Web-based PM enables organizations to quickly collect data from operating units around the world, even when these locations have disparate general ledger systems, charts of accounts, and ERP systems. Data is consolidated in line with local and international requirements, such as GAAP, Sarbanes-Oxley, and IFRS, and is stored in a single database, ensuring that everyone works with the same set of numbers, accessing data from an Excel or web interface. Any changes are made in this central location, resulting in greater control and confidence in the numbers. Data can be compared with budgets, plans, and forecasts within PM, which improves business performance management insight. With detailed journal and audit capabilities, PM provides financial reporting transparency to satisfy both internal and external auditors alike.
PM’s financial consolidation capabilities:
- Adhere to local and global accounting standards and reporting requirements such as GAAP, FASB, IAS, IFRS, and Sarbanes-Oxley.
- Gain more process control through the centralized storage and maintenance of data.
- Speed financial consolidation and reporting by automating key processes such as data loading, consolidation, and verification.
- Collect, process, report, and analyze data in multiple currencies, and report on the impact of currency fluctuations.
- Carry out automated adjustments including minority interest, intercompany eliminations, recurring adjustments, and miscellaneous adjustments.
- Consolidate data from various business perspectives (geographic region, product line, etc.) and multiple structure versions (this year’s results, last year’s results, etc).
- Turn data into useful information by comparing results against budgets and forecasts.
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