financial consolidation -...

Prophix: Financial consolidation

In the new global economy, with

the world growing increasingly smaller

and with businesses expanding

across borders, finance and accounting

teams seek applications that will

raise the value that they offer to their

organizations. In order to meet the

changing needs of the marketplace,

new technologies have emerged,

easing the challenges of

precisely consolidating

company financial

results across business

units and territories.


In the new global economy, with the world growing increasingly

smaller and with businesses expanding across borders, finance

and accounting teams seek applications that will raise the

value that they offer to their organizations. In order to meet the

changing needs of the marketplace, new technologies have

emerged, easing the challenges of precisely consolidating

company financial results across business units and territories.

Many organizations rely on spreadsheets for consolidation—only

to find that these programs lack the specialized functionality to

meet their business needs. Without access to a system built on a

centralized database, companies encounter problems in their

attempts to combine information from disparate sources. How would

these organizations benefit from using a centrally-controlled solution

that automates financial processes, including consolidation?

Businesses innovate with the help of advanced softwareProphix provides the leading financial consolidation, reporting, and

analysis solution for companies with multiple entities. Expedite the

consolidated reporting process and increase control with the help

of journal entries, flexible report writing, auditing, support for multiple

currencies, and straightforward management of approval processes.

By combining data from multiple ERPs into a unified data source,

Prophix provides the basis for a system of record, multiple reporting

requirements, insight into a company’s true financial position, and

a centralized data repository for planning and budgeting.

Software from Prophix: pre-configured to automate important financial processesAvoid manually entering and validating data. Ensure the consistency,

accuracy, and timeliness of financial consolidation processes.

Consolidate data from multiple sources and adjust the information in a

secure and auditable environment—without the need for IT support.


Easy data integration from multiple sources

• Collect, map, and cleanse data from disparate data centers,

charts of account, calendars, and organizational structures

• Automate currency conversion using centrally-managed exchange

rates with automatic calculation of exchange rate differences

Accounting standards and regulatory compliance

• Manage consolidations across multiple accounting standards

• Comply with Sarbanes Oxley, GAAP, and IFRS

• Monitor, approve, and audit consolidation activities

• Utilize industry-leading OLAP technology to support multiple

reporting types (e.g., management, statutory, segmented) with

full slice-and-dice and drill-across-to-transaction capabilities

Journal adjustments

• Adjust data using journal entry templates with support

for recurring and auto-reversing entries

• Allocate amounts based on any measure, including revenues,

fixed percentages, headcounts, or square footage

• Create intercompany elimination journal entries to

automatically eliminate balances at the correct

consolidated levels and generate matching reports


Highlights• Regain control and easily audit your data

• Experience a more consistent and accurate closing

process

• Collaborate with other stakeholders and track

financial closing adjustments

• Simply manage complex consolidation processes

involving multiple currencies, multiple levels, and multiple reporting requirements

• Rapid implementation through the use of existing

Prophix business models and a familiar user interface

Highlights• Regain control and easily audit your data

• Experience a more consistent and accurate closing

process

• Collaborate with other stakeholders and

track financial closing adjustments

• Simply manage complex consolidation processes

involving multiple currencies, multiple levels,

and multiple reporting requirements

• Rapid implementation through the use of existing

Prophix business models and a familiar user interface

• Integrate consolidations with planning

and forecasting processes

Data security• With role-based security, limit user access to certain tasks and specific

data views

• Control submissions and approvals of consolidated data with a

powerful workflow engine and automatic email notifications

Head office350 Burnhamthorpe Road W.Suite 1000Mississauga, OntarioCanada L5B 3J1Telephone: 1-905-279-8711Toll-free: 1-800-387-5915Email: [email protected]

Prophix UKGrove HouseLutyens CloseBasingstokeHampshireRG24 8AGEnglandTelephone: 01256 338611

Prophix EuropeWinghouseØrestads Boulevard 732300 CopenhagenTelephone: + 45 7023 2375

© 2012 Prophix Software Inc. All rights reserved. Prophix and the Prophix logo are registered trademarks of Prophix Software Inc. in Canada and other countries. All company names and logos shown are the exclusive trademarks of their respective owners.

financial consolidation -...

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