Multi-GL Consolidation in Microsoft Dynamics Done the Right Way

Managing financial data across multiple subsidiaries or divisions can be a complex and time-consuming task for any organization. Multi-GL consolidation is crucial for providing a unified view of a company’s financial health, but the process can be particularly challenging when using systems like Microsoft Dynamics. In this article, we will explore what multi-GL consolidation is, why it can be challenging, and an optimal solution to ensure a fast and error-free consolidation as often as you need it.

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What is Multi-GL Consolidation?

Multi-GL consolidation is the process of combining financial data from multiple general ledgers into a single, unified financial report. This is often necessary for companies that have multiple subsidiaries, branches, or divisions, each maintaining its own set of financial records. By consolidating these records, a company can get a clear and comprehensive view of its overall financial health.

• Unified Financial Reporting: Multi-GL consolidation helps in creating a single financial statement from multiple sources, making it easier for stakeholders to understand the company’s overall financial status.
• Improved Decision Making: With consolidated financial data, management can make better-informed decisions based on a complete picture of the company’s finances.

Why is Multi-GL Consolidation So Hard in Dynamics 365?

Multi-GL consolidation in Microsoft Dynamics is challenging due to several factors. Integrating financial data from various sources often requires manual intervention, which can lead to errors and inconsistencies. The process is also highly time-consuming, involving multiple steps such as importing, exporting, and reconciling data across numerous spreadsheets. Additionally, significant IT support is usually needed to manage and troubleshoot these processes, placing a strain on resources and extending the time required for month-end close. These complexities make the consolidation process not only difficult but also inefficient and error-prone.

• Complex Data Integration: Microsoft Dynamics often requires manual intervention to integrate financial data from different sources, which could lead to errors and inconsistencies.
• Time-Consuming Processes: Without automation, the process of consolidating data can be very time-consuming, involving importing and exporting data, and using multiple spreadsheets.
• IT Dependence: Running to your IT team might not be an option every month. Getting the month close done and producing reports accurately and on time will be a recurring pain point.

How FYIsoft’s Solutions Make Multi-GL Consolidations in Dynamics 365 Easy

FYIsoft’s solutions make multi-GL consolidation easy. As illustrated below, our proprietary technology, ConnectFYI?, is at the core of our solutions. ConnectFYI seamlessly integrates with existing ERP systems, including Microsoft Dynamics GP, NAV, as well as Dynamics 365 Finance and Business Central, ensuring smooth and efficient data extraction from multiple sources. It then automatically standardizes this data into a unified reporting format ready to be used across your financial reporting, analytics, and budgeting processes, eliminating the need for manual adjustments.

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Our financial reporting software, ReportFYI, also automates various aspects of the consolidated reporting process, including multi-entity reporting and currency conversions, significantly reducing the time and effort required. By minimizing manual interventions and errors, FYIsoft ensures accurate and timely financial reports, streamlining the entire consolidation process for greater efficiency and reliability.

Here are a few of the powerful reporting features you’ll find in ReportFYI:

• Automated consolidation of?different general ledgers, even if they have differing charts of accounts
• Automated consolidation of?multiple entities
• Automated distribution of unlimited financial statements and report packages
• Global currency conversions for standardized reporting
• Automated transfer of actual financial data between reporting, analytics, and budgeting?solutions
• Ability to drill down to view transaction-level details from ANY GL system
• Instant adjustments for reorganizations and restructuring, with drag-and-drop ease

Make Multi-GL Consolidation a Breeze with ReportFYI

In summary, multi-GL consolidation is essential for companies with multiple financial data sources, but it can be a daunting task when done manually in Microsoft Dynamics. Our ReportFYI? solution simplifies this process through seamless ERP integration, data standardization, and time-saving automation. This results in accurate, consolidated financial reports with minimal effort and zero manual errors.

If you’re looking to streamline your financial consolidation process and reduce the time spent on month-end close, contact FYIsoft today. Schedule a demo to see firsthand how our solutions can transform your financial reporting.

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By FYIsoft | www.fyisoft.com

This article originally published on ERP Software Blog https://erpsoftwareblog.com/2024/06/multi-gl-consolidation-in-microsoft-dynamics-done-the-right-way/