Organizations often face several hurdles when consolidating financial data:

• Multiple ERP Systems: Different departments or entities may use various ERP systems, leading to fragmented data silos.
• Inconsistent Data Formats: Disparate systems often store data in varying formats, making standardization challenging.
• Manual Processes: Relying on spreadsheets and manual interventions increases the risk of errors and extends the financial close cycle.

FYIsoft’s Automated Solution

To address these challenges, FYIsoft offers a comprehensive approach to financial data consolidation:

1. Seamless ERP Integration: Our financial reporting software integrates with your existing ERP systems, including any Microsoft ERP (e.g., Business Central, GP, NAV, F&O, AX, SL), Sage, NetSuite, Acumatica, Infor, Epicor, PDI, Invera, and others.
2. Data Standardization: Through our ConnectFYI® technology, we extract data from your general ledger system(s) and transform it into a standardized reporting format, ensuring consistency across all financial statements.
3. Time-Saving Automation: Your transformed data is then ready to be accessed in near real-time for any reporting demands. From multi-entity consolidation to formatting, distribution, and currency conversions, our solution automates the creation of consolidated reports, significantly reducing manual effort and the potential for errors.

Benefits of Using FYIsoft

Implementing FYIsoft’s solution offers several advantages:

• Efficiency: Automate repetitive tasks to accelerate the financial close process.
• Accuracy: Reduce human errors associated with manual data handling.
• Scalability: Easily manage consolidations involving multiple entities, GLs, or currencies, and easily adapt to future acquisitions – even if the new companies operate on different systems.

Case Study: Global Financial Data Consolidation

A global company utilizing different ERPs across its U.S. and European operations faced challenges in consolidating financial data. Reporting on this data had become a nightmare, laden with the manual processes of exporting data from one system and importing into another. By implementing FYIsoft, they automated the entire process, eliminated nearly all manual tasks, and significantly reduced their month-end close cycle.

Immediately after implementing FYIsoft, the CFO recognized a 40% time savings, which continued to grow as the finance team became more comfortable with the new reporting system. Download the case study to read more.

Conclusion

Consolidating financial data from different systems doesn’t have to be a daunting task. With FYIsoft’s automated solutions, organizations can achieve accurate, timely, and efficient financial reporting. To learn more about how we can assist your organization, request a demo today.