Koncernkonsolidering i excel

Group consolidation in Excel? Time to think again!

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Do you manage your group consolidation in Excel? You’re not alone. But the benefits of using secure, digital tools for your consolidated financial statements are many. The consolidation work is simplified and you cut a large part of the manual work. With minimal risk of the human factor creeping into the financial statements, you, and other stakeholders, can also rely more on the result.

Webinar: How to succeed with your group consolidation

Therefore, digital solutions for group consolidation are preferable to Excel.

Swedish companies often consolidate in Excel. It’s no wonder – old habits tend to keep up longer than necessary. Switching to a digital solution may seem complicated and laborious, but the fact is that the implementation process is usually simple and fast. When the implementation is complete, it immediately results in large time savings.

Your working hours are worth more

Maybe you’re thinking about how all these automated processes will affect your role as a finance manager? You don’t have to worry about your job becoming redundant. When you remove some of the manual work, you get more time to devote to things that actually make a difference. All economists can calculate key figures, but the important job is done in the analysis.

New subsidiaries, accounts, cost centers, exchange rates… Imagine how much time could be freed up if all this could be automated and managed in an easy-to-understand interface. Time that can be used to reach valuable insights and strategy work that creates growth.

The risk of human error

It is no easy task to keep track of the large amount of tabs, tables and rows required to report in Excel. The risk that a figure has crept into the wrong place is imminent and difficult to control. Small errors can have major consequences, resulting in time-consuming but necessary troubleshooting and quality assurance.

When all company data is transferred directly from the accounting, a significant part of the risk of manual errors is eliminated. When the same data is then used for automatic production of your group reporting, you do not need to be worried about sources of error along the way. Digital reporting tools are also designed to flag any deviations and quality assure for you.

Smoother reporting with digital services

Many digital tools have additional functions where you can produce your own graphs, tables and report templates. This means that you can tailor group reports with consolidated data. In addition, you can often produce automated reports for each individual subsidiary.

If you work with group consolidation in Excel, you need to create these reports manually.

It’s expensive to use Excel

To say that Excel is free is a grave simplification. Sure, you can avoid the purchase cost, but if you dig a little deeper, you soon discover that you lose money using the classic tool.

As a finance manager, your time should be allocated so that most of your working day is devoted to analysis and strategy work. Often, time is spent on manual processes instead – such as group consolidation in Excel. What normally takes a few working days in Excel, at most takes a few hours when the same work is automated based on your needs. If you convert the time saving into money, you will soon find that the opportunity cost of performing the work in Excel is very high.

How digital tools for group consolidation work

Many digital tools have additional functions where you can produce your own graphs, tables and report templates. This means that you can tailor group reports with consolidated data. In addition, you can often produce automated reports for each individual subsidiary. If you work with group consolidation in Excel, you need to create these reports manually.

Do you want to know more about how to create accurate consolidated financial statements and consolidation? Watch our free recorded webinar.

Complicated and time-consuming group reporting?

Now you can test Boardeaser for 30 days for free!

Are you looking for a system that makes your reporting and consolidation faster and better?

With Boardeaser, you can automate the entire group reporting and save valuable time, while increasing quality.

During a demo, you will get, among other things:

  • tailored review of the platform’s features
  • answers to your questions and concerns from one of our experts
  • tips on how to work smarter (instead of harder)

Book a demo by filling out the form on the right. We will get back to you as soon as we can with suggestions for times.

Book a demo of our platform

Boardeaser automatically provides comprehensive reporting for the entire group – directly from your accounting. Our web service handles complete group reporting incl. consolidation, eliminations, minority ownership, international subsidiaries, etc. Log in or register for free to test Boardeaser for 30 days.

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