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If you have multiple subsidiaries, consolidating them could be a very involved process if you don't have an ERP system that natively supports multi-entity functionality. Your process might start with recording intercompany loans and interest earned through your subsidiaries. Then you might need to allocate the corporate overheads and account payables to various subsidiaries. Then you need to complete adjusting entries, followed by closing subsidiary books and then finally closing books for the parent entity.
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss financial consolidation business processes best practices. We covered many grounds, including the rationale for financial consolidation and the appropriate architecture for the multi-entity organization. Finally, we covered the difference between financial and operational integration of different organizations along with the best practices of financial consolidation.
For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.
WBSRocks: Business Growth with Enterprise Software and Digital Transformation