected, it can be sent back for re-editing.

4. Don’t overlook audit tracking abilities

• When it comes to accountability, tracking transactions is crucial.
• All financial consolidation activities performed, such as posting data or editing journal entries, should be automatically recorded in an audit log.
• Prophix tracks changes made so you can always see a log of every input, change and transaction.

5. Find a solution that speaks multiple currencies

• Financial consolidation with multiple currencies is more complex than when there is a single currency and can raise many issues.
• Support for multiple currencies including automatic triangulation of exchange rates is essential to proper data management.
• There is no limit to the number of exchange rates (i.e. average/ month end/historical) and the numerical translation rates can change every month with Prophix.