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Financial Consolidations with D365 Finance and Operations
It seems like every enterprise resource planning (ERP) vendor aims to provide its own financial consolidation software. However, many customers have been disappointed. So why is it so hard for an ERP vendor to deliver the necessary financial consolidation functionality inside the ERP system itself?
Here are some reasons why financial consolidation ERPs have its limitations:
The inability to handle various chart of accounts
The inability of consolidating across subsidiaries with various fiscal calendars
Weak currency conversion functionality
Weak auto-elimination functionality
Weak financial reporting to produce the consolidated reports
Lack of dynamic pro-forma consolidations
It would be a controller’s dream if the ERP system were able to perform the list above successfully.
While it clearly can be considered one of the top cloud solutions on the market today- alongside SAP, Oracle and Workday- customers with great consolidations and financial reporting needs, often end up in Excel.
While there are many ERP consolidation features in D365 FO, it is not uncommon that customers add on a “best-of-breed” corporate performance management (CPM) solution to streamline their financial consolidation and reporting software.
Modern cloud-based CPM solutions
Solver is an example of a CPM solution that comes with several added advantages for Microsoft customers. Some benefits include
Solution is cloud-based Azure like D365 FO
Its configurable to D365’s general ledger as well as sub-ledgers
It has a pre-built connector to Power BI for visualization
Excel add-in for flexibility and familiarity
If you want to read more about financial consolidations for Dynamics 365 Finance and Operations and learn more about the benefits of Solver CPM for financial consolidation, click here.