Recently the Wall Street Journal (WSJ) started a firestorm when they published an article titled “Stop Using Excel, Finance Chiefs Tells Staffs” (https://www.wsj.com/article_email/stop-using-excel-finance-chiefs-tell-staffs-1511346601-lMyQjAxMTE3NjMzMDQzNDA4Wj/).
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.
The release of Planning Analytics Local (PA Local) is finally here! PA Local brings IBM’s cloud investment to on-premise IBM Cognos TM1 and IBM Cognos Express customers.