Vena Leverages the Power of Excel; Launches Financial Close Management

By CIOReview | Tuesday, June 2, 2015
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TORONTO, CN: Vena Solutions, cloud-based provider of Corporate Performance Management (CPM) software, launches its new Financial Close Management solution. The new solution leverages native Excel and efficiently handles the complexities of the financial close, 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. The processes which the latest solution automates includes: Foreign currency translation and related gains and losses; 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 and 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.

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.

"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."