Automate your consolidations
Vena streamlines and automates your consolidation processes with ease, using the power of Excel, a state-of-the-art database and process management. From foreign currency translation to the rollup of your data, Vena handles all of these critical tasks in a fast and efficient manner.
- Currency Conversion
- Adjusting Journal Entries
- Complex Ownership Situations
Automatically convert currencies
Use Vena to automatically translate financial data into the currency of your choice. Translate the local currencies of your entity to the functional currency of the entire company, or any other currency you’d like.
With Vena, you can:
- Perform currency translations in the method of your choice - period-end, average month or others.
- Compute values in both local and base currencies quickly and easily.
- Enter exchange rates directly into an easy-to-use Excel interface but stored in a secure, centralized location controlled by authorized finance personnel.
- Perform what-if modeling and impact analysis on forecast exchange rates on the fly.
Automate intercompany eliminations and post adjustments
In most organizations, intercompany activity is an important and necessary function. The task of reconciling these balances and transactions across your enterprise is one of the most challenging aspects of the consolidation process.
Without the tools to perform this reconciliation your entire close management process can become inefficient, labor-intensive, and result in delays.
With Vena you can:
- Create automated reconciliations for intercompany activity and balances.
- Generate automatic eliminations of intercompany balances, including receivables and payables, sales and costs, and investment in subsidiaries.
- Automatically post eliminating entries to the proper location in your entity structure, all viewable in a familiar Excel interface.
Vena can also be used to post last-minute adjusting journal entries to complete the close without having to go back to the source system and reload adjusted data.
This will save your accountants time and effort and get the books closed in an expedient matter, even if adjustments are needed at the very end of the close process.
Handle complex ownership situations
In our growing, complex global economy, the acquisition of companies has become more of the norm than the exception. Companies are increasingly sharing the risk of acquisition by purchasing majority stakes in other corporations while also selling off minority shares in their own entities.
As part of the consolidation process, this presents a challenge to the accounting team to properly account for minority interests in the profit and loss of such entities.
With Vena, you can:
- Easily calculate minority interest in net income based on each entity’s ownership percentages.
- Automatically generate the necessary journal entries on the fly during the consolidation process and post these entries to the applicable companies.
Leverage the power of Excel with a secure, centralized database
Use the familiar Excel interface in your consolidation process that all accountants and finance groups know and love - allowing for quick ramp up and fast implementations. Connect your data and templates into a powerful, in-memory database that is centralized and secure.
Leverage the most flexible workflow engine and robust audit trail capability to ensure proper controls and approvals are in place. That’s how Vena works – it utilizes what you are already familiar with, automating your consolidation processes within a single, unified solution that can be used throughout your entire organization.
As a result you will achieve significant time and cost savings, increase productivity and reduce the risk of errors. This will give you and your team more time to analyze data and get the necessary data into the hands of those who need it most, quickly and efficiently.