Financial Consolidation
Providing a faster close for your statutory & financial reporting
Does your month end closing cycle take too long? Are you frustrated with limitations of your general ledger’s consolidation
capabilities? How do you handle things like alternate rollups or what-if analyses of corporate structure changes? With TM1
Consolidations you’ll experience faster closes and greater flexibility in your reporting and analysis.
Key Features:
- Currency conversion including unlimited number of reporting and transactional currencies
- Automated inter-company eliminations
- Built-in controls to ensure that journal entries cannot be posted until they are balanced, i.e. total debits must equal total credits
- Intuitive, browser based interface configuration as well as the posting of journal entries takes place purely over the web, in Internet Explorer
- Strict security provisions to ensure entries can only be posted by designated individuals to the appropriate entities. For many
companies journal entries can only be posted within a division, time period and version (i.e. actual, budget, forecast etc.), but for
other companies that report by cost center they may choose to accept journal entries at that level
- Full support for recurring and reversing journal entries
- Batch or individual posting of entries
- A full audit trail maintained for every journal transaction
- Standard journal entry reports included
- Custom journal entry reporting
- Ability to export journal entries to general ledger systems
- Flexible real-time analysis to meet rapidly changing business plans. Enter potential changes in organizational structures and
immediately see the possible impacts
- Financial reporting and consolidation assembled on a single BPM platform with seamless real-time analytics, data integration and
management, and integration to your other business performance
management applications
Benefits:
- Shortens the financial close process by days or even weeks
- Provides a single, centralized view of operational and financial data from any number of organizational units and any number of
general ledgers
- Multiple views of consolidated data by geography, department, product division, etc. providing greater insight into your organization
- Variance analysis of budget-to-actual data to manage your business performance more effectively
- Supports all reporting standards including GAAP, FASB, IAS, and IFRS
Components:
- TM1 Consolidations for journal entries and intercompany eliminations
- TM1 Financial Reporting providing data collection from your general ledger systems, chart of account management and prebuilt
financial reports
- TM1 Planning Manager with workflow to track progress on your data collection process
- TM1 Web enables users to quickly and easily create real-time web-based reports and charts directly from Microsoft Excel
- Turbo Integrator, TM1’s capability for data integration, streamlines the process of loading disparate corporate data by performing
fast, flexible data loads
- TM1 multi-cube OLAP engine with the horsepower for quickly consolidating, reporting and analyzing your financial data
Read what some of our customers have to say:
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"Tedious re-keying of information has been eliminated and spreadsheet maintenance is a thing of the past. The staff is
freed up for more value-added tasks such as analysis."
— Mike Cruz, Viacom
Read the case study 
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Learn more about TM1:
Learn about financial consolidations with Cognos 8 Controller
