This article focuses on consolidating finances from multi-entity companies.
Nobody likes growing pains, but every company wants to grow. Growing pains are symptoms that an organization needs to make a transition. It is the nature of business. There is a way to alleviate these pains through automated consolidation of your company’s budget. Budget consolidation, just like financial consolidations, is growing in significance because of reasons such as globalization and the popularity of acquisitions and mergers. Nowadays, it is not uncommon for a mid-sized organization to own many legal entities in different locations. Although a business’ budget consolidation requirements may not be that complicated, creating a set of consolidated accounts can be time consuming and prone to many errors if done in Microsoft Excel spreadsheets. There are many financial consolidation tools and solutions that can also automate the consolidation of your budgets and they can replace or improve existing processes and systems. This article is the second installment of our series on budgeting: Budget Consolidation in Multi-Entity Organizations.