Multi-currency consolidation, or consolidating divisions which operate in different countries and thus under different currencies, can seem a tedious and daunting task. Information from all the different operating entities must be available in one place for consolidation. You also need to track appropriate foreign exchange rates for different points in time and different currency combinations using different rules for different accounts and time periods.
The easiest way to consolidate across multiple entities in different currencies is to use specialist software that can automatically apply all the appropriate IFRS rules while giving you traceability and flexibility. ScaleXP is an excellent and cost effective solution for efficiently consolidating divisions across countries and/or business entities.
ScaleXP can consolidate data from any QuickBooks entity, including QuickBooks Online and QuickBooks Desktop. Data is imported daily through an automated sync process.
With the data imported, ScaleXP does all the hard work for you, speeding up the close and freeing up your time for analysing and presenting the information in the way that suits you best. ScaleXP automates not just the consolidation process, but also reporting of financials, CRM, and KPIs using the consolidated information and enabling you to report on your choice of entities, time periods, performance metrics, etc., including charts and graphs which update automatically as well.
ScaleXP automates the tedious task of translating international accounts into a single currency as well as consolidating accounts across multiple countries and/or legal entities.
Benefits of QuickBooks consolidation with ScaleXP
Track key metrics across legal entities
In addition to financial consolidation, the system is able to provide a host of business critical metrics using the rich data set in QuickBooks. This includes number of customers, revenue upgrades, downgrades, recurring revenue, revenue per customer and so much more. Information is presented in reports or graphs and are easy to share with the business.
All ScaleXP customers are onboarded over a 1 hour zoom, which is specifically designed to ensure you get value from the system immediately. At the end of the hour, your financials will be consolidated, both the financials and key metrics.
Company consolidation, even multi-currency consolidation, is so much easier and faster using ScaleXP. ScaleXP does all the tedious work for you, freeing up your time for more value added tasks and analysis of the information.