Today’s corporations continue to face a vast range of complex financial reporting requirements, and ever-increasing scrutiny by auditors and stakeholders. While transaction systems such as Enterprise Resource Planning (ERP) systems typically have general ledger modules that summarize results at period-end, ERPs on their own are not adequate to support the extended financial close process. Financial consolidation and reporting applications add significant value by enabling flexible, accurate and rapid reporting, and integrate easily with any ERP system.