Five Essential Features Of Fluence Consolidation Software

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Published on: 24 November 2022
Written by: Tridant

An effective consolidation software provides efficiency gains and timely, accurate numbers for finance, accounting, and executive teams. In other words, more time and more confidence for you and your business. In today’s competitive landscape, which organisation is not looking for a new advantage?

Fluence Technologies’ software automates manual consolidation work, freeing up capacity for your team to focus on more analysis and high-value work. By providing confidence in the numbers, Fluence allows decision makers to gain a clearer image of their organisation’s financial situation and base decisions on reliable data.

To achieve these benefits, Fluence software contains the following five features which make it the standout consolidation software available for mid-market businesses:

  1. Rapid Deployment Methodology

Implementing financial consolidation software shouldn’t take up valuable time because of long deployment and slow adoption. You need a system with a rapid deployment model proven through the success of previous customers.

Unlike updating your ERP, which may take months of years to implement, Fluence software takes only a matter of weeks. This quick implementation and adoption results in faster reporting capabilities without the major disruption to how your teams already work. Additionally, because of integration with existing systems, users will feel at ease using accurate data that Fluence produces.

  1. Excel integration

Microsoft Excel is on every finance desktop on the planet and whilst it is no longer the most effective way of reporting, finance and business teams alike are still comfortable using it for data input, financial and management reporting. Fluence can easily integrate with excel, minimising the fear of change by users as this allows your teams to continue to use the program they are familiar with and confident using.

By connecting your financial consolidation and reporting software with Excel, you benefit from:

  • Excel’s ease of use and familiarity
  • Rapid adoption among finance and other business users
  • Quick time to value.

To avoid the pitfalls of using standalone Excel spreadsheets, you’ve also got to connect it with the right data sources.

  1. Data Integration

When it comes to integration, many mid-market firms face the hurdle of dealing with disparate, patchwork systems. Silo systems that don’t connect with each other are not only inefficient; they lead to wasted time and questionable numbers to report.

That’s why integrating your financial consolidation software with other transactional data makes the most sense. By connecting directly with your GL, ERP, and other data sources, you’ll increase efficiency and lower the risk of reporting incorrect data.

The challenge with traditional consolidation software often boils down to time and results in human error - too many numbers handled from too many different sources. Introducing consolidation software completely removes any possibility of human error.

When you combine an Excel interface with data integration, you’re looking at major efficiency gains with reliable numbers for your financial statements, management reports, and more.

  1. A Purpose-Built Solution

When it comes to financial consolidation software for mid-sized firms, the market is vastly underserved. Looking at the market today for financial consolidation software, you typically have to choose between one of the following essential needs:

  • Software that’s easy to own, use, and quick to adopt.
  • Solutions that put the mid-market at their focus, not as an after-thought.
  • Technology that’s designed for all your consolidation and reporting needs.

And the usual result?

  • Systems that few people use - meaning slow adoption and time to value.
  • Solutions that disrupt your consolidations processes - by shoe-horning your needs into those of enterprise customers.
  • Software that meets only some of your needs - but still requires manual, error-prone work on the part of your accounting teams.

With a purpose-built consolidation solution such as Fluence, you’ll get software that meets all your needs and that your teams love to use. Add in table-stakes features like workflow automation and data integration, and you’ve got your perfect consolidation software.

What’s more, Fluence does more than just automate collection and workflow. The software has built-in calculations, rules and other features to automate how you handle the full spectrum of (often complex) consolidation processes like:

  • Account Reconciliations
  • Intercompany Eliminations
  • Cash Management and Forecasting
  • Foreign Exchange Translation
  • Financial, Management, and other KPI Reporting.
  1. Finance Ownership Out Of The Box

Implementing new software often involves not only the team who’ll use it, but a heavy reliance on IT. From implementation to personalizing reports, the result is that your finance team depends on the bandwidth and capabilities of your IT department.

The right finance-owned consolidation software gives your finance team the ability to fully implement, manage, and own the system - right out of the box. You don’t need a Ph.D. in coding or IT’s help to get your software up and running fast.

So, how can your organization achieve this? Through the use of a Fluence consolidation solution with out-of-the box features including:

  • Easy administration, like a drag-and-drop interface to configure your rules, workflow automation, and access permissions for all your users.
  • Built in calculations for your most complex, time-consuming accounting logic, from intercompany eliminations to roll-forward continuity
  • Workflow automation to go from actuals to consolidated financial statements, quickly and easily.

If ever there was a time to invest in your digital strategy - it’s now. By investing in a sound financial consolidation and reporting solution, your organisation will be on track to meet targets and thrive.

Making the right investment in financial consolidation software ultimately translates to an investment into the future success of your business.

If you are considering implementing a financial consolidation software to improve your reporting and free up capacity in your team, please contact us to organise a business discussion and speak to our Fluence experts.

Article written by John Power, Chief Operating Officer at Fluence Technologies.

Source: Fluence Technologies: 5 Essentials: Choosing the Right Financial Consolidation Software for Your Business

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