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Accelerate Your Financial Close – Consolidate, Validate, Report, and Disclose

“Move beyond spreadsheets with TracFCM financial consolidation management software that aggregates data, assess close processes, provides audit trail, and speeds up overall internal and external financial disclosure.”

Most organizations manage their financial close process using spreadsheets which is very cumbersome, time-consuming, it slows the financial close process and make it more error-prone. The other nightmare of consolidation is the variety of activities and tasks across the hierarchy structure of the organization differ from one finance team to other. For a subsidiary financial leader, it may mean closing out the sub-ledgers and general ledger at month end or quarter end and submitting the results to head quarter. And for the subsidiaries, divisions, joint venture for making final adjustments and performing the corporate financial consolidation and reporting in spreadsheet. For the CFO and other finance leader’s responsibilities are about finalizing the results, announcing earnings and preparing and other compliance filings for internal and external stakeholders.

This financial close and reporting process right from consolidating, validating, reporting and disclosing involves many systems, departments and individuals. The accountants struggle for weeks to consolidate multiple levels in their organization using spreadsheet and extracting data from their ERP/ accounting software. The spreadsheets are fragile and person dependent and it’s a challenging and tiring job. The IT support is always needed for financial data extraction from multiple applications, multiple companies. The IT dependency is such case is very high and this slows down the entire close process.

This traditional process of consolidation is very complex to manage without a centralized approach to task management and it becomes more difficult to deliver results quickly to both internal and external stakeholders and ensuring compliance, auditability and accuracy. And, without an automated system for coordinating and tracking the entire process, identifying bottlenecks and areas for potential improvement, it’s very difficult for timely completion of consolidation on.

TracFCM is a SELF SERVICE Financial consolidation and reporting application designed to be used and managed by the finance team. TracFCM automates and accelerates the close process, it is collaborative and empowers the financial leaders to rapidly consolidate and report financial results, meet global regulatory requirements, reduce the cost of compliance.

With TracFCM software the finance leaders own the entire consolidation process of defining and maintaining all the financial consolidation rules and processes without any IT support. The Finance managers provide financial analysis and operational analysis helpful for top management and operational management decision making. TracFCM is the core of all the compliance framework and helps organizations meet the stringent financial regulatory compliance requirements.

Faster Consolidations, Faster Close

TracFCM reduces the consolidation, close, and reporting cycles by days or weeks. Without any IT support It empowers financial executives perform financial consolidations deliver EFFORTLESS complete financial results, closing the books and submit the complete financial results to internal and external stakeholders. By minimizing the need to enter, check, and double-check actual results, the finance team can spend more time on forward-looking activities.

Self Service Consolidation and close

TracFCM is a self-service consolidation software with an approach to faster and accurate close cycle without dependency on the IT/ vendor support. With this self-service close solution, the finance managers independently own and operate the self-service TracFCM solution by days or weeks.

Reduce the Cost of Compliance

TracFCM delivers single version of the truth thereby improving company’s internal external transparency. Resource hungry and costly manual close process with automated and preventative controls that ultimately reduce processing and auditing costs.

Save time and effort with simple setup and maintenance

Quickly set up policies, procedures, workflows, and reporting for new entities regardless of the complexity of your multi-entity structure.

Compliance reports and Analytical Reports

TracFCM provides revised schedule VI reports, GAAP or any other reporting standards. It also provides analytical reports for top management and operational management decision making.

Hierarchy Controller

TracFCM empowers the finance managers to design the organization structure required for consolidation process. Multiple levels of hierarchy can be defined in a Tree structure with companies, divisions, subsidiaries and joint ventures linked to each other in a parent child relationship. This grouping in the tree structure specifies which company is the holding company and which is the subsidiary within the relationship along with the percentage. You can have most complex structures using the hierarchy controller with multiple holding companies and its subsidiaries, divisions, Business units and joint ventures being linked to the topmost holding company.

The Hierarchy Controller lets you add new companies and activate them for consolidation in no time. Similarly, you can also remove the companies from the structure and also modify the company details like holding percentage. TracFCM has no restriction on the definition of hierarchy structure no matter how complex it may be.

User Access Control

TracFCM is a role based software which allows you to give the User access and rights based on their roles/ tasks assigned. For example: The user at subsidiary can be given the access to only upload the Trial Balance and the User at the headquarter will have the access and rights to entire modules of the software to enable them complete close process and reporting.

Consol Period Lock

Once the numbers are confirmed to disclose for a particular period, the data for the specific period is locked so that there are no further changes are made by anyone unless permitted by administration in the workflow process.

Multi-Currency Management

Manage your business with confidence, whether you need to automate conversions for transactions or need to report in multiple currencies across the globe. TracFCM allows you to generate reporting in base currency or the entity’s local currency. TracFCM manages and automates multiple currencies to save your time and increase accuracy. TracFCM utilizes up-to-date exchange rates to create currency conversions and revaluations. It also gives you quick information on currency gains and losses.

Automatic Trial Balances import from your SAP/ CBS/ FA/ other ERP system

In case the Users do not want to manually upload the Trial Balances in TracFCM, they can also make the best use of importing the TB directly from ERP/ FA system into TracFCM. For SAP clients TracFCM has built in RFC extractor which can extract the data

This import of TB not only fastens the close time but also gives data accuracy for the Close and Operational analysis. We also give the users to verify the imported Trial Balance for its correctness and if the TB data doesn’t seem to be accurate then we give the option to remove the uploaded Trial balance from TracFCM.

Chart of Accounts

Share common charts of accounts (COAs) or use a distinct COA structure for each entity.

Journaled Consolidations

Get micro visibility into all consolidation aspects with eliminations and currency impacts recorded as journal entries, and easily make post-consolidation adjustments as well.

Multi-Currency reporting

Push a button to create consolidated financial reports in any currency.

MIS & Analytical Reporting

Generate financial, MIS and analytics reports that provide visibility into company-wide performance.

Comprehensive Reporting

Real-time roll-up reporting: Get real-time visibility with roll-up financial statements, and expand summary views by entity when using a single currency.

Multi-Currency Reporting: Push a button to create consolidated financial reports in any currency.

Revised Schedule VI & GAAP: Get revised schedule VI reports, GAAP and other accounting standards regulatory reports.

Export and Email of Reports

Reports can be exported to Excel/ PDF/ CSV’s also can be emailed to the internal and external users.

Notes to Accounts

Notes to Accounts has always been biggest challenge for finance executives. TracFCM has a unique feature that allows the users to add textual notes while the figures get automatically fetched from previous financial year or current financial year reports. The Users can manually enter the text or copy from any document and paste it in the Notes section or the users can also import the entire word document in the notes section and make the notes play to your tunes.