Consolidated Reports Services: Financial Reporting in the Digital Age
For years, data has been considered the most important asset of a company. There has been a strong influence of data-based insights, especially financial data, on long-term business performance. The spread of various digital channels, social media interaction and online transactions have increased the volume and complexity of business data. However, the arrival of digital technologies has brought several improvements and encouraged companies to shift towards automated, diverse and multi-sourced data to get consolidated reports. Gone are the days when enterprises received fragmented reports from different departments presenting a brief overview of their sections. Now, companies can access a comprehensive view of their business performance to enhance efficiency and sales. Acquire Consolidated Reports Services by Cherry Berry CRM to make the process more accurate, cost-effective and efficient and enable team collaboration during the entire process.
What are Consolidated Reports Services?
Consolidated reports provide an accurate picture of the financial position of a company and its branches like data on assets, revenues, expenses, cash flow, profit and liabilities. They are basically financial statements of a company that condense financial information of multiple entities into an insightful report. Shortly, consolidation reports allow the administration to take a view of a company’s performance at a glance and make decisions more effectively.
However, it is different from combined reporting. In the combined reporting, statements contain information about the financial activities of a connected enterprise group in a single document. The administration can view the individual financial status of each entity to analyze its performance. Meanwhile, consolidated reporting gives the overall financial information of a company instead of examining which entity is performing well.
Why Consolidated Financial Reports are Important?
It is really important for every group of companies to prepare consolidated financial statements to get insight into the entire business. Financial statements are important for business owners, investors and analysts to determine the overall health of a business. They provide information on how each company within a group impacts the parent business. Consolidated financial statements also reduce the volume of paperwork that gives quick access to data. The software-generated statements simplified the analysis process, streamlined decision making and offer a unified view of the company’s position. Thus, businesses can contact Consolidated Reports Services to reduce the complexity involved in the preparation of these financial reports.
Advantages of Financial Consolidation Software
The use of technology in financial statement consolidation not only ensures accuracy but also increases its value. Financial consolidation software extracts and links data from different ERP systems, spreadsheets and databases. You do not need to change or upgrade your present ERP system which reduces the risk of disruption in your business.
Moreover, there is the risk of errors and inaccuracies in the case of combining data from various platforms to create a consolidated report. Any wrong formula in the spreadsheets can affect the accuracy of your financial statements. It also becomes difficult to locate issues manually. However, consolidated reporting software saves time, increases reliability and reduces the likelihood of human errors. In today’s changing and unstable business environment, statements become out-of-date quickly. However, financial consolidation platforms continually offer the latest financial data from all data sources.
Why Prefer Cherry Berry CRM Service?
Consolidated financial reports acquired through Cherry Berry CRM can help investors to judge the financial position of a company and its subsidiaries. Additionally, companies can take informed decisions after analyzing the consolidated financial statements. Our software reduces the risks of data breaches being secure with two-factor authentication and identifies which areas of a business needs improvement. You can get real-time reports through our cloud-based software, automate transaction processing within the company and get actionable insight into your business performance. Contact us now to get our Consolidated Reports Services to produce accurate financial reports.