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How To Save Time & Ensure Accuracy on Consolidations

How To Save Time & Ensure Accuracy on Consolidations

This is a transcript of a video by Natasha Klebba, CPA & Principal at IFI Professionals.

Hello, I am Natasha Klebba. I've been asked to talk to you about Consolidations.

Prior to working at IFI doing implementations, I used to be a controller for a global manufacturing distribution company. I say global, because we had various entities around the world. I would have to take all those entities and gather their information and create a consolidation package with the appropriate eliminations recorded to each of the books. Now, we did that initially in Excel, and you're probably laughing because you probably feel my pain. It took hours, if not days at times, and imagine having a change to your numbers. It wasn't enjoyable. It would cause you to have to redo all those files, drop neutral balances in, it was just labor intensive.

So we eventually moved away from Excel and we put up SAP's BPC reporting tool and that actually cut my time in half, if not less than half. It was a dramatic increase, and I thought my prayers had been answered. It was wonderful.

Well, now I'm here at IFI, and we implement Sage Intacct, which has a consolidation module. I can't stress enough how quickly and accurately the consolidation module runs, and it will just save you time. Even when I was at BPC or working with BPC, we would still have to load the rates and we would still have to load the trial balances. It was more automated which was fantastic at that stage. But with Sage Intacct, you're now fully automated. You have real time numbers once the module is configured. You just click a button and it runs. Your eliminations are posted for you as you've designed, and all the accounts are adjusted. If you're running under foreign operations, or your end rates and your historical rates or your average rates, post to that designated GL account. Generally it posts to your CTA. There's exceptions to the rule which I'll talk about in the next evaluation video.

What I'm trying to say is that using the Sage Intacct consolidation tool will save you time, effort, it will increase accuracy, it will give consistent and repeatable results, which is what we're all looking for. We don't want to spend days loading trial balances. There's a new account now. It's not on Excel anymore, it's there because it is your live ERP system. It will improve your quality of life.

If you have any questions about consolidations or eliminations, please, feel free to reach out to me. Thank you.