Consolidation of Financial Processes: Efficient or Complicated?

Consolidation projects are an essential part of many companies – but they often bring significant challenges. Without a well-thought-out strategy, they can quickly become a time-consuming and error-prone undertaking. However, with the right approach, these hurdles can be successfully overcome.

Based on our experience, these five factors primarily challenge companies during consolidation:

1. Data Quality – Precise and reliable results require clean data. Inaccurate or incomplete data lead to faulty analyses and complicate decision-making.
2. Complex Structures – Many companies struggle with confusing processes and IT systems. A clear structure and standardized processes are essential to bring order to the system chaos.
3. Manual Work – Consolidation processes that heavily rely on manual activities are error-prone and inefficient. Automation can not only save time but also drastically reduce the error rate.
4. Specialized Knowledge – Consolidation requires specific expertise that is not always available within the company. The success of a project often depends on whether the necessary know-how is provided internally or externally.
5. Time Pressure – Tight deadlines often lead to stress and errors. Structured planning and efficient processes help minimize time pressure and ensure the quality of the results.

How can companies overcome these challenges?

The answer lies in a well-thought-out strategy, the right technology, and clear process design. Companies should specifically focus on data quality, automation, and involving experts to optimize their consolidation processes. Our Premium Check-Up helps you with this! Within one day, we show you where unused potential lies in your consolidation processes – and provide concrete recommendations for immediate improvements.

Interested in an individual analysis? Contact us – we support you in sustainably optimizing your consolidation processes.