Financial Consolidation App
Transform Financial Consolidation From the Few to the Many
The traditional financial consolidation process consists of a few people in the organization bringing together financial and performance information from across the organization for analysis and reporting purposes. The consolidation process is highly collaborative and requires conversation to reconcile intercompany variances, explain differences, and justify adjustments. In most organizations, this valuable context is lost because too few individuals are involved.
The new Tidemark Consolidation application provides customers mechanisms to work in a collaborative fashion, capture collaborations along the way, and tie everything to the context of the process. The new consolidation application allows group controllers and executives to not only see consolidated data, but also drive context within analytic processes and collaborative workflows so their organizations can focus on making data-driven decisions on what’s important to the business.
Collaborative Consolidation Process
Tidemark Consolidation transforms financial consolidation from a black box process involving a select few into a collaborative experience that engages many.
The financial consolidation application tracks process status at an extremely granular level, allowing group controllers to see exactly where people are in the process, what has been submitted, what has been approved, and when process actions were taken. The controls and monitoring are built directly into the process, eliminating the need for additional solutions to ensure compliance in the consolidation process.
Tidemark Consolidation processes all aspects of the consolidation, including eliminations, currency translation, and the impact of adjustments in real time. Every time new data is entered or loaded into the application, fully consolidated results can be viewed immediately. Unlike most other financial consolidation solutions, Tidemark does not require a batch consolidation process to be run in order to view consolidated results. This real-time approach is made possible by Tidemark’s in memory computation services, which provides powerful computations in real time. This approach allows organizations to transform their financial consolidation process and see immediate impact of adjustments and changes as the process progresses. This accelerates the consolidation process and decisions that emerge from consolidated results.
Single Platform for Planning & Consolidation
The addition of Tidemark Consolidation offers organizations the ability to manage the full cycle of enterprise performance management within a single platform. Companies can plan, consolidate, re-forecast, and report within a single solution, accelerating the speed of the end-to-end process. The platform enables users from throughout the organization to engage in core analytics processes, collaborating and providing updates in real time from any device, any time.