Now more than ever, effective use of scarce financial resources is essential to driving higher levels of business performance. Unfortunately finance teams spend too much time on the physical machinations of consolidation, internal reporting and external reporting. As a result, finance can’t spend enough time with business leaders analyzing performance and identifying new opportunities.
Finance hampers its own efforts for a fast and effective consolidation by heavily integrating a desktop solution (spreadsheets) for an enterprise-wide process. Companies can escape this “Spreadsheet Quagmire” by implementing a Performance Management (PM) solution. Performance Management solutions centralize, unify and streamline the financial consolidation process, resulting in faster closing cycle times, more robust financial reporting and more control of consolidation and reporting processes.