Introduction:

Financial consolidations involve the process of combining financial statements from multiple entities within a group to present a comprehensive view of the group's financial performance and position. There are several EPM tools available in the market that allow organizations to configure and perform financial consolidation. However, there are several factors to be considered when selecting the right tool to implement.

Some of these include:

Cost and ROI

- Including licensing fees, implementation costs, and ongoing maintenance.

User Interface and Ease of Use

Intuitive interface that is easy for finance teams to navigate and use efficiently

Scalability

- The tool should be scalable to accommodate growth in the number of entities, complexity of transactions, and expanding data volumes

Automation and Workflow

- Automation of consolidation tasks such as intercompany reconciliations, currency conversions, and reclassifications

Compliance and Security

- The tool should comply with relevant accounting standards (e.g., IFRS, GAAP) and offer robust security features to protect sensitive financial data.

CloudScouts and Kepion:

Kepion® (www.kepion.com) is a cloud planning & analytics software built on top of Microsoft technology. It specializes in planning and provides planning solutions to cater to complex business processes and organizations. Kepion does not have an out-of-box consolidation solution. CloudScouts Technology Services (www.cloudscouts.pro), an EPM consulting company is an authorized partner of Kepion has developed a consolidation application on Kepion.

Using this cutting-edge consolidation application, organizations can unlock financial harmony, elevating efficiency and enabling faster close cycles. The app allows seamless merging of data from diverse entities and sources and streamlines complex consolidation processes. The consolidation application unlocks a future of effortless financial management, where accuracy meets agility, and businesses scales confidently with the power of Kepion's intuitive, secure, and audit-ready solution.

Key Features of CloudScouts’ Consolidation app built on Kepion:

Efficiency and Time Savings:

The application automates tedious manual processes, saving the finance team valuable time and boosting overall efficiency."

Intuitive User Inteface Empowering Business Users:

The application is highly intuitive, very flexible and easily scalable and built on top of MS SQL Server database. The user interface is built for finance users and all complex rule-building can be done without the need for coding. The intuitive User Interface allows for Easy Adoption and reducing the learning curve for the finance team.

Global Accuracy

The consolidation application ensures accurate financial reporting across global entities with automated currency conversion and consolidation rules. It helps consolidate financial data from multiple entities and sources effortlessly, providing a consolidated view of the organization's financial health.

Return on Investment:

The application helps automate most of the consolidation steps allowing finance team to focus on analysis and strategic decision making, ultimately contributing to better ROI. Kepion’s Licensing and implementation costs are highly competitive when compared to other similar EPM products.

Audit-Ready Compliance:

The application ensures compliance with accounting standards and regulatory requirements, providing organizations with audit-ready financial statements. Also, Kepion is highly flexible and customizable allowing users to tailor financial reports to meet specific requirements, providing insights that matter most to the business.

Scenario Modeling for Strategic Planning:

The application also harnesses Kepion’s extremely powerful planning engine and allows for plan data to be consolidated similar to actuals. This enables users to perform scenario modeling to explore different financial scenarios, empowering management to make strategic decisions with confidence.

Enhanced Data Security and Access Controls:

Financial data is secure within the consolidation application which has robust access controls, protecting sensitive information from unauthorized access. Here is a preview of what the Kepion Consolidation app built by CloudScouts has to offer

Conclusion:

Kepion is a robust powerful cloud based software that allows organizations with their planning and strategic growth. With consolidation features built into Kepion by CloudScouts, the tool is even more powerful. Reach out to info@cloudscouts.pro to see more details of Kepion as well as the Consolidation application built on Kepion.