Your business is gradually growing and you are facing the opening of new offices in the regions. Or perhaps your business has already grown substantially, and consolidate financial indicators are sometimes difficult.
Currently the business is divided into several entities spread across various regions of the world.
One thing common to these companies is the fact that financial consolidation of their results can quickly turn into a headache if the management of the entities lacks rigorous oversight. How can you easily consolidate your financial indicators? What are the tools that ensure smooth and accessible management for the executives heading all of the company’s functions ? This is what we are going to discuss in this article.
Financial consolidation adapted to the needs of the company
When your company is rapidly growing, it is especially important to have tools facilitating a rigorously implemented financial consolidation. If your organization is sprawling and comprises many entities and sub-entities, this need becomes paramount. Simple tables to share between entity managers and executives can be easily created and completed in real time. Thus, these collaborative tools will make it possible to gather information about the turnover, costs and expenses as well as the deltas of each entity (by region and by period). For example, the table can include the following elements:
- Structural costs;
- Modification date.
Try for Free this “Consolidation of financial indicators” template
In addition, if your company offers many opportunities for internal mobility, you should have even greater interest in keeping such a tool updated so that the information provided to managers is accessible to those who have recently assumed their positions.
The benefits of the collaborative table
Each entity of your company will have a responsibility to upload a report to the table shared between managers. With real time updates, the time saving is considerable.
The simplicity both in the development of the table and in its use will enable everyone to enter their data quickly, while working simultaneously. Centralized in a single place, the information will be visible at a glance and clearly categorized, with each element being associated with a financial indicator. Thus, regardless of how long a manager has been leading a function, they will be able to easily navigate the information at any time. In addition, this type of data management has another useful aspect to it, which is its role in the global management of the company’s financial processes. Once the information has been centralized with the shared tool, members of the executive team can start the phase of statistical and graphical analysis (thanks to RowShare tools that are fully compatible with Excel) that leads to strategic decision-making.
Reliable and intuitive to use, collaborative tools are a useful option for consolidating your financial indicators. RowShare offers a wide range of pre-designed templates and those you can customize yourself according to the needs of your business. Do not wait any longer to get the benefit of leveraging customized tools!