Ron’s “art” of consolidation is, to say the least, open to interpretation. Roar Malmin from the Fatland Group, however, gave a much more direct description of consolidation with spreadsheets during CFO Connect in Stavanger:
“It was a three-week nightmare. It involved a lot of tears, sweat, and blood and was anything but pleasant.”
Consolidating group accounts, especially when dealing with multiple companies, currencies, and intercompany transactions, can be a complicated and time-consuming process. Finance departments that still rely on spreadsheets are at high risk of errors and often spend countless hours on post-process adjustments. Even after weeks of effort, uncertainty about whether the numbers are accurate can persist.
With the consolidation solution on the CFO platform, Fatland Group was able to reduce their consolidation time from three weeks to just three minutes! Now, they have continuous control over the closing process and can be confident that the figures are always accurate and comply with legal regulations.
A consolidation solution gives you full control over the entire process. Integration with ERP and accounting systems eliminates the need for manual data flow, reducing the risk of errors and improving efficiency. Automated handling of intercompany transactions, currency conversions, and eliminations ensures accurate data and faster, more reliable closing processes.
Is it time to take the step towards a smarter and more reliable solution?
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