Accelerate Financial Consolidation & Reporting Cycles

Financial consolidation is a mission-critical process that involves collecting and consolidating sensitive financial information. Consolidation with Planful accelerates month-end close cycles, empowers finance with robust financial and regulatory reporting, and provides a single trusted source of financial truth.

Key Advantages

Single source of truth

  • Capture financial results at a consolidated level for all entities in the organization.
  • Consolidation with Planful provides your trusted and reliable single source of financial truth.
  • Finance, accounting, and business teams can use these accelerated actuals to accelerate financial planning and reporting

Deploy quickly

  • Includes pre-built consolidation functionality for currency conversion and reporting, currency translation adjustment calculations and posting.
  • Supports journal entries, reclassifications, inter-company eliminations, partial ownership, organization by period, and alternate hierarchies.
  • Supports multiple sets of books for IFRS, US GAAP, Tax, and management reporting.

Finance self-sufficiency

  • Make all required functional, administrative and setup changes without the need for IT or expensive consultants.
  • No scripting or custom programming required to configure the Planful platform.
  • Increase time-to-value and team agility to react to changes in organization, strategy, regulations, and accounting standards.

Automatically load and consolidate data from multiple ERP’s

  • Entities within your organization may run a diverse range of ERP and accounting systems and have a wide variation in their chart of accounts.
  • Automatically map financial data from all entities into a common chart of accounts for consistent and trusted global reporting across the entire organization.

Insightful & Trusted Financial Reporting

  • Presentation-quality financial and regulatory reporting based on a trusted source of financial truth.
  • View the lineage of financial data. Track changes from starting balances through journal entries, inter-company eliminations, to ending balance.
  • Analyze financial data across any consolidation activity, so finance can quickly see the story behind any number.

Key Features

Out-of-the-box journal entries and reclassifications

Post journal entries and process account reclassifications with built-in financial logic that automatically accounts for debits and credits, MTD and YTD balances, currency types, and assets, liabilities, revenues, and expense account properties. Since journal entries and reclassifications come out of the box, you don’t need to know any complex coding or depend on expensive consultants to automate your monthly consolidation process.

Built-in workflow

Know where you are in the close process at all times with Workflow. Located in the Consolidation Control Panel, Workflow provides a visual snapshot of who and what work is completed, and what work is yet to be done. See which entities have submitted and validated trial balances, completed inter-company eliminations, and processed their consolidations.

Simply support complex corporate structures

Automate all of your critical close activities from multiple ERP systems in Planful. With Planful, you can map all your entities to a single chart of accounts for consistent global reporting across the entire organization.

Flexible financial reporting

Report financial results using alternate hierarchies or org-by-period hierarchies so that you can see and validate business performance in the views that are meaningful to your business leaders. Customize fiscal year end dates based on how and when you close the books.

Additional Features

Built-in GAAP & IFRS support
All activities, workflows, and statutory financial statements conform to the latest global accounting standards. Built-in and configurable layouts for Balance Sheets, Income Statements, Statements of Cash Flows. Publish reports in EDGAR-compliant HTML and XBRL formats for regulatory reporting.

Currency conversion
Consolidate, translate, and report foreign currency in accordance with the latest standards and leverage foreign currency rate data feeds. Incorporate currency exceptions with a single click. Review foreign exchange rates and let the platform calculate currency conversion and CTA, automatically.

Automatic data refresh
Quickly load summary balance or transaction-level data from any general ledger, ERP, or other business system . Take your process to the next level by automating the data connections from your ERP and other source systems directly to Planful platform.

Security and audit trails
Strong internal controls and security ensure that only authorized users can access designated areas. Audit logs and reports are searchable and provide transparency into what adjustments were made and by whom.

White Papers
Best Practices in Financial Consolidation

Learn to modernize your financial consolidation & reporting process and evaluate modern finance solutions.

On-demand Webinars
4 Tips to Achieve the Elusive Zero-Day Close

Learn the steps your organization can take to reduce your time to close from weeks to a matter of days with a well-configured FP&A platform.

Analyst Reports
2019 Gartner Magic Quadrant for Cloud Financial Close Solutions

We’ve been very happy with Planful and the CFO Solutions team, which led implementation, and I look forward to discovering new ways to improve our business — we signed a three-year agreement, so we’re betting on Planful for long term.
Gary Kolanda Medrobotics Controller

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