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Vietnamese Manual financial consolidation is time-consuming and labour intensive. Fortunately, Infor SunSystems offers a robust and scalable solution for financial consolidation, designed to meet the needs of organisations with multiple entities across different countries.
The consolidation functionality is purpose-built to automate and streamline the consolidation process, ensuring accuracy, efficiency, and compliance. In this article, we will explore this powerful function and uncover why it is a favourite among SunSystems users.
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Contents
- 10 Key Features of SunSystems Consolidation
- 1. Automated Consolidation Process
- 2. Versatile Source Entity Management
- 3. Flexible Target Ledger Capabilities
- 4. Real-Time and Scalable Consolidation
- 5. Support for Multi-Currency Operations
- 6. Comprehensive Reporting and Visualisation
- 7. Scalability and Customisation
- 8. Comprehensive Audit Trail
- 9. Reversible Consolidation Steps
- 10. Detailed Financial Reporting
- SunSystems’ Multiple Methods of Consolidation
- Benefits of SunSystems Consolidation
10 Key Features of SunSystems Consolidation
1. Automated Consolidation Process
Consolidations for SunSystems is tailored to automate the financial consolidation process, allowing organisations to manage complex financial structures with ease. The system can handle source ledgers from multiple SunSystems entities, even if they are from different versions, located on different physical servers, or using different charts of accounts.
2. Versatile Source Entity Management
SunSystems supports the consolidation of fully owned, partially owned, and joint venture entities. Source entities can operate with different base or reporting currencies, and even partial data, such as debtor data only, can be extracted for consolidation.
3. Flexible Target Ledger Capabilities
The system allows the transposition of source data into specific consolidation fields, enabling the grouping and aggregation of data according to the organisation’s needs. Transactions can be maintained at either a summary or detailed level, and the system is equipped to handle all reporting currency and translation requirements.
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4. Real-Time and Scalable Consolidation
Consolidations in SunSystems are performed in real-time, eliminating the need for error-prone export and import of file data. The system’s understanding of the Account, Journal, and Analysis structure of the ledger allows for precise identification and mapping of required transactions into the consolidated structure. This real-time capability ensures that organisations can report on their financial position more regularly.
5. Support for Multi-Currency Operations
SunSystems supports powerful multi-currency functionality, enabling the mapping of source currencies into base and transaction values as needed during the consolidation process. This feature ensures that organisations can manage financial data across different currencies without the need for manual re-statements.
6. Comprehensive Reporting and Visualisation
The system’s visual hierarchy support allows for the creation of a consolidation structure that fits the organisation’s needs. Entities can be grouped by region, country, or other criteria, with the ability to roll up data to higher levels as required.
Consolidations data can be aggregated and analysed using standard SunSystems reporting tools, such as Infor Q&A, providing comprehensive insights into the consolidated ledger.
7. Scalability and Customisation
SunSystems is a truly scalable solution, supporting an unlimited number of companies across multiple countries. New legal entities, or Business Units, can be set up quickly through a simple Business Unit Copy routine.
Each Business Unit within SunSystems can be unique, yet still contribute to a consolidated view, with support for individual charts of accounts, unique analysis criteria, and multiple transactional currencies.
8. Comprehensive Audit Trail
One of the significant advantages of using SunSystems for consolidation is the full audit trail provided for all transactions and processes, something that is often missing in spreadsheet-based consolidation methods. This ensures transparency and accountability throughout the consolidation process.
9. Reversible Consolidation Steps
Any step within the consolidation process can be reversed at any time, providing flexibility and control over the financial data.
10. Detailed Financial Reporting
Financial Statements in SunSystems can consolidate data from an unlimited number of Business Units, each with its own chart of account codes and analysis codes. The system allows for sophisticated multi-currency financial reporting, with the ability to revalue subsidiary ledger data to the required currency for accurate consolidation and reporting.
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SunSystems’ Multiple Methods of Consolidation
SunSystems offers two primary methods for consolidation:
Reporting Consolidation
This method utilises SunSystems' reporting tools to quickly and easily consolidate financial data across multiple Business Units. Adjustments and eliminations can be targeted at specific intercompany transactions or accounts, with the option to maintain a separate adjustment Business Unit for visibility of intercompany eliminations and adjustments.
Physical Consolidation
SunSystems also supports the physical consolidation of Business Units, allowing them to be rolled up into one or more consolidation entities. This process can include consolidation adjustments and eliminations, and it can be scheduled to run as often as required.
Benefits of SunSystems Consolidation
- Speed and Efficiency: The consolidation process is designed to be fast, ensuring that financial data is up-to-date and ready for reporting as quickly as possible.
- Real-Time Reporting: The ability to run consolidations on demand allows for more regular reporting on the current financial position.
- Scalability: SunSystems can be scaled to meet the needs of any organisation, regardless of size or complexity, making it a versatile choice for growing businesses.
- Customisation: The system’s flexibility in handling different charts of accounts, currencies, and analysis structures means that it can be tailored to the specific needs of each Business Unit while still providing a consolidated view.
Conclusion
Efficient and accurate financial consolidation is not just a luxury—it's a necessity. Infor SunSystems offers a comprehensive and scalable solution that addresses the complexities of modern financial management:
- Automated processes that save time and reduce errors
- Flexible consolidation methods to suit various organizational needs
- Powerful multi-currency capabilities for global operations
- Real-time reporting for timely decision-making
- Scalability to support growing businesses
By choosing SunSystems, organisations can transform their financial consolidation from a time-consuming burden into a strategic advantage. With improved efficiency, accuracy, and insight, finance teams can shift their focus from data compilation to value-added analysis, driving better business outcomes.
Ready to revolutionise your financial consolidation process? Contact our team today for a tailored demo of Infor SunSystems and discover how it can transform your financial management.
