Financial teams often juggle multiple tools and processes when managing planning and consolidation, leading to inefficiencies and potential errors. Recognizing this challenge, Cortell created CorClose, an advanced financial consolidation solution that seamlessly integrates with IBM Planning Analytics, providing a unified platform for all your financial planning and consolidation needs.
When developing CorClose, the Cortell team identified three crucial objectives to address. First, seamless integration with IBM Planning Analytics was essential. CorClose enhances your existing IBM Planning Analytics environment by embedding directly into your workflows, enabling teams to handle planning and consolidation within a single, familiar interface, thus significantly reducing complexity and increasing productivity.
Second, CorClose needed to be highly configurable to meet diverse business requirements. Recognizing that every organization is unique, CorClose is designed to easily adapt to specific client requirements and processes without the need for extensive customization or external consulting.
Third, simplicity and user-friendliness were paramount. By analysing competitors in the consolidation market, we found that many solutions offered overly complex processes that were rarely fully utilized, making them cumbersome and difficult to navigate. CorClose, in contrast, focuses on essential consolidation features, delivering a user-friendly and intuitive experience.
The Cortell team continuously refines CorClose’s roadmap, working closely with existing clients to prioritize features for future releases. The current version already includes key capabilities essential for effective financial consolidation:
Advanced Journal Management: Efficiently manage financial journals with streamlined workflows and robust audit trails.
Investment Eliminations: Precisely automate investment and intercompany transaction eliminations.
Minority Interest Calculations: Accurately perform minority interest eliminations, automatically generating all necessary journals to enhance clarity and compliance with accounting standards.
Equity Method Accounting: Simplify equity method accounting with automatic journal generation, enhancing accuracy and transparency.
Currency Translations: Effortlessly manage currency translations for global consolidations.
Pre-acquisition and Post-acquisition Journals: Accurately handle pre- and post-acquisition financial activities.
Robust User Security: Comprehensive user security ensures sensitive financial data is protected and accessible only to authorized users.
Journal Reports: Automatically generate detailed journal reports, providing clarity and facilitating the auditing process.
CorClose not only improves accuracy and compliance but significantly reduces the time and effort required for financial consolidation, empowering your finance teams to concentrate on strategic insights and growth opportunities.
Discover how the combined power of CorClose and IBM Planning Analytics can transform your organization’s financial processes. Let’s connect and explore how CorClose can redefine your financial management.