Enterprise consolidation is now quicker and easier, with more accurate data though the cloud corporate performance management provider, Host Analytics, which has added enhanced features to its close and disclose process.
This cloud-based application is directed at enterprises with multinational organizational requirements, and promises to simplify and streamline the typical close and disclose process, which often suffers from fragmentation and complexities, noted company officials.
By including the automation of data validation, consolidation status reporting and support for FASB 52, Host Analytics has added a new dimension to the close and disclose process.
Automating data validation not only reduces the overall time to close, but helps provide real-time data insight into the quality and accuracy of data. This makes it easier to identify out-of-line expenses and other inconsistencies in information.
As a result, the entire close and disclose process becomes more efficient and structured.
With American companies required to record foreign exchange items on a balance sheet according to prevailing exchange rates – and assess the impact of such rates on accounts payable and receivable – the need to provide support for FASB 52 became imperative.
Host Analytics has therefore added enterprise features that include built-in support for FASB 52 Rules.
In addition, users can now monitor where data is loaded from around the world, and get a snapshot of activity to ensure that everything is progressing how it ought to.
The upgraded product is available now, and Host Analytics is expected to add enhanced workflow capabilities in early 2013. This will further structure the close and disclose process and give users greater insight and control over the entire collaboration process.
Host Analytics is an icon in cloud corporate performance management (CPM). The company also announced that Calypso Technology Inc., a global capital markets platform provider, standardized on the company's cloud CPM suite to streamline important financial processes.
With Host Analytics, Calypso replaced Excel spreadsheets and significantly reduced the time required for budgeting and reporting.