The launch of LiveFlow's latest innovation, the Consolidation Product, marks a significant milestone in financial management tools. Led by the company's CEO, Lasse Kalkar, the team exuberantly showcased this groundbreaking product.
The launch event was not just a demonstration of the product's capabilities but also a testament to the team's dedication and hard work. The countless hours spent in development were evident, highlighting LiveFlow's commitment to innovation and excellence.
Unveiling the Product: A Blend of Innovation and Hard Work
This journey has been a testament to the power of collaboration and the spirit of teamwork that is the backbone of LiveFlow. Together, we've turned a vision into reality, creating a product that stands as a beacon of innovation in financial consolidation.
We extend our heartfelt gratitude to our collaborators, including Yehuda Tenenbaum from Kalshi, Stephen H. from LandingAI, Stacey Feldman from Fullsend Finance, Kyle Pearson from Collective CPA, Ali Kothari, the AVA Acquisitions team, the IgniteSpot team, Dan Murch from Blue Collar Back Office, Jackson Pace, Paul Seaton, Amy from Mission First Ops, and many others. Your insights, feedback, and support have been invaluable in shaping our product.
A special congratulations to the LiveFlow product and engineering team, including Gustavo Bicalho, Dima Dubina, Gabriel Machado, Evan O'Brien, Josh Thomas, Alisha Jha, and many more who have played a pivotal role in this endeavor. Your talent, creativity, and dedication have been the driving force behind this innovation.
In the launch webinar, Lasse Kalkar, our CEO, delved into the sophisticated features of the new consolidation product, demonstrating its prowess in simplifying complex financial consolidation processes.
These features collectively underscore LiveFlow’s commitment to addressing the advanced consolidation needs of modern businesses, making it a robust tool for financial management.
Here are some of the key features highlighted:
- Rapid Consolidation Process: The product boasts the ability to consolidate financials in just three minutes, even with inconsistent General Ledger (GL) account names across various entities.
- Customizable Reports for Varied Stakeholders: Users can build consolidated reports tailored to different stakeholders, offering summarized financials for board members, detailed reviews for finance teams, and specific financials for countries and business units.
- Flexible Data Presentation: It allows customization in presenting financials, accommodating different company preferences by displaying data by entity, months, trailing periods, and more.
- Multi-Currency Consolidation: The product supports consolidation in over 180 currencies, utilizing average rates for Profit & Loss and spot rates for the Balance Sheet.
- Efficient Performance Comparison: Users can drill down into numbers without opening each entity, enabling easy comparison of entity performance and detailed analysis.
- Simplified Inter-Company Account Elimination: The product facilitates the easy selection of inter-company accounts, streamlining the process of generating eliminated consolidation reports.
How Does It Work? (Consolidate Multiple Entities in UNDER 3 Minutes)
Step 1: Create a New Consolidation Group
- Start by creating a new group for consolidation. Name it appropriately (e.g., "New Consolidation").
- Add companies to the consolidation group. Select and include up to three companies (or as needed) in your consolidation.
Step 2: Map Accounts
- Automatically map accounts. LiveFlow has a feature that automatically maps all income accounts to 'Income', COGS accounts to 'COGS', expenses to 'Expenses', etc.
- Generate a preliminary Consolidated report. This can be done immediately after the automatic mapping to get a high-level summary of income, expenses, and other key financial data.
Step 3: Customize the Consolidation
- Go to 'Map P&L Accounts' for more detailed mapping.
- Create specific account categories such as 'Online Sales' or 'Professional Services'.
- Map individual accounts into these categories. For example, map various income accounts into 'Online Sales' and others into 'Professional Services'.
- Repeat the process for expenses. Create categories like 'GNA', 'Sales and Marketing', and 'Admin', and map respective accounts into these categories.
Step 4: Refine and Review the Report
- Refresh the report after completing the mapping. This updates the Consolidated report with the newly mapped accounts.
- Review the updated report. It now reflects a more detailed and customized view of the consolidated financials.
Step 5: Advanced Features
- Add an intercompany elimination account if needed. This is useful for eliminating transactions between the consolidated entities.
- Mark the new account as an elimination account and map relevant transactions into it.
- Refresh the report again to see the updated data with eliminations.
Step 6: Customize Report Display
- Choose how to display the reports. LiveFlow allows customization of report displays by company, month, year, quarter, or any traditional financial reporting date range.
- Aggregate data as needed. For example, you can choose to aggregate data by month for a clearer view of financial trends.
Firms Already Benefiting from LiveFlow's New Consolidation Product
LiveFlow's innovative consolidation product is already transforming the operations of numerous businesses. A prime example is our case study with Blue Collar Back Office, a company providing administrative and financial services to growing businesses, particularly in the contracting field.
They sought a solution to deliver accurate, detailed business information efficiently and found it in LiveFlow's new consolidation tool.
The tool allowed them to create complex, detailed reports that could be easily managed and updated, saving considerable time in manual report creation.
Interactive Q&A Session: Insights and Clarifications
Q: Can you explain how the elimination entry works in the consolidation data report?
A: The elimination entry function allows users to mark certain accounts for elimination to ensure accurate consolidated reporting. This feature is still evolving, and we're eager for feedback to enhance it further.
Q: Is there a way to consolidate reports by class or location?
A: Currently, the product doesn’t support consolidation by class or location, but this is a feature we are actively considering. We're interested in how users would like to see this implemented to tailor it to their needs.
Q: Will there be a feature for consolidated budget versus actuals?
A: While this feature isn’t currently available, we have built templates that can perform this function. We're exploring integrating this into the product and would love to hear specific requirements from users.
Q: Does the product support multi-currency?
A: Multi-currency functionality is not yet available, but it's on our roadmap. We recognize its importance, especially for businesses operating internationally.
Q: Can the product integrate data from Excel?
A: LiveFlow is designed to work seamlessly with QuickBooks and Google Sheets. While it can accommodate data from Excel, it is optimized for use with QuickBooks for real-time data syncing.
Concluding Thoughts: Looking to the Future
The webinar concluded with a forward-looking perspective, emphasizing LiveFlow's commitment to continuous improvement based on user feedback and evolving business needs.
Lasse encouraged participants to engage further with the product through demos and direct inquiries.
Discover More About LiveFlow's Consolidation Product
To learn more about this groundbreaking product and how it can transform your financial consolidation processes, visit LiveFlow Consolidation page.
You can also schedule a demo, or reach out to our team for personalized inquiries. Stay tuned for future updates and enhancements as we continue to innovate in the financial management space.