If you know TM1 you already know it is great at aggregating lots of data and doing complex calculations in real time. But did you realize that those same capabilities make it an excellent tool for financial consolidation? As accountants well know, consolidation is more than simple summation. It requires the additional steps of currency translation (with all its subtleties including calculating the cumulative translation adjustment due to certain balances being kept at historic exchange rates and the income statement being converted at the average rate for the period), and other consolidation adjustments such as inter-company eliminations, and eliminating minority interests. All this needs to be done under tight controls and with waterproof audit trails.
With a TM1 consolidation solution, you can easily scale for a growing and multi-currency corporate structure, look at your data in alternate hierarchies (such as Management rollups, GAAP, Statutory or Tax, and IFRS, to name a few), and support various reporting options for the consolidated financials. TM1 enables controllers throughout the organization to submit and validate their data remotely and to view their data as well as any consolidated results for which they are responsible.
If you are a finance professional who understands consolidation but has limited exposure to TM1 you might be surprised how TM1 can be such an effective, flexible and rapid solution to all aspects of the consolidation process including data capture and validation (including mapping from subsidiary charts to the corporate chart of accounts, currency translation (FASB 52 and ACS 830), eliminations adjustments and audit trails, as well as rich reporting and analytics via Web, Excel or Dashboard interfaces.Click HERE for an overview of the consolidation process and more detail on how the robust features of TM1 and supporting software can help you with every financial close.
Want to know more? Register Now for our upcoming webinar: Why Financial Consolidation, Planning and Reporting belong on a Single Technology Platform!