A comprehensive suite offering robust functionality for financial consolidation, reporting, and planning. Ideal for large and complex organizations with established ERP systems, seeking a scalable and secure platform. Our team possesses in-depth knowledge of Oracle EPM Cloud modules like Financial Close and Consolidation (FCCS) and Hyperion Consolidation and Close (HFM).

A unified platform designed for a modern approach to close, consolidation, reporting, and planning. Known for its user-friendly interface, ease of use, and pre-built configurations for faster implementation. WG Consulting can help you leverage OneStream’s capabilities for automating tasks, streamlining workflows, and enhancing collaboration throughout the closing process.

Financial Close & Consolidation

Streamline Your Reporting with WG Consulting

Timely and accurate financial statements are the cornerstone of informed decision-making. An efficient and effective close and consolidation process is fundamental for any modern finance department. WG Consulting’s financial close and consolidation services empower businesses of all sizes to optimize their closing process, ensure data integrity, and deliver high-quality financial reporting.

Why is an Efficient Close & Consolidation Process Important

Without a streamlined close and consolidation process, other finance functions can become bogged down, constantly playing catch-up. WG’s Finance Optimization team understands this challenge. We can assist your organization in achieving a best-in-class close cycle by:

– Automating Labor-Intensive Tasks

– Streamlining Advanced Processes

What is the Close & Consolidation Process?

The financial close and consolidation process involves a series of critical steps undertaken at the end of each accounting period. These steps culminate in consolidated financial statements that provide a detailed overview of your organization’s financial health. Here’s a breakdown of the key phases:

Pre-Close Planning

This foundational stage establishes a smooth close by:

Setting clear deadlines.
Assigning ownership of tasks.
Performing preliminary activities like account reconciliations, accrual estimations, and journal entry preparation. Our team can assist you in developing a customized pre-close checklist to ensure all essential tasks are completed efficiently.

Monthly Close and Consolidation

This phase involves executing the closing procedures for individual entities within your organization. This may include:

Balance Sheet Reconciliations: Our team thoroughly reconciles key accounts (cash, inventory, fixed assets) to minimize errors and ensure data accuracy.
Journal Entries and Adjustments: We collaborate with your accounting team to ensure all necessary journal entries and adjustments are recorded accurately and on a timely basis.
Intercompany Eliminations: If your organization has multiple entities, we have the expertise to handle intercompany eliminations to prevent double-counting in the consolidated financial statements.

Post-Close Reporting and Analysis

Once the closing process is finalized, the focus shifts to disseminating financial statements and leveraging them for insightful analysis:

Financial Statement Package Creation: We’ll help you prepare a detailed financial statement package that adheres to relevant accounting standards and presents your financial results clearly and concisely.
Variance Analysis: Our team can help you analyze variances between your actual financial performance and budgeted or forecasted numbers, providing valuable insights into areas that may require further exploration.

Overcoming Common Audit Preparation Challenges

Overcoming common audit preparation challenges requires a strategic approach, especially as businesses navigate complex regulatory environments and strive for accuracy in their financial documentation. WG Consulting is adept at addressing these challenges, offering customized solutions that ensure compliance with evolving laws. Our expertise in maintaining and updating internal controls helps prevent discrepancies and enhances financial transparency. We also assist in developing robust documentation processes that ensure all financial activities are accurately captured and readily verifiable. By partnering with WG Consulting, your business can benefit from our comprehensive audit support services, designed to mitigate risks associated with audit preparation and enhance your organization’s readiness for external scrutiny. Our team uses cutting-edge tools and methodologies to keep your financial practices aligned with the latest regulatory demands and best practices, setting the stage for successful audit outcomes.

WG Consulting's Close & Consolidation Services

Standardized Processes and Controls

We'll collaborate with you to develop and implement efficient workflows and robust internal controls that promote accuracy, timely completion, and adherence to Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

Data Integrity and Reconciliation

Our approach to account reconciliations minimizes errors and discrepancies in your financial data, ensuring the integrity of your financial statements.

Enhanced Efficiency and Automation

We utilize best practices and top technology solutions to streamline the close process. This may involve implementing a close and consolidation platform to automate repetitive tasks, improve data accuracy, and enhance collaboration among various teams involved in the closing cycle.

Improved Close Visibility and Communication

We promote clear and consistent communication throughout the closing cycle, keeping you informed of progress, potential roadblocks, and key deadlines.

Financial Statement Expertise

Our team's deep understanding of financial reporting standards ensures the accuracy, consistency, and compliance of your financial statements, fostering trust with stakeholders.

Close and Consolidation Platforms

Choosing the Right Fit for Your Business

WG Consulting understands that selecting the right close and consolidation platform is crucial for optimizing your financial reporting process. We offer expertise in implementing, optimizing, and leveraging the advanced capabilities of several industry-leading solutions, including:

Oracle EPM Cloud

A comprehensive suite offering robust functionality for financial consolidation, reporting, and planning.
Ideal for large and complex organizations with established ERP systems, seeking a scalable and secure platform.
Our team possesses in-depth knowledge of Oracle EPM Cloud modules like Financial Close and Consolidation (FCCS) and Hyperion Consolidation and Close (HFM).

OneStream

A unified platform designed for a modern approach to close, consolidation, reporting, and planning.
Known for its user-friendly interface, ease of use, and pre-built configurations for faster implementation.
WG Consulting can help you leverage OneStream’s capabilities for automating tasks, streamlining workflows, and enhancing collaboration throughout the closing process.

Ready to Optimize Your Financial Close and Consolidation?

WG Consulting is your trusted partner for achieving an efficient, accurate, and reliable close and consolidation process. Don’t let a manual and error-prone closing cycle hinder your finance team’s potential. Contact us today to schedule a consultation and discuss how our customized financial close and consolidation services can empower your business for success.