Through working with our BPC customers, we've encountered many common issues when it comes to financial consolidation. Often times it has to do with corporate and its individual entities working through a set of processes and workflows. Here are some roadblocks that often come up:

1. Manual consolidations and entries Use of spreadsheet for mapping accounts, applying consolidation rules, or manually making entries to tie out the close slow down the process.
2. Time and quality issues with data collection Financial consolidation requires corporate to collect information from individual entities. Corporate either must wait too long to receive information from each entity, or there are issues with the data or questions that require back-and-forth resolutions.
3. Intercompany reconciliations and eliminations Tracking down detail behind intercompany transactions, pricing, contracts, currency rates, and how they were approved absorbs too much time. Corporate is a bottleneck for matching and eliminations
4. Consolidation process control activities Looking up checklists or manually applying control activities in the consolidation process can tie up members of the team.
5. Business structure change management Adding newly acquired or created entities can take a significant amount of effort, as well as risking the integrity of consolidated reports.
6. Consolidated report creation Taking results from the consolidation system typically means reformatting results or further spreadsheet manipulations.
7. Changing reporting requirements New regulatory requirements from various governments and industries can often mean that existing financial consolidation reporting processes fall out of alignment, requiring further manual effort.

Dataworks provide a BPC Managed Service that helps companies with their month end consolidation at a fraction of a FTE. Ask us how