Dresner Advisory Publishes 2024 Financial Consolidation, Close Management, and Financial Reporting Market Study

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Oct 17, 2024, 08:09 ET

NASHUA, N.H., Oct. 17, 2024 /PRNewswire/ -- Dresner Advisory Services today published the 2024 Financial Consolidation, Close Management, and Financial Reporting Market Study, part of the Wisdom of Crowds^® series of research. Financial consolidation systems combine and aggregate financial data from multiple operating entities to produce an overall consolidated financial view of the group's operations.

The 2024 study examines current usage, priorities, and objectives and includes a new analysis of why organizations implement FCCR software, thus helping data leaders understand how these solutions are a vital component of a BI and analytics strategy.

The study shows an increase in FCCR adoption among younger organizations, and priority ratings by younger organizations increased across all aspects of FCCR, an indication that younger organizations are leveraging FCCR to help manage growth.

Providing a single "version of the truth" for finance data is the most important objective for deploying FCCR software among organizations, regardless of geography, size, age, or industry.

"Our fourth annual FCCR study focuses on performance management capabilities targeted specifically at the finance function," said Howard Dresner, founder and chief research officer at Dresner Advisory. "As these capabilities form an important part of most EPM strategies, it is important to understand the needs, goals, and dynamics of users."

The company published two companion reports – covering Financial Reporting, and Financial Close Management. Financial reporting solutions enable users to analyze financial actual and budget data on an ad hoc basis to monitor and track financial activity, for example to identify suspect movements on certain accounts.

Close management systems include tools to facilitate a faster period-end close, for example reconciliation management. They also automate the production of financial disclosure statements for submission to regulatory authorities such as the U.S. Securities and Exchange Commission as well as other governing bodies.

Wisdom of Crowds^® research is based on data collected on usage and deployment trends, products, and vendors. Users in all roles and industries contributed to provide a complete view of realities, plans, and perceptions of the market. For more information visit www.dresneradvisory.com.

About Dresner Advisory Services
Dresner Advisory Services was formed by Howard Dresner, an independent analyst, author, lecturer, and business adviser. Dresner Advisory Services, LLC focuses on creating and sharing thought leadership for Business Intelligence (BI), Performance Management, and related areas.

Press contact
Danielle Guinebertiere
Dresner Advisory Services
[email protected]
978 254 5587

SOURCE Dresner Advisory Services