Solution Overview: Global Financial Consolidation & Reporting
Your accounting and finance teams (a.k.a. master Excel jockeys) have been burning the midnight oil yet again to close your organization’s books for the quarter. After updating endless worksheets, troubleshooting broken links in files, e-mailing the consolidated trial balance back-and-forth for review and then updating tables and figures and footnotes with the latest numbers, they’re done, and the quarterly filings have been submitted. Everyone is burned out and the prospect of re-living this scenario the next quarter is unbearable. There must be a better way to do this.
Enable your team to work smartly by pairing Anaplan with Workiva’s Wdesk. Wdesk is a collaborative work management platform that provides a single source of truth to streamline your financial reporting, compliance requirements and risk management, freeing up you and your team to focus on performing strategic analysis and managing the business.
Wdesk integrates seamlessly with Anaplan, the cloud-based platform built for Accounting, Finance and Business modeling that helps connect data and people in order to make better-informed decisions. Anaplan enables real-time updates that shorten the consolidation and close process, giving valuable time back and allowing you to close the books with confidence – all while complying with regulatory reporting standards.
From trial balance collection to chart of accounts mappings. From currency translation to intercompany eliminations. From equity accounting rules to allocations. Anaplan is your consolidation engine throughout it all. Then through seamless integration, pull your consolidated results into the Workiva Wdesk platform. Wdesk updates your standard filing template with the latest consolidated financial results and governs the entire filing process.
Get ready to say goodbye to some common and all-too-familiar Excel nightmares:
- “It’s 3:02 am their time, we’ll need to wait another 5 hours before we can receive an updated trial balance.”
- “Someone just posted some new topsides in the GL without telling us, so we’ll need to re-run a new trial balance report and “re-crunch” the numbers.”
- “The balance sheet is out of balance and we just spent 2 hours troubleshooting before realizing someone typed over the Excel formula on the ‘LE_23’ tab.”
- “Where did that $80,302 come from?”
- “Great, one of these intercompany transactions isn’t matching up and I have to find out which one.”
- “Excel is not responding.”
- “Those numbers aren’t the same as those in the board package I just finalized.”
ANAPLAN + WORKIVA
Combine the financial consolidation power of Anaplan with the financial reporting capability of Workiva Wdesk to develop an integrated solution for financial performance management.
+ A powerful, scalable platform that can be extended to support connected consolidations and planning that encompasses the entire enterprise with a straightforward and user-friendly interface for business users to use, manage, and own
+ Improvements in data accuracy by replacing Excel with a secure, controlled, and transparent environment for consolidations that mitigates the internal control risks associated with Excel
+ A single source of truth for a SOX-compliant close and transparent consolidated financial reporting that can meet GAAP and IFRS reporting requirements
+ In-memory calculations to instantly view consolidated results after loading a new trial balance, loading new FX rates, posting new journals, or updating consolidation logic
+ Integrated reporting that ensures when a change occurs in one place, all associated instances are automatically updated
+ Efficient, attractive board book preparation, minus the books and last-minute frantic updates
+ Flexibility to accommodate the dimensionality your company needs for internal and external reporting
+ Instantaneous updates to financial footnotes and track progress for earnings release presentations
+ Reduction in financial close time, freeing up team members to focus on more strategic activities
Get Started Now
Contact us to demo this application.