In this episode, we discuss the increasing need for technology solutions in fiscal consolidation due to globalization and the challenges of managing multiple currencies and subsidiaries in different countries.

We explore how technology solutions can provide transparency, control, and data quality, making consolidation more efficient and reducing errors.

Additionally, we delve into the broader scope of action beyond consolidation that technology solutions can provide, such as process optimization and externalization of data for easy management.

We also emphasize the importance of reporting flexibility and client teamwork to implement a reporting system that can lead to process improvement and rethinking.

Finally, we balance the caution of time with the need for connectivity to other reporting systems and tools, such as Excel, and discuss creating self-sufficient data sources and ensuring data quality to make reports readily available and valuable.

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💡Key Takeaways

✅Tech solutions aid fiscal consolidation in a global economy

✅Tech solutions enhance the consolidation process with transparency and control

✅Beyond consolidation: Optimization through tech solutions

✅Reporting flexibility enables multidimensional analysis and custom reports

✅Collaborative reporting improves processes and yields better outcomes

✅Balance caution and connectivity in reporting

✅Self-sufficient data sources ensure useful reports.

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⏱Timestamps

00:00 Introduction

00:41 Foreseeing the Evolution of Fiscal Consolidation

02:21 Importance of Technology in Fiscal Consolidation

03:54 Streamlining the Process and Emphasizing Business Analysis

05:14 Limitations of Manual Processes

07:08 Advantages of Looking at Solutions

07:54 Importance of using Excel wisely, connecting to source systems, and maintaining balance.

09:15 Flexibility, system maintenance, partnership with clients.

10:40 Creation of independence, flexibility, empowerment, phone support.

12:06 Management information, financial data, ratios, disclosure reporting, financial planning.

13:24 "What if" scenarios, forecasting figures, impact on groups.

14:50 Immediate added value, key bullets.

15:34 Easy comparison between periods, multidimensional analysis.

16:20 Flexibility of reporting, readability.

16:58 Teamwork with clients, process improvement.

17:41 Time caution, reporting connectivity, data quality.

18:56 Excel data sources, reporting system connectivity, self-sufficient analysis.

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