Finance departments close, consolidate and report while still using native Excel models, formulas and templates
Toronto, Canada, May 28, 2015 –Vena Solutions, the fastest growing cloud-based provider of corporate performance management (CPM) software, is pleased to announce the launch of its new Financial Close Management solution. The new solution leverages native Excel while still handling the complexities of the financial close, the consolidation of financial data and the generation of key financial statements and reports.
Vena automates existing close, consolidation and reporting processes and stores them in a centralized database, while using the best-known accounting tool in the world – Microsoft Excel®. Below are just some of the financial processes that Vena automates:
- Foreign currency translation and related gains and losses
- The elimination of intercompany balances
- Accounting for minority (non-controlling) interests
- Automatic and manual journal entries
- Mapping of source data to a common, enterprise-wide chart of accounts
- Auditing of any additions or updates to the data
Vena leverages the spreadsheets used in the current financial close management process. Any roll-forward schedule, account reconciliation or supplemental calculations that already exist in Excel spreadsheets can be loaded into Vena and incorporated into the process.
“As a CPA and former Chief Financial Officer, I can attest to the value of a world-class financial close management solution,” says Gary Kantz, Vena Solutions’ Director of Close and Consolidate Solutions. “Given the global embrace of Excel, Vena enables users to quickly and easily reduce monthly close cycles from weeks to potentially hours.”
Automating these processes frees up accounting staff to perform other, more valuable tasks, such as financial analysis and the creation of more insightful management reports. Accountants will work fewer hours and have a better quality of life; as a result, organizations will experience reduced turnover. Best of all, accountants already know Excel, resulting in minimal training, higher adoption rates and quick implementations.
To hear how a customer has benefited from Vena’s financial close solution, watch the following 5 minute video.
For more information about Vena Financial Close Management, visit Vena’s website, or register for a demonstration webinar scheduled for Thursday, June 11 at 2pm Eastern time.
“We’re not asking people involved in the financial close management process to sacrifice the Excel models, formulas and templates they’ve spent years building,” says Rishi Grover, President, Vena Solutions. “They get to embrace Excel while adding the structure and control they need in an enterprise-class solution.”
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