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
Toronto, Canada (PRWEB) 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.
“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.”
About Vena Solutions:
Vena Solutions has redefined how companies automate their most mission-critical finance, accounting and business processes. Our platform embraces the best of Microsoft Excel, extending and evolving its capabilities to create a next-generation enterprise solution that is powerful yet intuitive. Vena is a first-to-market solution that offers the most comprehensive suite of cloud-based corporate performance management (CPM) capabilities with a quick deployment methodology – all without compromising what you love best about Excel.