Financial consolidation mainly concerns capital groups held by many listed companies. A final consolidation report compiles financial results of different business units as if they were one entity. Group consolidation supports a number of objectives. From a control point of view, unification enables to check whether a group of companies operating in one industry has become a market monopolist. Capital group consolidation is carried out using specialist consolidation software such as IBM Cognos Controller or Onestream.
Consolidation Tool – Cognos Controller
Visualising financial data and consolidating multiple companies’ financial statements into a single document are the cornerstones of Cognos Controller. This software offers many advantages for non-IT professionals. The Cognos Controller platform works on a no-code basis, delivering its full capabilities without requiring a practical knowledge of programming languages. An accessible user interface gives easy access to all functions, and data collection for consolidation can come from any accounting system. IBM Cognos Controller provides integration with all operating systems, so its use in the company does not entail further configuration.
Consolidation software from IBM provides an ability to efficiently and quickly close accounting periods across multiple companies simultaneously, creating a single final document. The Cognos Controller application takes into account the current legal regulations resulting from IFRS or PSR standards. Also the automation of the group’s consolidation processes, both in terms of financial analyses and accounting procedures, is of great value. Cognos Controller’s performance makes it the right choice for the most demanding applications. The amount of data to acquire, process, and verify is often beyond the capacity of an entire finance staff. IT solutions, on the other hand, offer a chance to carry out tedious tasks efficiently and expressly, limiting user intervention to the analysis itself.
IBM Cognos Controller – What Do You Need to Know?
IBM Cognos Controller consolidation software operates as a package installed directly on users’ computers, as well as a cloud-based solution. Reducing the time required to close financial and reporting periods is one of the key factors for each and every capital group. Cognos Controller offers great flexibility in defining your own rules to shape the consolidation process without programming skills. Use of the software’s full functionality remains open to management team, and built-in reporting and workflow features keep the company fully prepared for a potential audit. IBM Cognos Controller software gives you an ability to comply with all local law and IFRS standards for consolidation, without having to hire additional financial specialists.