For a small, single-entity company, closing the books using the general ledger (GL) and reporting in Excel isn't so bad, and financial consolidation isn't even necessary. However, just a bit of growth can change that situation fast. Whether it's the first international office, expectations of venture capitalists, or a company acquisition, Excel's flexibility becomes a liability. The interconnected spreadsheets and formulas quickly show their fragility.
Five reasons highlight why Excel is not the right application for Financial Close and Consolidation -- and why growing companies are moving to cloud-based enterprise performance management (EPM) software suites.